Carter Bank & Trust today announced that the merger of Blue Ridge Bank, N.A., Floyd, Virginia; Central National Bank, Lynchburg, Virginia; Community National Bank, South Boston, Virginia; First National Bank, Rocky Mount, Virginia; First National Exchange Bank, Roanoke, Virginia; Mountain National Bank, Galax, Virginia; Patrick Henry National Bank, Martinsville, Virginia; Patriot Bank, N.A., Fredericksburg, Virginia; Peoples National Bank, Danville, Virginia; and Shenandoah National Bank, Staunton, Virginia, into Carter Bank & Trust has been completed.
Carter Bank & Trust, headquartered in Martinsville, Virginia, will be the largest independent state chartered commercial bank headquartered in Virginia, operating 126 branches in Virginia and North Carolina. Present plans also call for seeking regulatory approval after the merger to open 25 additional facilities as branch offices.
Worth Harris Carter, Jr. is Chairman of the Board and President of Carter Bank & Trust. All officers and employees of the former banks will continue as officers and employees of Carter Bank & Trust after the merger and customers will continue to see the same friendly faces and customer friendly services at each of the branches of Carter Bank & Trust.
"We are excited about the opportunities afforded by the creation of Carter Bank & Trust. The merger has created a financial institution with total assets in excess of $2.5 billion, well positioned to compete successfully in the increasingly competitive market for financial institutions," said Mr. Carter. "We will achieve substantial administrative, regulatory and compliance cost savings and efficiencies, and anticipate enhancing customer convenience and expanding products and services in the growing Virginia and North Carolina markets."
Under the previously announced terms of the plan of merger, shareholders in each of the ten banks will receive a certain number of shares in Carter Bank & Trust in exchange for each share held in the existing banks as follows: Blue Ridge Bank: 2.474 shares; Central National Bank: 5.470 shares; Community National Bank: 4.350 shares; First National Bank: 1.613 shares; First National Exchange Bank: 4.509 shares; Mountain National Bank: 3.981 shares; Patrick Henry National Bank: 1.112 shares; Patriot Bank: 5.775 shares; Peoples National Bank: 1.945 shares; and Shenandoah National Bank: 3.461 shares. Mr. Carter cautioned shareholders not to send in their stock certificates yet. In January, shareholders will receive an Exchange Form to return along with their stock certificates in order to receive shares in Carter Bank & Trust.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended. The statements relate to, among other things, plans for future expansion, the opportunities afforded Carter Bank & Trust, the possible cost savings and efficiencies, and plans for customer conveniences and expanded products and services. These forward-looking statements are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in these forward-looking statements. Factors that might cause such a difference include: the ability to successfully integrate the banks following the merger; a material adverse change in the financial condition, results of operations or prospects of any of the banks; the ability to fully realize the expected cost savings and revenues or the ability to realize them on a timely basis; the risk of borrower, depositor and other customer attrition after the merger is completed; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the banks' operations, pricing, and services; and other risk factors referred to from time to time in filings made by Carter Bank & Trust with the Federal Deposit Insurance Corporation. Carter Bank & Trust undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.