Carter Bankshares, Inc. 8-K

What Happened
Carter Bankshares, Inc. announced on February 2, 2026 (8-K filing) that its Board of Directors authorized a program to repurchase up to $10,000,000 of the company’s common stock. The program covers a 12‑month period measured from the date the Company receives a non-objection from the Federal Reserve Bank of Richmond. Purchases may be made in open market or privately negotiated transactions, including under Rule 10b5-1 trading plans and/or Rule 10b-18 safe-harbor repurchases. The filing was signed by CEO Litz H. Van Dyke.

Key Details

• Authorization amount: up to $10,000,000 of common stock.
• Timing: valid for 12 months from receipt of non-objection from the Federal Reserve Bank of Richmond.
• Methods: open-market trades, privately negotiated transactions, and Rule 10b5-1/10b-18 plans.
• Conditions: subject to Fed non-objection; management discretion on timing/amounts; Board may modify or terminate; no obligation to purchase any specific number of shares.

Why It Matters
A board-authorized repurchase program can reduce outstanding shares and potentially support per-share measures (like EPS) and market price when executed. For Carter, the program signals the board has approved returning up to $10M of capital to shareholders subject to regulatory approval and management’s evaluation of financial and market conditions. Because the program requires a Federal Reserve non-objection and purchases are discretionary, investors should watch for future disclosures showing actual repurchase activity and timing.