Business

UNC governors begin public-comment sessions

May 24, 2016

(The News & Observer, Raleigh)

Beginning Friday, the UNC Board of Governors will begin holding public comment periods following board meetings. UNC System President Margaret Spellings suggested the idea to improve transparency.

Appeals court reverses BofA fraud ruling

May 24, 2016

(The Charlotte Observer)

A federal appeals court on Monday overturned a jury's ruling that found Bank of America liable for fraud over mortgages originated by its Countrywide Financial unit — and also tossed out the $1.27 billion penalty imposed after the trial. The court also negated a ruling that a former Countrywide exec, Rebecca Mairone, was personally liable in the case.

Bayer CropScience HQ could move to St. Louis if Monsanto deal approved

May 24, 2016

(WRAL TechWire)

If Bayer's $62 billion offer for seed-maker Monsanto is approved, the headquarters for its crop science unit would be in St. Louis, not RTP, according to James Blome, CEO of the division. Bayer Crop Science currently employs about 1,000 people at its RTP headquarters and related sites. Blome said the company would continue to have a presence in the state, though the overall impact on jobs was unclear.

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.