FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Rhyne Johnathan L Jr		 2. Date of Event Requiring Statement (MM/DD/YYYY)
12/31/2019 

 3. Issuer Name and Ticker or Trading Symbol

CAROLINA FINANCIAL CORP [CARO]
(Last)        (First)        (Middle)

901 EAST MAIN STREET		 4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                          _____ 10% Owner
_____ Officer (give title below)        _____ Other (specify below)
(Street)

LINCOLNTON, NC 28092      

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
1/3/2020 

6. Individual or Joint/Group Filing(Check Applicable Line)

_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		2. Amount of Securities Beneficially Owned
(Instr. 4)		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 47561 (1)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)		2. Date Exercisable and Expiration Date
(MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		4. Conversion or Exercise Price of Derivative Security5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Option to Purchase Common Stock 3/20/2012 3/20/2022 Common Stock 1248 $7.1 D  
Explanation of Responses:
(1) This Amendment provides updated beneficial ownership information following the financial calculation of the number of shares of Carolina Financial Corporation (CARO) Common Stock issued in exchange for shares of Carolina Trust BancShares, Inc. (CART) Common Stock upon the merger of CART with and into CARO.
Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Rhyne Johnathan L Jr
901 EAST MAIN STREET
LINCOLNTON, NC 28092		X
Signatures
/s/B.T. Atkinson, as Attorney-In-Fact2/6/2020
**Signature of Reporting PersonDate
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