Business

UNC REX names new COO

February 2, 2016

(The News & Observer, Raleigh)

Susan Sandberg, 55, was named chief operating officer at Raleigh-based UNC Rex Healthcare, filling a position vacated 10 months ago by Steve Burriss, who was promoted to president. Sandberg comes from Community Health Network, an Indianapolis system with eight hospitals and 12,000 employees.

Sheerer named provost at UNC Wilmington

February 2, 2016

(Greater Wilmington Business Journal)

Marilyn Sheerer, interim provost at UNC Wilmington since June, was named to the position on a permanent basis. Sheerer will serve as chief operating officer of the university, which enrolls more than 14,000 students. She succeeds Denise Battles, who left to become president of the State University of New York at Geneseo.

Blue Cross predicts ACA losses will top $400 million

February 1, 2016

(The News & Observer, Raleigh)

The state's largest health insurer is projecting a combined loss of more than $400 million on Affordable Care Act customers in 2014 and 2015. Blue Cross and Blue Shield said it is eliminating agents' sales commissions on ACA plans and will stop advertising the policies.
Also: Insurance companies struggle financially as ACA deadline looms

BofA prepares to file 20 blockchain patents

February 1, 2016

(American Banker)

Trying to stay ahead of the curve, Bank of America is preparing to file 20 blockchain-related patents, according to a CNBC report. As of December, the Charlotte-based bank had already filed 15 blockchain patents. A blockchain is a public ledger of all Bitcoin transactions.
More on Bank of America: Analyst: BofA at greater risk of a shareholder push to restructure

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.