Business

Old Dominion approves $250M stock buyback program

May 24, 2016

(Winston-Salem Journal)

Directors of Old Dominion Freight Line authorized a $250 million share repurchase program. The Thomasville-based trucking company said it is within $12 million of completing its last stock repurchase program, launched in November 2014.

Charlotte commercial real-estate sales near $1B

May 24, 2016

(The Charlotte Observer)

Sales of commercial real estate in Charlotte have reached $904 million so far this year, including office buildings, warehouses, apartments and other buildings of $2.5 million or more. Demand is strong despite the recent controversy over HB2. Total sales in 2015 were $2.4 billion.

Wake Forest Baptist CEO to step down in 2017

May 23, 2016

(Winston-Salem Journal)

John McConnell, CEO of Wake Forest Baptist Medical Center in Winston-Salem since 2008, will step down in 2017 and will become executive director of Wake Forest Healthcare Ventures, a new company focused on commercializing ideas and products developed by researchers at the medical center and its related entities.

Auto-parts maker adding 41 jobs in Buncombe County

May 23, 2016

(Asheville Citizen-Times)

Arkansas-based Baldor Electric Company is investing $4.2 million in its Weaverville plant, adding 41 jobs. About 140 people currently work at the Buncombe County factory, which makes automotive components for Dodge.

Raleigh's First Citizens Bank expands in Virginia with latest deal

May 23, 2016

(The News & Observer, Raleigh)

First Citizens Bank will acquire Cordia Bancorp, parent of Bank of Virginia, for about $35 million. The purchase price of $5.15 per share reflects a 33% premium over Cordia's previous day closing price. Bank of Virginia has six branches in the Richmond area and about $348 million in assets. Last week, First Citizens bought Pennsylvania-based First CornerStone Bank in its ninth FDIC-assisted transaction since 2009.

Wilmington Chamber CEO steps down after 22 years

May 23, 2016

(Greater Wilmington Business Journal)

Connie Majure-Rhett, president and CEO of the Wilmington Chamber of Commerce since 1994, is retiring effective immediately, citing family-related reasons. Faye Dunaway, chief operating officer, will assume day-to-day operations while the chamber begins a search for Majure-Rhett's replacement.

Belhaven declares state of emergency to save hospital

May 23, 2016

(The Daily Reflector, Greenville)

The town of Belhaven in Beaufort County is expected on Monday to institute a state of emergency to protect the former Pungo Hospital from being torn down. Vidant Health closed the hospital in July 2014. Mayor Adam O'Neal and other hospital supporters have set up tents in front of the building, hoping to prevent the building from demolition while fighting to reopen the hospital.

Bayer makes $62B bid for Monsanto

May 23, 2016

(The News & Observer, Raleigh)

Germany's Bayer AG has offered to buy seeds company Monsanto for $62 billion including debt, a merger that could create the world's largest farm supplier. Bayer employs about 1,000 people at its plant science center at Research Triangle Park and has invested more than $150 million in the campus over the last four years.

Kane, Williams Realty team up on major downtown Raleigh project

May 23, 2016

(The News & Observer, Raleigh)

Raleigh-based Kane Realty and Williams Realty & Building Co. plan to invest $85 million to $100 million on the project, which encompasses nearly 4 acres at the corner of West and Peace streets in downtown Raleigh. Plans call for 400 apartments and up to 50,000 square feet of retail space.

Morgan Stanley launches new wealth-management group in Charlotte

May 23, 2016

(The Charlotte Observer)

Harbor Oak Group will join other wealth-management teams in Morgan Stanley's SouthPark area office, with a satellite office in Asheville. The new team will focus on portfolio management strategies with a concentration in small-business and retirement income planning.