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Carter Bankshares, Inc. (NASDAQ:CARE), a profitable regional bank with a market capitalization of $380 million and strong revenue growth of 18.5% over the last twelve months, reported the outcomes of its 2025 Annual Meeting of Shareholders, which took place on May 28, 2025. According to InvestingPro data, the Virginia-based national commercial bank, currently trading at $16.40 per share, announced the voting results for several key proposals in a recent SEC filing.
Shareholders elected 11 directors to serve until the next annual meeting or until their successors are elected. The elected directors are Michael R. Bird, Kevin S. Bloomfield, Robert M. Bolton, Gregory W. Feldmann, James W. Haskins, Phyllis Q. Karavatakis, Jacob A. Lutz III, Catharine L. Midkiff, Curtis E. Stephens, Litz H. Van Dyke, and Elizabeth L. Walsh. Votes for directors ranged from 12,616,617 to 13,239,569, with withhold authority votes ranging from 485,016 to 1,107,968. There were also 5,465,075 broker non-votes for each director.
The second proposal, a non-binding advisory vote on the compensation of the company’s named executive officers as disclosed in the proxy statement, received 12,652,456 votes for, 1,006,697 against, and 65,432 abstentions, with 5,465,075 broker non-votes.
The third proposal to ratify the appointment of Crowe LLP as the independent auditors of the company for the fiscal year ending December 31, 2025, was approved with 18,824,437 votes for, 346,624 against, and 18,599 abstentions.
The filing also confirmed that the company is not an emerging growth company and has not elected to use the extended transition period for complying with any new or revised financial accounting standards. InvestingPro analysis indicates the company is currently fairly valued, with analysts setting price targets between $21-22, suggesting potential upside. InvestingPro subscribers have access to 6 additional key insights about CARE’s financial health and growth prospects through the comprehensive Pro Research Report.
The report was signed by Wendy S. Bell, the Chief Financial Officer of Carter Bankshares, Inc., and filed as required by the Securities Exchange Act of 1934. The information is based on a press release statement. Trading at a P/E ratio of 13.7 and maintaining profitability with earnings per share of $1.20, Carter Bankshares demonstrates solid financial fundamentals according to InvestingPro metrics.
In other recent news, Carter Bankshares, Inc. has announced a share repurchase program valued at up to $20 million, as per a recent SEC filing. This initiative, approved by the company’s Board of Directors, will be active until May 14, 2026, and involves open market transactions or privately negotiated deals. The repurchase program aims to provide flexibility in capital allocation and will be influenced by factors such as stock market price and overall market conditions. The company has noted that it is not obligated to repurchase a specific number of shares, and the program can be altered or halted at any time. In another development, E. Warren Matthews, a board member of Carter Bankshares, has announced his decision to retire and will not seek re-election at the Annual Meeting of Shareholders scheduled for May 28, 2025. His retirement is not related to any disagreements with the company’s operations or policies. Following his departure, the board plans to reduce its size from 12 to 11 members. These recent developments reflect Carter Bankshares’ ongoing strategic and governance adjustments.
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