Carter Bank & Trust is headquartered in MARTINSVILLE and is the 7th largest bank in the state of Virginia. It is also the 297th largest bank in the nation. It was established in 2006 and as of December of 2024, it had grown to 683 employees at 67 locations. Carter Bank & Trust's money market rates are 7X the national average, and it has a B health rating.
A Local Bank Worthy Of A Second Look
After being severely burned and furious by the Valley stars in the area, I began looking for a bank in the local region.
Carter Bank and Trust fit that bill. They were a bank and they were local. That was my only two requirements at that point.
Some of the reviews mention how they do not have good mobile or online services. They have definitely gotten better in this area. I have no issues with their Applications and I can easily navigate the website. It might not be as flashy as the hippest banks, but it does the job it needs to do.
One of the best and most useful tool they have is the ATM machine at the main branch in Martinsville, and (Carter if you're reading this PLEASE ADD MORE OF THEM) Their ATMS allow for you to deposit checks and cash after hours. This was an unknown selling point to me, and I had stumbled upon it by total accident, but I would love to see more of these, and when I suggest banks, this is one of the main selling points I highlight. I can make deposits after hours with absolute ease.
Staff have always been friendly.
The bank has pretty good fraud detection. What I mean by this is that, I buy game currency sometimes in foreign countries, and instead of outright blocking the transaction, they send a Text message of confirmation, once approved the transaction goes through.
They do have mild drawbacks on some transactions, like I wanted to link my Robinhood account and that was going to be a call-in and I just was too lazy to call in. There wasn't a way to get around calling in, and I'm just not the type of person to call other people willingly. So I never linked the accounts.
All in all though, as long as they keep having real people work the desks, and keep improving their offerings positively, I see myself being a customer for many years to come.
Do Not Recommend
They do not contact you, have hidden fees, and give you incorrect information when you call in. I would not recommend them with so many superior choices available.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 58596 |
| Year Established | 2006 |
| Employees | 683 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.59% |
| Return on Equity - YTD | 7.4% |
| Annual Interest Income | $221.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $4.65B$4.51B |
| Loans | Q4 2024vs Q4 2023 | $3.55B$3.41B |
| Deposits | Q4 2024vs Q4 2023 | $4.15B$3.72B |
| Equity Capital | Q4 2024vs Q4 2023 | $377.4MM$347.4MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $75.6MM$97.1MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $259.3MM$309.5MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $659K$2.5MM |
