Carter Bank & Trust


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Carter Bank and Trust was formed on December 29, 2006 as part of a merger of ten banks spread across Virginia and North Carolina. When the merger happened, it created the largest independent state-chartered commercial bank with headquarters in the Commonwealth of Virginia. The total assets are over $4.89 billion and operates 123 branches on the east coast. All deposit accounts are insured by the FDIC up to the maximum amount allowed by law (which is currently $250,000 per depositor).  

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The Good

  • Personal banking options
  • Savings accounts
  • Personal and business loans

Personal Banking Options

As the largest state-chartered commercial bank in the Commonwealth of Virginia, Carter Bank and Trust continues to provide personal and business banking solutions to their clients on the East Coast. There are also insurance and loan products available to clients as well.

There are three different personal banking options through Carter Bank and Trust. Some are designed specifically for individuals while others are only for commercial operations. All of the checking accounts offer unlimited transactions each month. The checking accounts break down as follows:

  • Lifetime Free Checking: basic checking account for individuals that requires $100 to open. There is no minimum balance.
  • Commercial Checking: for small and medium-sized business which also requires $100 to open the account. There is no minimum balance.
  • Interest Checking: similar to its name, this particular checking account compiles interest over time. There are $500 minimum deposit requirements with a minimum balance of $500 as well.

Savings Accounts

On the savings side of banking, there are essentially five different accounts to choose from. While some are more event oriented, others are goal-focused. Some have limited transaction limits, while other do not offer the service at all. The available accounts include:

  • Money Market Accounts: requires $2,500 minimum to open with an identical minimum balance. There are a limited six electronic transfers/withdrawals per month.
  • Passbook Savings: only requires $50 to open and there is no minimum balance with a limited six electronic transfers/withdrawals per month.
  • Christmas Clubs: the Christmas savings account does not require a minimum to open or carry a minimum balance. This account does require weekly/monthly payments.
  • Individual Retirement Accounts (IRA): the minimum balances to open and cary vary. No transactions are available.
  • Certificates of Deposit: similar to the IRA accounts, there is no minimum to open or balance to carry.

Personal and Business Loans

Carter Bank and Trust offers a number of personal and business loans as well. For personal use, there are vehicle, home improvement, personal lines of credit, and real estate loans available. For businesses, there are construction, farm, land acquisition and development, and small business loans as well.

The Bad

  • Availability
  • Limited business solutions


The availability of Carter Bank and Trust's services are limited due to their service area. While it is one of the largest banks in the Commonwealth of Virginia, their services to not span much based there. The only states that Carter Bank and Trust operate in include:

  • Virginia
  • North Carolina

Limited Business Solutions

For business banking, Carter Bank and Trust only offers a few solutions. There are business checking accounts, loans, and credit cards available. The services for businesses banking stops there. Limited business banking solutions may be a drawback.

The Bottom Line

Carter Bank and Trust provides banking solutions to clients in Virginia and North Carolina. Besides deposit services, loans and retirement options are provided as well. Those that consider Carter Bank and Trust for their banking needs can expect the following from the service:

  1. Personal and commercial banking solutions
  2. Checking and savings accounts available
  3. Limited service area
  4. Limited commercial banking options

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