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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K X ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2020 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Virginia Commission file number : 001-39731 CARTER BANKSHARES , INC . ( Exact name of registrant as specified in its charter ) ( State or other jurisdiction of incorporation or organization ) 1300 Kings Mountain Road , Martinsville , Virginia ( Address of principal executive offices ) Registrant's telephone number , including area code : ( 276 ) 656-1776 Securities registered pursuant to Section 12 ( b ) of the Act : Title of each class Common Stock , $ 1 par value Trading Symbol ( s ) CARE 85-3365661 ( I.R.S. Employer Identification No. ) 24112 ( Zip Code ) Name of each exchange on which registered Nasdaq Global Select Market Securities registered pursuant to Section 12 ( g ) of the Act : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes " No x Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes " No x Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to filing for the such days . requirements Yes x No ' past 90 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes " No ' Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or an emerging growth company . See the definitions of “ large accelerated filer , ” “ accelerated filer , ” “ smaller reporting company , " and " emerging growth company ” in Rule 12b - 2 of the Exchange Act . Large accelerated filer Non - accelerated filer Accelerated filer Smaller reporting company X Emerging growth company " If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . x Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes " No x The aggregate market value of Carter Bankshares , Inc.'s common stock held by non - affiliates , computed by reference to the price at which the common stock was last sold , or the average bid and asked price of such common stock , as of June 30 , 2020 was $ 198,774,712 . There were 26,428,501 shares of common stock of Carter Bankshares , Inc. outstanding as of March 5 , 2021 .