Business

Federal government opposes BofA appeal in Countrywide case

July 24, 2015

(The Charlotte Observer)

In a filing Wednesday, the U.S. government said an appeals court should not overturn a 2013 ruling requiring Bank of America to pay $1.27 billion in penalties for bad home loans sold through its Countrywide Financial unit.

Durham drug developer moving to New Jersey

July 24, 2015

(The News & Observer, Raleigh)

Durham-based Scynexis has sold its contract R&D business unit and is relocating to New Jersey. Longmont, Colo.-based Avista Pharma Solutions acquired the R&D unit and plans to hire "substantially all" existing employees at Scynexis' Durham manufacturing plant.

Yadkin Financial reports strong 2Q results

July 24, 2015

(Winston-Salem Journal)

Yadkin Financial reported record net income of $10.6 million for the second quarter, compared with $1.73 million a year ago before the bank's merger with VantageSouth Bancshares.

BofA shuffles top executives

July 23, 2015

(The Charlotte Observer)

Paul Donofrio will succeed Bruce Thompson as CFO of Charlotte-based Bank of America. David Darnell, head of global wealth and investment management, also said he is stepping down.
Related: BofA financial chief's exit puts focus on bank's succession plan

Raleigh software company's acquisition will accelerate growth

July 23, 2015

(The News & Observer, Raleigh)

Raleigh-based software company Expion was acquired by Toronto-based Sysomos for an undisclosed amount. Expion CEO Peter Heffring said he expects the company to add 15-20 employees to its 75 in Raleigh by year-end. Customers that use Expion's social-media software include Coca-Cola and Mastercard.

Report: NC housing markets appeal to institutional investors

July 23, 2015

(Winston-Salem Journal)

North Carolina had six of the top 20 markets for institutional investors during the first half of 2015, according to a RealtyTrac report. The Charlotte MSA was fourth, Statesville-Mooresville was seventh and Winston-Salem was tied for eighth.

Charlotte's SPX prepares to split into two companies

July 23, 2015

(The Charlotte Observer)

Charlotte-based manufacturer SPX will join a growing trend among corporations when it spins off its flow products division into a separate company, expected to be in the third quarter. SPX's stock hit a 52-week low Wednesday.

Charlotte's MedSouth acquires medical offices in Wilmington

July 23, 2015

(Greater Wilmington Business Journal)

Charlotte-based MedSouth HealthCare Properties paid $9.5 million for seven medical office buildings in the Wilmington area. The seller was Wilmington-based Panacea Realty.

BNC Bancorp reports 2Q earnings

July 23, 2015

(Winston-Salem Journal)

BNC Bancorp reported a 26% increase in net income to $11 million in the second quarter. Following its $101.3 million acquisition of Roanoke, Va.-based Valley Financial, the High Point-based bank now has assets totaling more than $5 billion.

Duke Energy taps Fountain as NC president

July 23, 2015

(The Charlotte Observer)

David Fountain, senior vice president of enterprise legal support at Duke Energy, will become the utility's North Carolina president on Sept. 1. Fountain joined CP&L, the predecessor of Progress Energy, which merged with Duke in 2012, in 2000. He will be based in Raleigh and succeeds Paul Newton, who is retiring.