Business

Longtime CEO of Members Credit Union to retire

March 16, 2016

(Winston-Salem Journal)

Jack Braswell Jr., president and CEO of Winston-Salem-based Members Credit Union, will retire in September. Braswell first joined the credit union in 1979 and became CEO in 1991. During his tenure, assets have grown from $59 million to $265 million and membership has nearly doubled. Executive Vice President Bob Donley will succeed him.

Nucor lowers first-quarter guidance

March 16, 2016

(The Charlotte Observer)

The Charlotte-bases steelmaker said Tuesday it expects earnings between 20 cents and 25 cents per share, lower than 28 cents analysts projected. The company said demand for its auto products remains strong, while energy, heavy equipment and agricultural markets are weak.

Historic Fayetteville hotel to be renovated into apartments

March 16, 2016

(WRAL.com)

Fayetteville City Council voted unanimously to support the redevelopment of the Prince Charles Hotel. A group called Prince Charles Holdings LLC plans to renovate the historic structure into apartments which could later be converted to condominiums. The company wants the city to help develop 10 acres surrounding the hotel. Construction on the hotel is set to begin this summer.

Wilmington's AAI Pharma rebrands as Alcami

March 16, 2016

(Press release)

AAI Pharma Services and Cambridge Major Laboratories will now be called Alcami. The two pharmaceutical-services companies merged in 2013. Alcami employs nearly 1,000 people at seven locations in the U.S. and Europe.

Here's an overview of university projects at stake in NC bond vote

March 15, 2016

(WRAL TechWire)

Western Carolina would receive the most — $110 million to replace its Natural Sciences Building, where future nurses, engineers and scientists train. Also, if the bond package is approved, the North Carolina School of Science and Math will receive $58 million to build a second campus in western N.C. More information is posted at connect.nc.gov.

State unemployment rate holds steady at 5.6%

March 15, 2016

(The News & Observer, Raleigh)

North Carolina added 23,200 jobs in January, while the number of job seekers increased by 16,842. The state's jobless rate remained at 5.6%, unchanged since October. The national unemployment rate was 4.9% in January.

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.