Business Context and Reporting Period
This Form 8-K Current Report was filed by Carter Bankshares, Inc. on March 18, 2025. The filing addresses a corporate governance event regarding the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to Item 5.02 regarding officer departures and does not contain financial performance data.
Material Changes
The material change reported is the departure of a director:
- Director Retirement: E. Warren Matthews notified the Board on March 18, 2025, that he will retire and not stand for re-election at the 2025 Annual Meeting of Shareholders scheduled for May 28, 2025.
- Board Composition: The Board anticipates decreasing its size from 12 to 11 members effective at the conclusion of the Annual Meeting.
- Reason for Departure: The filing explicitly states the decision did not involve any disagreement with the Company, management, or the Board regarding operations, policies, or practices.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. The only commentary provided confirms that Mr. Matthews will continue to serve as a director through the end of his current term and that his departure is amicable.
Key Facts for Investor Verification
- Verify the exact date of the 2025 Annual Meeting of Shareholders (stated as May 28, 2025).
- Confirm the timeline for the Board's reduction in size from 12 to 11 directors.
- Check subsequent filings for the appointment of a new director to replace Mr. Matthews, if applicable.