I'm not sure what you meant by "the adjacent cell in B" unless you mean adjacent to column C.
How I looked at it: Looking for "Deleted" in B3:B100000 and if found, then make C on same row font red and bold (otherwise black and not bold). I've also set it up so if last used row in B is less than 100,000 then that's all that will be examined. But
if you have formulas in B, then it may always do 99,998 anyhow - and it takes a bit of time to do it: about 6 seconds on a 3GHz dual-core system.
Why not just use standard conditional formatting (other than that you'd have 99,998 volatile formulas recalculating every time you changed something/anything on the sheet)?
Sub MakeItRed()
'worksheet with data to test must be active when run
Const ColToMakeRed = "C" ' change as required
Const keyPhrase = "DELETED" ' all uppercase for testing
Const testCol = "B"
Const firstRow = 3
Const maxRow = 100000
Dim lastRow As Long
Dim offset2RedCol As Integer
Dim testRange As Range
Dim anyTestCell As Range
'see if we can do fewer than 99,998
lastRow = Range(testCol & Rows.Count).End(xlUp).Row
'set test range based on fewest rows to have to work with
'if lastRow > 100,000 then reduce to 100,000
If maxRow < lastRow Then
lastRow = maxRow
End If
Set testRange = Range(testCol & firstRow & ":" _
& testCol & lastRow)
offset2RedCol = _
Range(ColToMakeRed & 1).Column - Range(testCol & 1).Column
Application.ScreenUpdating = False
For Each anyTestCell In testRange
'assume not a match, and to clean up anything
'that was made red before but should not be now
With anyTestCell.Offset(0, offset2RedCol)
.Font.Bold = False
.Font.ColorIndex = xlAutomatic
If UCase(Trim(anyTestCell)) = keyPhrase Then
.Font.Bold = True
.Font.Color = vbRed
End If
End With
Next
Set testRange = Nothing ' good housekeeping
End Sub