0001829576-26-000040
SEC filingCarter Bankshares completed the sale of its membership interest in Bearing Insurance Group to an unaffiliated third party, expecting to recognize a pre-tax gain of approximately $35.8 million in Q2 2026.
Carter Bankshares, Inc. has divested its membership interest in Bearing Insurance Group, LLC, marking a significant strategic transaction for the holding company of Carter Bank & Trust. The sale, effective May 1, 2026, was executed with an unaffiliated third party, though specific transaction terms and consideration details were not disclosed in the filing. The financial impact is material, with the Company estimating a pre-tax gain of approximately $35.8 million. This gain is expected to be recognized in the Company's financial results for the second quarter of 2026. The divestiture allows the Company to exit the insurance business line, potentially streamlining operations or realizing value from the subsidiary. Management noted that the estimate is based solely on information available as of the filing date and cautioned that actual results may differ due to post-closing adjustments or other factors, as outlined in the forward-looking statements disclaimer.