Business

Report defends certificate of need laws

July 24, 2015

(The News & Observer, Raleigh)

A report from Chapel Hill-based Ascendient Healthcare Advisors says the state's regulatory approval process for health-care organizations to expand or build new facilities helps keep costs down and protects hospitals that provide indigent care. A House proposal to eliminate certificate of need requirements, which hasn't had a committee vote, was endorsed this month by the Federal Trade Commission.

Wilmington's Live Oak Bancshares makes public debut

July 24, 2015

(Greater Wilmington Business Journal)

Live Oak Bancshares, parent company of Live Oak Bank, debuted on the Nasdaq exchange Thursday. The Wilmington-based lender had said earlier it planned to offer 4.8 million shares priced at $17 a share, the midpoint of the expected range.

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.