Carter Bankshares CARE

Mr. Litz H. Van Dyke is CEO of Carter Bankshares, Inc. and Carter Bank & Trust and previously served as Executive Vice President. Prior to joining Carter Bank & Trust in 2016, Mr. Van Dyke was a Practice Manager for CCG Catalyst Consulting Group based in Phoenix, Arizona, assisting banks with strategic advisory services. He served as Chief Operating Officer for StellarOne Corporation from 2008 to 2012. Mr. Van Dyke was appointed to the Board in 2017. Mr. Van Dyke is qualified to serve as a Director due to his prior experience in senior executive roles with a number of Virginia-based banking institutions with responsibilities including credit administration, regulatory risk management, information technology (IT), operations, marketing, and facilities as well as extensive work with commercial, retail, and mortgage lines of business.

Mr. Bradford N. Langs, prior to 2020, served as Executive Vice President and Chief Strategy Officer of the Bank from 2017 to 2019; prior to joining Carter Bank & Trust, he was Chief Risk Officer, Chief Credit Officer, and Treasurer at Coastal States Bank from 2009 to 2017.

Ms. Wendy S. Bell served as Executive Vice President and Chief Financial Officer of the Bank from 2017 to 2019; prior to joining the Bank, she was Senior Vice President and Senior Finance Officer at First Commonwealth Financial Corporation from 2010 to 2017.

Mr. Matthew M. Speare, prior to 2023, served as Executive Vice President and Chief Information Officer of the Bank since 2017; prior to joining the Bank, he was Executive Vice President and Chief Information Officer at Regions Bank from 2013 to 2017.

Mr. Tony E. Kallsen, prior to 2023, served as Executive Vice President and Chief Credit Officer of the Bank since 2018; prior to joining the Bank, he was Senior Vice President and Senior Credit Officer at First Commonwealth Financial Corporation from 2010 to 2017.

Mr. James W. Haskins is an attorney and principal in the law firm of Young, Haskins, Mann, Gregory and Wall, P.C., Martinsville, Virginia. He also served as a director of Mountain National Bank from 1996 until its merger into Carter Bank & Trust and of Patrick Henry National Bank from 1982 until its merger into Carter Bank & Trust. Mr. Haskins was appointed as Chairman of the Board in 2017; prior to that appointment, he served as Vice Chairman of the Board. Mr. Haskins is qualified to serve on the Board due to his legal expertise and his prominence in the Company's market area.

Mr. Gregory W. Feldmann is President and Founder of Skyline Capital Strategies, LLC, a management consultancy firm providing advisory services in the areas of corporate finance, private equity, business and financial strategy, mergers and acquisitions (M&A), and performance related studies, since 2011. He is a former President, CEO and Director of StellarOne Bank. Mr. Feldmann was appointed to the Board in 2017 and currently serves as the Lead Independent Director of the Board. Mr. Feldmann is qualified to serve as a Director due to his business and banking background in commercial banking, investment banking and brokerage and private equity and experience in other executive and leadership roles, both in private and public companies.

Mr. Michael R. Bird has more than 30 years of experience in the long-term care industry. He retired in April 2020 from Virginia Lutheran Homes, Inc., where he served as Chief Financial Officer (CFO) since May 2013. Virginia Lutheran Homes owns and operates a continuing care retirement community and nursing and rehabilitation center in Roanoke, Virginia, as well as subsidized apartments with supportive services in New Market, Virginia. Prior to this, he served as CFO of Waveny LifeCare Network, a provider of long-term care, assisted living, independent living and home healthcare in New Canaan, Connecticut. He earned his Bachelor's Degree in Accounting from Central Connecticut State University in New Britain, Connecticut and MBA from Sacred Heart University in Fairfield, Connecticut. Mr. Bird was appointed to the Board in 2018.

Mr. Jacob A. Lutz, III is a retired former partner of the law firm now known as Troutman Pepper Locke LLP's (Troutman Pepper Locke) Richmond, Virginia office, having served with the firm and its predecessors from 1990 until his retirement in December 2021. He was Chair of Troutman Pepper Locke's Financial Institution Practice firm-wide for 20 years, with a focus on advising banks and other financial service companies on a variety of matters including securities and capital markets, mergers and acquisitions, regulation and compliance, and community banking. Prior to this, Mr. Lutz was an attorney with the Federal Deposit Insurance Corporation (FDIC) in its Washington, D.C. headquarters and Atlanta, Georgia regional office with responsibility for supervisory and regulatory matters as well as failed bank M&A and asset disposition. Mr. Lutz has a Bachelor's Degree in Finance from Virginia Polytechnic Institute and State University and a J.D. from William and Mary Law School. He also has a Certificate of Completion from the Harvard Law School Program of Instruction for Lawyers. Mr. Lutz was appointed to the Board in 2022. Mr. Lutz is qualified to serve as a Director due to more than 40 years of legal and regulatory expertise in the banking industry involving management of legal, credit, regulatory, strategic, operational and compliance risk, among others in the Company's market area.

Ms. Catharine L. Midkiff worked for more than 20 years as an Executive with General Electric Capital Corporation in risk management, operations, and finance in its Asia, Europe, and United States markets, retiring in 2017. Prior to this, she served as Vice President and Director in other General Electric entities located in the United States, Japan, Korea, Thailand and Hong Kong. A Certified Public Accountant, Ms. Midkiff has a Bachelor's Degree in Commerce with a specialization in Finance and Accounting from the University of Virginia. She is certified in Six Sigma as a master black belt, the highest-level credential in management techniques to improve business processes, primarily by reducing risks, and has completed numerous specialty programs, such as an asset-based finance program from the University of Pennsylvania's Wharton School and the Commercial Finance Association. Ms. Midkiff was appointed to the Board in 2018. Ms. Midkiff is qualified to serve as a Director due to her broad based experience in accounting, risk management and finance with executive roles in public companies.

Mr. Robert M. Bolton is the founder of Iron Bay Capital and is currently the President, CEO and Chief Investment Officer (CIO) to the Iron Bay Fund LP, which invests exclusively in financial services companies, specifically community banks. He has over 30 years of experience in banking, asset management and equity trading. Before forming Iron Bay Capital in 2011, Mr. Bolton worked at Mendon Capital, where he was managing director and head trader. He was responsible for overseeing four different domestic equity financial services portfolios. He was also a senior member of the investment committee and was in charge of strategy implementation and trading. Earlier in his career, Bolton was both a proprietary trader for Pershing Trading Company in New York, and an award-winning banker with The Bank of New York. He has an extensive background in both fundamental and technical research. Mr. Bolton is a retired board member of HopFed Bancorp, Inc. in Kentucky (Nasdaq: HFBC), which merged with First Financial Corporation in 2019, and Naugatuck Valley Financial Corp. in Connecticut (Nasdaq: NVSL), which merged with Liberty Bank in 2016. He earned his Bachelor's Degree in Philosophy from St. Bonaventure University and attended the University of Rochester-Simon School of Business. Mr. Bolton was appointed to the Board in 2020. Mr. Bolton is qualified to serve as a Director due to his broad knowledge in banking and finance.

Mr. Kevin S. Bloomfield has been the managing partner at Bloomfield Partners, LLC which makes equity investments in software, technology and life science innovation companies, since 2014. Previously he was Chief Executive Officer (CEO) of NetVentures where he helped to build a fast-growing, disruptive cloud-based Operations & Fund Accounting software platform for progressive non-profit organizations. He led the company's growth from an early-stage startup with just a handful of customers to the market leader with over 500 customers that processed over two billion dollars of customer transactions. In 2014, NetVentures was acquired by the private equity firm Pamlico Capital. He earned his Bachelor's Degree from Radford University. Mr. Bloomfield was appointed to the Board in 2020.

Ms. Elizabeth Lester Walsh is the owner and managing member of Eliz, LLC, a consulting practice specializing in accounting, IT, data analytics and real estate projects since 2023. Ms. Walsh worked in Curriculum Development from 2018 to 2023 for Becker Professional Education (Becker) where she primarily created an emerging technology curriculum. Ms. Walsh also previously wrote Continuing Professional Education courses for the American Institute of Certified Public Accountants where she served as Director of Knowledge Management, Becker and Agate Publishing. Ms. Walsh earned her Bachelor's Degree in Accounting Information Systems from Virgi

Ms. Phyllis Q. Karavatakis served as Senior Executive Vice President, Special Projects of Carter Bank & Trust from 2020 until her retirement in December 2024. She previously served as President and Chief Banking Officer and earlier served as Executive Vice President and Chief Lending Officer. During her more than 45 years with the Bank and the Company, she held numerous leadership positions. Ms. Karavatakis was appointed to the Board of Directors and as Vice Chairman of the Board in 2017. Ms. Karavatakis is qualified to serve as a Director due to her extensive business experience and in-depth knowledge of the banking industry.

Mr. Curtis E. Stephens, III is an experienced Board Member, Executive, Entrepreneur, and Advisor in the consumer services, transportation, real estate, manufacturing, technology and sports and entertainment industries. He has been Co-Founder of Name, Image, and Likeness (NIL) Metaverse Studios, Inc., an early stage business developing and bringing together a Web3 technology platform in the collegiate NIL space, since 2021. He served as Chief Operating Officer (Fractional) of United Network for Collegiate Pantry Sharing, Inc., a collaborative initiative that seeks to address short-term food relief for those experiencing food insecurities while enrolled as students at universities and colleges within the United States, until 2024. In 2019, Mr. Stephens was Area Vice President-Administration-Mid Atlantic Region for StoneMor Partners, L.P., the second largest network of cemeteries and funeral homes in the United States and was responsible for managing and mitigating legal and regulatory compliance risks. For 20 years, he was Managing Director of Marketing Xchange Worldwide, LLC, a full-service sports practice that specialized in both contract negotiation and venture management for professional athletes in the National Football League. He also served as Vice President, Administration and Operations of Stephens Transportation Corporation. Mr. Stephens, a Qualified Risk Director, has a Corporate Director Certificate from Harvard Business School, Certificates in Risk Governance and Cyber Risk Governance? from The DCRO Institute, and a Certificate in Private Company Governance from the Private Directors Association. He earned an MBA degree from Virginia Commonwealth University-School of Business and a BS degree in Economics from Rutgers University. Mr. Stephens was appointed to the Board in 2022. Mr. Stephens is qualified to serve as a Director due to his education, business background, governance acumen, leadership roles, and broad experience with private and public companies.

Ms. Jane Ann Davis has served as Executive Vice President and Chief Administrative Officer of the Bank since 2017. Prior to 2017, she served as Executive Vice President, Chief Financial Officer, and Chief Operating Officer of the Bank.

Mr. Arthur Loran Adams, prior to 2018, served as Senior Vice President and Director of Regulatory Risk Management of the Bank since 2017; prior to joining the Bank, he was Director of Internal Audit at Georgia Bank & Trust from 2012 to 2016.