Table of Contents June 2012
In September 2008, 102 years after it was founded, Bank of Granite was so close to collapse the Federal Deposit Insurance Corp. warned that it would have to, as regulators say, “cease and desist” operations unless things got better in a hurry. Staggering under bad loans, its death march stumbled through three years of recovery attempts. “Bless our investors,” a board member prayed at a 2010 shareholder meeting, as the stock price plunged to less than a dollar a share.
The prayer went unanswered.
BB&T Corp.’s name might soon appear on a sports venue in downtown Charlotte, not far from Bank of America Stadium and the banking behemoth’s 60-story headquarters. That Winston-Salem-based BB&T has naming rights to a ballpark the local minor-league team hopes to build and BofA’s emblem is on the home of the NFL’s Carolina Panthers seems only fitting. Though they’re first and second on this year’s Financial 100, our yearly ranking of the largest North Carolina-based banks, thrifts and credit unions, their relative size sets them leagues apart.
The Eastern Band of Cherokee Indians is betting that turning its casino into a hotel and destination resort will pay off big.
By the book.
How the economy turns.