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Carter Bank: Lost interest income from Justice loans tops $65 million

Summary by Cardinal News

Martinsville-based Carter Bank said Thursday that the interest income it has lost from overdue loans owed by U.S. Sen. Jim Justice and his family companies rose $7.9 million in the fourth quarter to total $65.1 million.The bank has been losing interest income on the loans since mid-2023, when it placed the Justices’ portfolio, worth more than $300 million at the time, in nonaccrual status. Nonaccrual status is when loans don’t earn interest beca…

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Carter Bank: Lost interest income from Justice loans tops $65 million

Martinsville-based Carter Bank said Thursday that the interest income it has lost from overdue loans owed by U.S. Sen. Jim Justice and his family companies rose $7.9 million in the fourth quarter to total $65.1 million.The bank has been losing interest income on the loans since mid-2023, when it placed the Justices’ portfolio, worth more than $300 million at the time, in nonaccrual status. Nonaccrual status is when loans don’t earn interest beca…

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Cardinal News broke the news in 1 month ago on Friday, January 24, 2025.

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