From 1973 to 1998, Mr. Carter organized and opened ten new Virginia-based community banks: First National Bank of Rocky Mount in 1974; Patrick Henry National Bank, Bassett in 1976; Peoples Bank of Danville in 1976; Blue Ridge Bank, Floyd in 1978; South Boston Bank in October 1985; Central National Bank, Lynchburg in 1996; Mountain National Bank, Galax in 1996; Patriot Bank NA, Stafford in 1996; Shenandoah National Bank, Staunton in 1996; and First National Exchange Bank, Roanoke in 1998. These banks merged on December 29, 2006 to create Carter Bank & Trust, based in Martinsville.
Mr. Carter was Chairman of the Board and CEO of Carter Bank & Trust. His first bank opened on December 13, 1974 with 1 office, 8 employees and 1.2 million in capital and total assets. At the time of his death, Carter Bank & Trust consisted of 123 offices in Virginia and North Carolina with approximately 975 employees, capital in excess of $434 million and total assets of approximately $4.5 billion.
Mr. Carter also founded these bank subsidiaries and served as President and Chairman of the Board of each: Mortgage Company of Virginia, Inc.; Bank Services of Virginia, Inc.; Bank Services Insurance; and Coresoft.
Always believing in the importance of education, Mr. Carter served on the boards of Martinsville City Schools - 21 years (11 years as Chairman); Averett University - 8 years; Ferrum College - 8 years; Mary Baldwin College - 8 years; and the University of Richmond - 4 years.
Among many others, Mr. Carter received these recognitions: the Alumni Distinguished Service Award from the University of Richmond in 2002; the 2004 Heck Ford Award from the Martinsville/Henry County Chamber of Commerce honoring lifetime achievement of leadership, commitment and dedication to promoting economic growth in Martinsville and Henry County; a National award as the 2010 Technology Innovator of the Year from "Bank Technology News" as the result of developing a core software platform for bank use; and an Honorary Doctor of Business Degree from Liberty University in 2012.