On March 23, 2022, the Board of Directors of Carter Bankshares, Inc. (the Company) unanimously appointed two new members to the Board, Jacob A. Lutz, III and Curtis E. Stephens, effective immediately on that date. Mr. Lutz is a retired former partner of the law firm Troutman Pepper Hamilton Sanders LLP (Troutman Pepper), having served with the law firm and its predecessors from 1990 until his retirement on December 31, 2021. Mr. Lutz chaired Troutman Pepper's Financial Services Practice for 20 years.

Prior to joining Troutman Pepper, Mr. Lutz served as an attorney with the FDIC. Troutman Pepper. Mr. Stephens is an experienced board member, executive and entrepreneur in the consumer services, transportation, real estate, manufacturing, technology and sports and entertainment industries.