Justice Family Reaches Settlement with Carter Bank, Securing Greenbrier's Future

In a significant development, the companies owned by West Virginia Governor Jim Justice and his family have announced the resolution of a long-standing dispute with their longtime creditor, Carter Bank & Trust. The settlement paves the way for the Justice family to continue their stewardship of the iconic Greenbrier resort and other business ventures, solidifying their commitment to the state's economic landscape.

Amicable Resolution Secures the Future of the Greenbrier and Justice Family Holdings

Mutual Commitment to Moving Forward Constructively

The settlement between the Justice family and Carter Bank & Trust has been described as a "pathway of curtailment and payoff of the loans the Justice family has outstanding with Carter Bank." This agreement, reached through extensive negotiations, has resolved all outstanding disputes between the parties, paving the way for a constructive and amicable relationship moving forward.The specific terms of the settlement remain confidential, as per the mutual agreement between the parties. However, the announcement indicates that the Justice family has already made significant progress in reducing the outstanding debt, with the aggregate nonperforming loan balance associated with the Justice Entities being reduced from 1.9 million as of the end of the first quarter of 2024 to approximately 4.1 million as of June 20, 2024.

Safeguarding the Greenbrier's Legacy

The settlement is particularly significant for the future of the Greenbrier, the iconic resort owned by the Justice family. The Greenbrier Sporting Club, a property with significant loans from Carter Bank, had been previously slated for auction, but that plan was put on hold as the parties engaged in settlement talks.Jay Justice, the governor's son who oversees much of the family's business operations, expressed his family's commitment to the Greenbrier, stating, "We look forward to focusing our attention on these efforts and believe that this resolution will ensure that The Greenbrier remains a part of the Justice family's holdings for generations to come."This sentiment underscores the Justice family's deep-rooted connection to the Greenbrier and their determination to preserve its legacy as a premier destination in West Virginia.

Resolving Longstanding Disputes

The dispute between the Justice family and Carter Bank & Trust had been ongoing for some time, with the bank moving to cash in on roughly 0 million in defaulted loans. In response, the Justice companies had filed lawsuits in federal and local courts, challenging the bank's actions.The settlement has now resulted in the voluntary dismissal of the billion federal lawsuit against Carter Bank, with prejudice, meaning it cannot be refiled. Additionally, the parties anticipate the dismissal with prejudice of the lawsuit in Greenbrier County, further solidifying the resolution of the longstanding disputes.

A Commitment to Satisfying Obligations

The Justice family has acknowledged the importance of their decades-long relationship with Carter Bank, dating back to the personal relationship between Governor Jim Justice and the bank's founder and longtime chairman, Worth Carter. In the statement, Jay Justice expressed the family's commitment to "satisfying our outstanding obligations to Carter Bank and fulfilling our commitments under the terms of the agreement reached with Carter Bank."This commitment to honoring their financial obligations underscores the Justice family's desire to maintain a constructive and cooperative relationship with their longtime creditor, even as they navigate the complexities of their business ventures.

Paving the Way for Future Growth

The resolution of the dispute with Carter Bank & Trust represents a significant milestone for the Justice family, allowing them to focus their attention on the continued growth and development of their diverse business interests, including the Greenbrier resort and their coal operations.With the settlement in place, the Justice family can now turn their attention to the future, confident in their ability to maintain their foothold in West Virginia's economic landscape and continue their legacy of stewardship over the state's iconic assets.