Business

Yadkin-NewBridge merger could close in March

February 1, 2016

(Winston-Salem Journal)

Yadkin Financial's pending $456 million acquisition of Greensboro's NewBridge Bancorp is on track to close a few weeks earlier than expected. The deal originally was expected to close in the second quarter. NewBridge CEO Pressley Ridgill could receive a golden parachute package of $3.25 million, plus a $1 million consulting fee for three years, according to a regulatory filing.

Economic index suggests expansion will continue

February 1, 2016

(WRAL TechWire)

The N.C. State University Index of North Carolina Leading Economic Indicators rose 5.3% in December, suggesting that economic expansion in the state will continue at least through early 2016. Building permits increased 13.1% over the previous month, while initial jobless claims dropped 11.2%.

Panthers mania continues ...

February 1, 2016

Some headlines you may have missed:
Donald Trump says he's picking Broncos over Panthers in Super Bowl 50, The Charlotte Observer
Cam Newton is now the best football player on the planet, and the NFL will never be the same, Business Insider

Cutcliffe pulling for Manning's Broncos, former Duke players in Super Bowl 50, The News and Observer
For BofA, Super Bowl offers chance to score points with clients, The Charlotte Observer

Electrolux scraps plans for Charlotte expansion

January 29, 2016

(The Charlotte Observer)

Appliance-maker Electrolux said Thursday it is canceling plans for an expansion at its North American headquarters that would have nearly doubled its Charlotte workforce. The Sweden-based company cited its failed deal to acquire General Electric's appliance unit as the reason. Electrolux also tapped Alan Shaw to lead its North American operations; interim CEO Keith McLoughlin is retiring Feb. 1.

Caterpillar confirms job cuts in Winston-Salem

January 29, 2016

(Winston-Salem Journal)

About 60 workers lost jobs at Caterpillar's axle-manufacturing plant in Winston-Salem as part of a companywide restructuring. The Peoria, Ill.-based company, which reported an $87 million loss in the fourth quarter, eliminated 8,500 full-time jobs and 3,500 contract jobs in 2015.

Wilmington's Live Oak Banchares reports strong Q4 earnings

January 29, 2016

(Greater Wilmington Business Journal)

Live Oak Bancshares reported net earnings of $5.7 million in the fourth quarter, compared with $2.4 million for the same period in 2014. The nation's No. 2 SBA lender, Live Oak's net income for the full year was $20.6 million, or 65 cents per diluted share, a 59% increase over the previous year.

Construction to begin on 27-story tower in downtown Durham

January 29, 2016

(The News & Observer, Raleigh)

Construction on the 27-story City Center building will begin Feb. 15 and is expected to take 27 months. The skyscraper will include 21 floors of residences, 155,000 square feet of office space and ground-floor retail. Austin Lawrence Partners is the developer of the $70 million project.

China gets some North Carolina love – and admonishment

January 29, 2016

North Carolina received its most important guest of the year in Charlotte Wednesday. Cui Tiankai, China's ambassador to the United States, attended a reception to celebrate the Chinese New Year and encourage more ties between the Carolinas and China. Local and state officials welcomed his visit, including a congressman who offered some stern words.

Yadkin Financial Q4 earnings rise 15%

January 29, 2016

(The News & Observer, Raleigh)

Yadkin Financial posted fourth-quarter net operating earnings of $12.6 million, or 40 cents a share, missing analysts' estimates by a penny. (The figure excludes merger costs and other income and expense items.) The Raleigh-based bank expects to close on its $456 million acquisition of Greensboro's NewBridge Bank by the end of March.

Charlotte area newspaper owner named publisher of Las Vegas paper

January 29, 2016

(The Charlotte Observer)

Craig Moon, 65, will become publisher of the Las Vegas Review-Journal, which was bought by Sheldon Adelson, owner of the Las Vegas Sands casino, in December. Moon, former publisher of USA Today, owns four weekly newspapers in the Lake Norman area.