ITEM 8.01. OTHER EVENTS.
On March 29, 2023, Carter Bankshares, Inc. (the "Company") announced that its
Board of Directors (the "Board") has authorized, effective May 1, 2023, a common
share repurchase program to purchase up to 1,000,000 shares of the Company's
common stock in the aggregate over a period of twelve months, subject to receipt
of non-objection from the Federal Reserve Bank of Richmond. The program
authorizes the purchase of the Company's common stock in open market
transactions or privately negotiated transactions, including pursuant to a
trading plan in accordance with Rule 10b-18 promulgated under the Securities
Exchange Act of 1934, as amended. The authorization permits management to
repurchase shares of the Company's common stock from time to time at
management's discretion. The actual means and timing of any shares purchased
under the program will depend on a variety of factors, including the market
price of the Company's common stock, general market and economic conditions,
management's evaluation of the Company's financial condition and liquidity
position and applicable legal and regulatory requirements. The repurchase
program is authorized through May 1, 2024, although it may be modified or
terminated by the Board at any time. The repurchase program does not obligate
the Company to purchase any particular number of shares.
Important Note Regarding Forward-Looking Statements
Certain matters discussed in this Current Report on Form 8-K constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect our
current views with respect to, among other things, future events, including
those relating to the number or manner of future stock repurchases. Forward
looking statements are typically identified by words or phrases such as "may,"
"expect," "anticipate," "estimate," "forecast," "project," "intend," " believe,"
"assume," "strategy," "trend," "plan," "outlook," "outcome," "continue,"
"remain," "potential," "opportunity," "comfortable," "current," "position,"
"maintain," "sustain," "seek," "achieve" and variations of such words and
similar expressions, or future or conditional verbs such as will, would, should,
could or may. Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these assumptions
could prove to be inaccurate and the forward-looking statements based on these
assumptions could be incorrect. The matters discussed in these forward-looking
statements are subject to various risks, uncertainties and other factors that
could cause actual results and trends to differ materially from those made,
projected, or implied in or by the forward-looking statements. For a discussion
of factors that could affect our business and financial results, see the "Risk
Factors" outlined in our periodic and current report filings with the Securities
and Exchange Commission. Forward-looking statements are based on beliefs and
assumptions using information available at the time the statements are made. We
caution you not to unduly rely on forward-looking statements because the
assumptions, beliefs, expectations and projections about future events may, and
often do, differ materially from actual results. Any forward-looking statement
speaks only as to the date on which it is made, and we undertake no obligation
to update any forward-looking statement to reflect developments occurring after
the statement is made.
1
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses