Business

Xerox lays off 178 in Cary

January 27, 2016

(The News & Observer, Raleigh)

Xerox Commercial Services is closing a unit in its Cary call center, resulting in 178 job cuts. The layoffs are expected to occur in March. Xerox employs more than 1,600 people in Cary.

2015 was record year for Asheville housing market

January 27, 2016

(Asheville Citizen-Times)

The median sale price for a home in Asheville was $242,500, a 7.8% increase over the previous record of $225,000. Low inventory and high demand are creating a sellers' market – on Jan. 5, only 1,187 homes were listed on the market in Buncombe County, the lowest level since 2004.

AIG to spin off Greensboro-based United Guaranty

January 27, 2016

(News & Record, Greensboro)

Insurer AIG said in a news release it will begin an initial public offering this year of up to 19.9% of United Guaranty as the first step toward a full separation. United Guaranty, which provides mortgage insurance for lenders, was founded in Greensboro and employs about 600 people there.

Blue Cross working to resolve enrollment errors

January 26, 2016

(The News & Observer, Raleigh)

The state's largest health insurer has refunded $1.95 million to more than 4,600 customers whose accounts were overdrafted. Insurance Commissioner Wayne Goodwin will meet Tuesday with Blue Cross executives; the agency and the N.C. Attorney General are planning a review to determine if any laws were broken. Blue Cross blames the ongoing problems on a technology upgrade.

Wilmington Chamber supports controversial CSX project

January 26, 2016

(Greater Wilmington Business Journal)

The Wilmington Chamber of Commerce issued a statement supporting the proposed CSX intermodal freight hub near Interstate 95 in Johnston County, citing potential benefits to the ports and Eastern N.C. businesses that use them. Johnston County commissioners have said they support the $272 million project, though they are urging CSX to seek an alternative site after some landowners objected to selling their properties to the rail company.

Charlotte office tower gets $20M renovation

January 26, 2016

(The Charlotte Observer)

The 40-story Bank of America Plaza will undergo $20 million in upgrades, including a new lobby and exterior facade. The renovations also will add 20,000 square feet of ground-floor retail. The 891,000-square-foot building opened in 1974 as the headquarters for NCNB. Construction will take about a year.

Ethan Allen expands in Maiden

January 26, 2016

(Furniture Today)

Ethan Allen has converted a 173,000-square-foot former distribution center in Maiden to a furniture upholstery plant and research and development center. The Connecticut-based company has two existing upholstery factories in Catawba County.

Could Texas oil slump provide opportunity for BB&T?

January 26, 2016

In 2009, BB&T entered Texas as part of its purchase of $20 billion in assets and $22 billion in loans from the failed Colonial Bank. The deal gave it a toehold in Dallas, which BB&T has since expanded to more than 120 branches. Could stumbles in the energy sector lead to even greater opportunity for the Winston-Salem bank?

CLT could break passenger record

January 26, 2016

(The Charlotte Observer)

Charlotte Douglas International Airport is on track to set a new annual record for the number of passengers in 2015. Through November, more than 41.2 million people used the nation's sixth-busiest airport, a 1.5% increase over the previous year. Final year-end results will be released in February. The record, set in 2014, is 44.3 million.

BNC Bancorp reports record quarterly profit

January 26, 2016

(Winston-Salem Journal)

High Point-based BNC Bancorp reported a 49.8% increase in net income for the quarter and 51.2% for the full year. The lender plans to complete two more acquisitions in 2016, Southcoast Financial and High Point Bank, that will push assets to $6.8 billion and give it a total of 86 branches.