Carter Bank completes purchase of two First Reliance Bank branches

Carter Bankshares (CARE) announced Purchase and Assumption for the deposits associated with two branches in Mooresville and Winston-Salem, North Carolina with First Reliance Bankshares (FSRL). The Bank acquired $55.9M of deposits at the two branch locations and welcomed 10 new associates to its team. The transaction did not include any loans. The Winston-Salem branch is the Bank’s first location in the city, expanding its presence in the Triad, where it already has branches in Greensboro, Reidsville, Eden, and Mt. Airy. The Mooresville location, the Bank’s second in town, further enhances its footprint in the Charlotte area, which also includes a branch in downtown Charlotte. These expansions demonstrate the Bank’s commitment to fostering opportunities for individuals and businesses throughout North Carolina.