Business

Groundbreaking held for new Charlotte office tower

December 16, 2014

(The Charlotte Observer)

Developers and state and local officials broke ground Monday on a 25-story office building in Charlotte, the city's first uptown office tower since the 48-story Duke Energy Center and the 32-story 1 Bank of America Center opened in 2010. Babson Capital Management will be the anchor tenant when the 630,000-square-foot building is finished in spring 2017.

First South Bank adds nine branches

December 16, 2014

(The News & Observer, Raleigh)

First South Bank completed a previously announced acquisition of nine Bank of America branches in eastern and central North Carolina. Financial terms weren't disclosed. The Washington, N.C.-based community bank now operates 35 branches, mostly in eastern N.C.

Historic Fayetteville hotel sells for $200,000

December 16, 2014

(WRAL.com)

Fayetteville's vacant Hotel Prince Charles attracted only one bid – for $200,000 – in an online auction that closed Monday. Developer David Levinson bought the hotel in 2012 and had planned to convert it into office space and 80 condominiums before damage by vandals made the project too costly.

BofA fails two mortgage-settlement tests

December 16, 2014

(The Charlotte Observer)

Bank of America failed two out of 31 tests that measure compliance with a 2012 legal settlement over mortgage loan-servicing and foreclosure practices. The Charlotte-based bank must implement a plan to correct the behavior or it could face penalties. New York-based Citigroup was the only other lender involved in the settlement to fail a test. 

Duke Energy considers lease rights sale at Asheville's Grove Arcade

December 16, 2014

(Asheville Citizen-Times)

Duke Energy says it is exploring options and may be looking to sell lease rights for four floors of the historic Grove Arcade in downtown Asheville. The Charlotte-based utility owns the leasing rights for office space and 42 apartments at the 269,000-square foot structure.

Charleston bank acquires First Community branches in southeastern NC

December 16, 2014

(Greater Wilmington Business Journal)

Charleston, S.C.-based CresCom Bank has completed its acquisition of 13 First Community Bank branches in Columbus, Bladen and Brunswick counties and in the Myrtle Beach area in South Carolina. Virginia-based First Community Bank acquired Whiteville-based Waccamaw Bank's 16 branches in 2012 in an FDIC-aided transaction and closed three of its original branches.

Queens University names Premier's DeVore BusinessWoman of the Year

December 16, 2014

(The Charlotte Observer)

Queens University of Charlotte will honor Susan DeVore, CEO and president of Premier, as its 2014 BusinessWoman of the Year. DeVore joined the Charlotte-based company, which provides supply-chain services for the health-care industry, in 2003 and was named CEO in 2009. The company became publicly traded in 2013, raising $874 million in its initial public offering.

Shareholder votes on tobacco merger set for Jan. 28

December 15, 2014

(Winston-Salem Journal)

Reynolds American and Lorillard have scheduled shareholder votes on their proposed merger for Jan 28, according to a joint regulatory filing. Winston-Salem-based Reynolds announced in July plans to acquire Greenboro-based rival Lorillard – which owns Newport, the nation's most popular brand of menthol cigarettes – for more than $25 billion ("Buying a brand," August).

Israeli plastics manufacturer chooses Gaston County for new plant

December 15, 2014

(The Gaston Gazette)

An Israel-based plastics manufacturer will invest $13.1 million and create 75 jobs over five years in Bessemer City. Tosaf USA will begin construction on a manufacturing plant in Gaston County – the company's first in the U.S. – in early 2015. A local economic-development leader said access to Northern Southern's rail network and I-85 were critical factors in luring the plant. 

State legislature to consider new autopsy centers

December 15, 2014

(News & Record, Greensboro)

The N.C. General Assembly will consider measures for reform at the state medical examiner's office that could include a $12.4 million autopsy center at Wake Forest Medical Center. Recommendations also include the creation of new autopsy centers in Wilmington and Asheville, an expansion of the medical examiner's office in Mecklenburg County and an $11.5 million replacement autopsy center at East Carolina University in Greenville.