CARE Overview

Carter Bank's New Status: Carter Bank, a subsidiary of Carter Bankshares, Inc., has received approval to become a state member bank regulated by the Federal Reserve, enhancing its regulatory framework and operational efficiency.

CEO's Statement: CEO Litz Van Dyke expressed optimism about the transition, highlighting it as a significant step towards achieving the company's strategic objectives and fostering innovation.

Company Overview: Carter Bankshares, Inc. is a $4.8 billion community bank based in Martinsville, Virginia, with a mission to create opportunities for individuals and businesses since 1974.

Forward-Looking Statements: The announcement includes forward-looking statements regarding the potential benefits of the bank's transition and conversion to a financial holding company, emphasizing the inherent risks and uncertainties involved.

Stocks Added to Zacks Rank #5: Three stocks, Adecco (AHEXY), Carter Bankshares (CARE), and Cantaloupe (CTLP), have been added to the Zacks Rank #5 (Strong Sell) List due to significant downward revisions in their earnings estimates over the past 60 days.

Adecco's Earnings Estimate: Adecco's earnings estimate has been revised down by approximately 46.1%, indicating potential challenges in its service offerings that connect clients and colleagues.

Carter Bankshares' Earnings Estimate: Carter Bankshares has seen a 7.3% downward revision in its earnings estimate, reflecting concerns about its banking services and overall financial performance.

Cantaloupe's Earnings Estimate: Cantaloupe's earnings estimate has been adjusted down by about 6.7%, suggesting difficulties in its software and payment solutions for the unattended retail market.

Promotions at Carter Bank: Andy Meece and Charlie Sword have been promoted to Senior Vice President roles, reflecting Carter Bank's commitment to investing in its employees and community banking. Meece will lead strategy and finance, while Sword will oversee accounting operations.

Company Growth and Leadership: These promotions come after a significant rebranding for Carter Bank, highlighting the bank's ongoing growth and the importance of strong leadership in shaping its future.

Carter Bankshares Inc. Rating Update: The stock rating for Carter Bankshares Inc. (CARE) has increased from 77% to 85% based on Martin Zweig's growth investor strategy, indicating strong interest due to its solid fundamentals and valuation.

About Validea and Martin Zweig: Validea is an investment research service that utilizes strategies from renowned investors like Martin Zweig, who achieved an average annual return of 15.9% over 15 years with his stock recommendations.