Business

Lowe's to acquire Canada-based Rona for $2.3B

February 4, 2016

(The Charlotte Observer)

Mooresville-based Lowe's will pay $2.3 billion for Rona, a home-improvement retailer with almost 500 stores. In 2012, the Canadian company rejected a hostile bid by Lowe's. "We're in a much better place than we were in 2012," Lowe's CEO Robert Niblock said.

Wake Forest Baptist buying High Point physician group

February 4, 2016

(High Point Enterprise)

Wake Forest Baptist Medical Center will purchase Cornerstone Health Care, a High Point-based physicians group with more than 300 providers. Cornerstone will operate as a separate business unit of the Winston-Salem-based hospital; a news release says more details will be provided after a due diligence period.

Triangle Capital promotes Poole to CEO

February 4, 2016

(The News & Observer, Raleigh)

Triangle Capital co-founder Garland Tucker III has stepped down as CEO; Ashton Poole, president and chief operating officer, will succeed him. Tucker will stay on as chairman of the Raleigh-based investment firm with nearly $1 billion of assets under management.

Wells Fargo cuts more mortgage jobs in Charlotte, Raleigh

February 4, 2016

(The Charlotte Observer)

The San Francisco-based lender is cutting 87 jobs in Raleigh and 68 jobs in Charlotte and Fort Mill, S.C., due to declining foreclosure rates and fewer people defaulting on their home loans. Wells, the largest U.S. mortgage lender, also announced Wednesday it will pay $1.2 billion to settle a mortgage dispute with the federal government.

Full slate of projects for Yadkin commissioners

February 4, 2016

(Winston-Salem Journal)

On Monday, Yadkin County commissioners will consider business incentives for four projects, including manufacturer Lydall, which is considering a $16 million expansion that would create 48 jobs.

U.S. Bank quietly expands in Charlotte

February 4, 2016

(The Charlotte Observer)

U.S Bank is moving its anti-money laundering division to a larger office in uptown Charlotte that will accommodate 50-75 people, mostly new hires. The bank, part of Minneapolis-based U.S. Bancorp, employs about 400 people in the Queen City, up from about 100 in 2008.

Google Fiber will be free for pubic housing residents

February 4, 2016

(The Charlotte Observer)

Google Fiber will offer high-speed Internet service to residents of public housing at no charge in the cities where its network is available. The tech giant is rolling out its gigabit Internet service in Charlotte and the Triangle, but has not provided specific dates when the service will be available.

Ally's profit jumps 49%

February 3, 2016

(The Charlotte Observer)

Ally Financial CEO Jeffrey Brown, who is based in Charlotte, said in a conference call Tuesday that a variety of factors could be responsible for the company's poor stock performance, including investors' fears of an auto bubble. The Detroit-based bank reported fourth quarter net income of $263 million, compared with $177 million a year ago.

New Bern hospital undergoing $64M renovation, expansion

February 3, 2016

(New Bern Sun Journal)

Projects underway at the 52-year-old CarolinaEast Medical Center will add more than 30,000 square feet of space and renovate 70,000 square feet. Plans include expanding the ER, improving labor and delivery services, and building two new operating rooms and a cancer-treatment center. Work is expected to be complete in late 2018.

Zeek Rewards disbursements total $263.4 million

February 3, 2016

(Winston-Salem Journal)

Attorney Kenneth Bell, the receiver in the $850 million ZeekRewards case, says he has recovered $351.1 million and disbursed $263.4 million to "victims" of the Lexington-based Ponzi scheme ("Bounty hunter," June 2015).