Form 4: Carter Bankshares Director Receives Stock Award
Insider Stock Grant
Carter Bankshares Director Kevin S. Bloomfield was granted 1,802 shares of common stock as a restricted award, vesting in one year.
Summary
- Kevin S. Bloomfield, a Director of Carter Bankshares, Inc. (CARE), acquired 1,802 shares of common stock.
- The acquisition occurred on January 2, 2026, as a restricted stock award with a price of $0 per share.
- The restricted stock award is subject to a one-year vesting period.
- Following this transaction, Kevin S. Bloomfield beneficially owns a total of 18,220 shares of common stock.
- The transaction was made pursuant to a Rule 10b5-1(c) plan.
- Kevin S. Bloomfield has appointed Abigail E. McGuire, Lisa J. Correll, K. Jill Milner, and Jessica R. Sikes as attorneys-in-fact for Section 16 filings, effective December 18, 2024.
Sentiment
Score: 6
Explanation: The grant of restricted stock to a director is a routine event that generally aligns management's interests with shareholders, which is a positive, but it does not indicate significant new operational or financial developments.
Positives
- The grant of restricted stock aligns the director's interests with those of the shareholders, as the value of the award is tied to the company's stock performance.
- The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading plan designed to comply with insider trading laws.
Risks
- The value of the restricted stock award is subject to market fluctuations of Carter Bankshares, Inc. common stock.
- The shares are subject to a one-year vesting period, meaning the director does not fully own them until January 2, 2027, and forfeiture could occur under certain conditions.
Future Outlook
The restricted stock award is subject to a one-year vesting period, indicating that the shares will become fully owned by the director on January 2, 2027, assuming all vesting conditions are met.
Industry Context
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Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Authorization | Kevin S. Bloomfield granted Power of Attorney to Abigail E. McGuire, Lisa J. Correll, K. Jill Milner, and Jessica R. Sikes to prepare, execute, and file Section 16 reports on his behalf. | December 18, 2024 | Streamlines compliance with SEC Section 16 reporting requirements for the director, ensuring timely and accurate filings. |
Stakeholder Impact
- Shareholders: The grant of restricted stock to a director can be viewed positively as it aligns the director's financial interests with the long-term performance of the company's stock, potentially encouraging decisions that benefit shareholder value.
Next Steps
- The restricted stock award will vest on January 2, 2027, at which point the shares will become fully owned by Kevin S. Bloomfield.
Key Dates
| Date | Description |
|---|---|
| December 18, 2024 | Kevin S. Bloomfield signed the Section 16 Power of Attorney. |
| January 2, 2026 | Date of the restricted stock award transaction. |
| January 5, 2026 | Date the Form 4 was signed by the attorney-in-fact. |
| January 2, 2027 | Expected vesting date for the restricted stock award (one year from transaction date). |
Keywords
Carter Bankshares, CARE, Restricted Stock Award, Insider Transaction, Form 4, Director Compensation, Equity Grant, Rule 10b5-1
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