4/A: Carter Bankshares Director Amends Filing on Pre-Planned Common Stock Sale

A director at Carter Bankshares, Inc. has filed an amended Form 4 disclosing the sale of 1,629 shares of common stock at $16.806 per share, executed under a pre-arranged 10b5-1 plan.

Summary

• Kevin S. Bloomfield, a Director of Carter Bankshares, Inc. (CARE), filed an amended Form 4 (Form 4/A) on June 13, 2025.
• The filing reports the sale of 1,629 shares of Carter Bankshares Common Stock.
• The transaction occurred on June 11, 2025, at a price of $16.806 per share.
• Following this transaction, Mr. Bloomfield directly owns 16,418 shares of Common Stock.
• The sale was conducted pursuant to a Rule 10b5-1(c) plan, indicating it was pre-scheduled.
• The original Form 4 was filed on June 13, 2025, and this amendment was filed on the same date.
• An accompanying Power of Attorney, dated December 18, 2024, authorizes specific individuals to prepare and file Section 16 reports on behalf of Mr. Bloomfield.

Sentiment

Score: 5

Explanation: The sentiment is neutral as this is a routine insider transaction filing (Form 4/A) reporting a pre-planned sale of shares by a director under a Rule 10b5-1 plan. While a sale by an insider can sometimes be viewed negatively, the pre-planned nature reduces concerns about it being based on new, negative non-public information. The filing itself does not contain information that would significantly alter the company's fundamental outlook.

Positives

• The transaction was executed under a Rule 10b5-1 plan, which suggests the sale was pre-scheduled and not based on recent non-public information, mitigating potential concerns about insider selling.

Negatives

• A director selling shares, even under a pre-planned arrangement, reduces their direct equity stake in the company, which some investors might perceive as a slight negative signal.

Future Outlook

This Form 4/A filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The document includes a signature by Jessica R. Sikes, Attorney-in-Fact for Kevin S. Bloomfield.
• Within the Power of Attorney, it is stated that the attorneys-in-fact and Carter Bankshares, Inc. are not assuming Mr. Bloomfield's responsibilities to comply with Section 16.

Industry Context

This filing is a routine insider transaction disclosure for a financial institution. Insider sales, even when pre-planned under Rule 10b5-1, are common in the banking sector as executives manage their personal portfolios. The specific transaction size is relatively small in the context of a publicly traded bank.

Comparison to Industry Standards

• As a standard insider transaction filing, this document does not provide financial results or operational data that would allow for a direct comparison to industry benchmarks or specific comparable companies.
• The transaction itself is a common occurrence for directors managing their equity holdings and is consistent with typical insider trading disclosures across various industries.

Stakeholder Impact

• Shareholders: May note the director's sale, but the pre-planned nature under a 10b5-1 plan mitigates concerns about the sale being based on adverse non-public information. The overall impact on shareholders is likely minimal given the routine nature and relatively small size of the transaction.

Next Steps

• The document does not specify any future actions, events, or milestones for the company or the reporting person beyond the filing of this amendment.

Key Dates

Keywords

Carter Bankshares, CARE, Form 4, Insider Transaction, Stock Sale, Director, Beneficial Ownership, 10b5-1 Plan, SEC Filing, Financial Disclosure