Business

Jones to lead Cabarrus Chamber

March 15, 2016

(The Independent Tribune)

Following a national search, Barbi Jones was named executive director of the Cabarrus Regional Chamber of Commerce. Jones currently works as communications and engagement officer at the Charlotte regional office of the United Way of Central Carolinas. She replaces Patrick Coughlin, who was ousted after two years in the position.

UNC Rex venture fund reinvests $8M

March 15, 2016

(The News & Observer, Raleigh)

Rex Health Ventures plans to reinvest $8 million in distributions the 4-year-old fund has already received from its portfolio companies. The fund still has $2 million from its initial allocation that has not been invested. Companies the fund has invested in include Aerial BioPharma, baebies and Phononic.

First Citizens buys failed Wisconsin community bank

March 15, 2016

(The News & Observer, Raleigh)

Raleigh-based First Citizens Bank acquired the assets of North Milwaukee State Bank, its eighth FDIC-brokered deal since 2009. North Milwaukee had $67.1 million in assets and $45.1 million in loans as of Dec. 31.

Charlotte apartment boom not slowing down

March 15, 2016

(The Charlotte Observer)

Apartment vacancy rates are lower than a year ago — 6.2% compared with 6.7% — and rents are up, with the average Charlotte apartment costing $1,011 a month, compared with $938 a year ago. The number of units under construction also increased during the last six months, according to a binannual report from Charlotte-based RealData.

Krisy Kreme exec announces retirement

March 15, 2016

(Winston-Salem Journal)

Cynthia Bay, senior vice president of U.S. franchises and company store at Krispy Kreme Doughnuts, will retire on March 31. Bay, 57, joined the company in 2008. It's the sixth executive leadership change since February 2013 at the Winston-Salem-based company. Bay's replacement has not been named.

The Fresh Market to be acquired by Apollo Global Management

March 14, 2016

(Bloomberg.com)

An affiliate of Apollo Global Management will acquire Greensboro-based grocer The Fresh Market for about $1.36 billion, or $28.50 per share, a 24% premium over The Fresh Market's closing price on Friday.

BofA paid Clintons more than $1M for speeches

March 14, 2016

(The Charlotte Observer)

Bank of America paid Bill and Hillary Clinton about $1.1 million to speak at four private events between 2011 and 2014. The bank said it's not unusual for it to pay former elected or appointed officials to speak at private gatherings, which are usually held for clients or senior execs.
More BofA news: Bank of America consumer exec relocates to San Francisco from Charlotte

A decade later, ESPN movie looks back on Duke lacrosse scandal

March 14, 2016

(The News & Observer, Raleigh)

On Sunday ESPN debuted Fantastic Lies, a documentary film about the the 2006 Duke lacrosse case in which three players were accused and later exonerated of raping a "dancer" they had hired to perform at a party.
Also: New ESPN doc exposes the real villains in the Duke lacrosse case

Officials celebrate 'topping out' at Mint Museum tower in downtown Charlotte

March 14, 2016

(The Charlotte Observer)

A 43-story apartment tower built atop the Mint Museum in downtown Charlotte reached its highest point this week. Developer Childress Klein says the 394-unit building will open this fall, with construction wrapping up in late November. It's downtown's tallest new residential tower since the Vue opened in 2010.

3 film projects expected to spend $41M in Asheville area

March 14, 2016

(Asheville Citizen-Times)

Three film productions, including a made-for-TV remake of the 1987 movie Dirty Dancing, are expected to spend more than $41 million in the Asheville area this year. The projects are expected to provide jobs for a combined 465 local crew members and 1,411 local extras.