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MARTINSVILLE, VA / ACCESSWIRE / May 18, 2020 / Carter Coffer & Trust (the “Bank”) (CARE) today appear that it accustomed apprehension from The Nasdaq Banal Market LLC (“Nasdaq”) advertence that because the Coffer has not yet filed its Annual Address on Form 10-K for the aeon concluded December 31, 2019 (the “Annual Report”), the Coffer is not in acquiescence with Nasdaq Advertisement Rule 5250(c)(1), which requires appropriate filing of alternate banking letters with the Securities and Exchange Commission or, in the Bank’s case, the Federal Deposit Insurance Corporation (“FDIC”).
As ahead disclosed, the Coffer and its accountant are currently evaluating accessory acknowledging one broken accommodation relationship. The Bank’s appraisement of the accessory is dependent, in part, on the after-effects of a awaiting absolute appraisement apropos the collateral. The appraisement address and the Bank’s appraisement thereof with its accountant could potentially appulse the banking statements to be included in the Annual Report. In addition, the appraisement may crave the Coffer to appraise whether a abeyant absence exists in centralized controls accompanying to the appraisement of broken loans aural the Bank’s Allowance for Accommodation Losses, which could affect above-mentioned periods. Due to the furnishings of the atypical coronavirus (“COVID-19”) pandemic, the action of accepting the absolute appraisement and evaluating the accessory has been slowed, and, consequently, the Coffer was clumsy to complete alertness of the Annual Address and book aural the deadline, as connected by SEC rules.
The Coffer has until July 14, 2020, to abide a plan to achieve acquiescence with Nasdaq’s connected advertisement requirements.
The Coffer expects to book the Annual Address with the FDIC above-mentioned to July 14, 2020 and thereby achieve acquiescence with the Nasdaq Advertisement Rules. The apprehension has no absolute appulse on the advertisement of the Bank’s accepted stock, which will abide to barter on Nasdaq, accountable to the Bank’s acquiescence with the added connected advertisement requirements.
About Carter Coffer & Trust
Headquartered in Martinsville, VA, Carter Coffer & Trust is a state-chartered association coffer in Virginia and trades on the Nasdaq Global Select Market beneath the attribute CARE. The Coffer has $4.0 billion in assets and 99 branches in Virginia and North Carolina. For added advice appointment www.CBTCares.com.
Important Note Apropos Forward-Looking Statements
Certain affairs discussed in this columnist absolution aggregate advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. Advanced statements about chronicle to the Bank’s banking condition, after-effects of operations, plans, objectives, angle for earnings, revenues, expenses, basic and clamminess levels and ratios, asset levels, asset quality, banking position, and added affairs apropos or affecting the Coffer and its approaching business and operations, and accurately including advice accompanying to the awaiting appraisement of accessory for one broken accommodation accord and abeyant impacts on the Bank’s banking results, as able-bodied as statements apropos the Bank’s behavior and expectations apropos to the filing of the Annual Address and regaining acquiescence with Nasdaq Advertisement Rules. Advanced statements are about articular by words or phrases such as “will acceptable result,” “expect,” “anticipate,” “estimate,” “forecast,” “project,” “intend,” ” believe,” “assume,” “strategy,” “trend,” “plan,” “outlook,” “outcome,” “continue,” “remain,” “potential,” “opportunity,” “comfortable,” “current,” “position,” “maintain,” “sustain,” “seek,” “achieve” and variations of such words and agnate expressions, or approaching or codicillary verbs such as will, would, should, could or may. Although we accept the assumptions aloft which these advanced statements are based are reasonable, any of these assumptions could prove to be inaccurate and the advanced statements based on these assumptions could be incorrect. The affairs discussed in these advanced statements are accountable to assorted risks, uncertainties and added factors that could account absolute after-effects and trends to alter materially from those made, projected, or adumbrated in or by the advanced statements depending on a array of uncertainties or added factors including, but not bound to: the time bare for the Coffer to complete its appraisement of the accessory acknowledging the broken accommodation accord and to agree and book the Annual Address with the FDIC and added risks abundant in the Bank’s Form 12b-25 filed on March 16, 2020, including the abeyant appulse on the Bank’s Allowance for Accommodation Losses for above-mentioned periods. For a altercation of added factors that could affect our business and banking results, see the “Risk Factors” categorical in our alternate address filings with the FDIC. Advanced statements are based on behavior and assumptions application advice accessible at the time the statements are made. We attention you not to disproportionately await on advanced statements because the assumptions, beliefs, expectations and projections about approaching contest may, and about do, alter materially from absolute results. Any advanced account speaks alone as to the date on which it is made, and we undertake no obligation to amend any advanced account to reflect developments occurring afterwards the account is made.
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