Carter Bank And Trust Roxboro Nc

Roxboro, NC - Carter Bank & Trust in Roxboro is under scrutiny following a sudden closure of its main branch and suspension of several employees. Federal regulators are reportedly investigating potential financial irregularities discovered during a routine audit.

The closure, announced late yesterday, has sent ripples of concern through the local community, heavily reliant on the bank for personal and business finances. This article details the unfolding situation, confirmed facts, and immediate impact on Roxboro.

Branch Closure and Employee Suspensions

The main Carter Bank & Trust branch located at 101 Main Street, Roxboro, NC, was abruptly closed at 5:00 PM yesterday, October 26, 2023. A notice posted on the door cites "unforeseen circumstances" and directs customers to utilize online banking services or visit the nearest branch in Yanceyville, approximately 20 miles away.

Simultaneously, sources within the bank have confirmed that several employees, including a branch manager and two senior loan officers, have been placed on administrative leave pending the outcome of an internal investigation. Their names have not been publicly released.

Federal Investigation

Federal regulators, specifically from the Federal Deposit Insurance Corporation (FDIC), are currently on-site at the closed Roxboro branch. Their presence suggests a deeper issue than a simple internal matter.

An anonymous source familiar with the situation stated that the FDIC was alerted to potential discrepancies discovered during a recent audit. These discrepancies reportedly involve loan portfolios and accounting practices.

The FDIC has declined to comment officially, citing ongoing investigations. However, the agency did confirm its commitment to protecting depositors and ensuring the stability of the banking system.

Community Impact and Concerns

The sudden closure and suspension of employees has understandably triggered anxiety within the Roxboro community. Carter Bank & Trust has been a mainstay of the local economy for over 30 years.

Local business owners, many of whom rely on Carter Bank & Trust for lines of credit and day-to-day banking needs, are particularly worried. Several business owners have expressed concerns about accessing funds and processing payroll.

"This is a huge blow to our town," said Sarah Miller, owner of a local bakery. "We've banked with Carter Bank for years. This uncertainty is terrible for business."

Customers have reported long wait times at the Yanceyville branch and difficulty reaching customer service representatives. Social media is flooded with posts expressing frustration and fear regarding the safety of their deposits.

Bank's Response

Carter Bank & Trust's corporate headquarters has issued a brief statement acknowledging the situation in Roxboro. The statement reads, "Carter Bank & Trust is aware of the situation at its Roxboro branch and is cooperating fully with authorities. We are committed to resolving this matter swiftly and ensuring minimal disruption to our customers."

The statement offers no further details regarding the nature of the investigation or the timeline for reopening the Roxboro branch. It does, however, assure customers that their deposits are insured by the FDIC up to the standard $250,000 limit.

Attempts to reach Carter Bank & Trust CEO, Litz H Carr, for further comment were unsuccessful. All inquiries are being directed to the corporate communications department.

Next Steps and Ongoing Developments

The FDIC investigation is expected to continue for several days, possibly weeks. The reopening of the Roxboro branch hinges on the outcome of this investigation and any subsequent corrective actions required by the regulatory agency.

Customers are advised to closely monitor the Carter Bank & Trust website and local news outlets for updates. The bank has promised to provide further information as it becomes available.

Local community leaders are planning a town hall meeting next week to address concerns and provide resources for residents affected by the closure. Details regarding the time and location of the meeting will be announced shortly.