Charlotte

BofA leads all banks with most consumer deposits

May 19, 2014

(The Charlotte Observer)

Bank of America holds more personal deposits than any other bank in the nation, according to a federal filing that requires banks with more than $1 billion in assets to disclose what portion of their deposits are from individuals and families. The Charlotte-based bank reported $464 billion in consumer deposits. San Francisco-based Wells Fargo & Co. was second with $412 billion. 

Food Lion announces new logo, store renovations

May 15, 2014

(The Charlotte Observer)

Food Lion plans to renovate its 1,100 stores and train staff to be more customer-focused as part of a new operating strategy. The Salisbury-based grocery store chain opened a prototype of its new store in Concord last year, and next will introduce the concept to its 29 Wilmington-area stores. 

Charlotte misused federal grant money during DNC

May 15, 2014

(The Charlotte Observer)

A federal report shows that Charlotte misused more than $132,000 in grant money it received for security expenses during the 2012 Democratic National Convention. The city has agreed to pay back $79,000 to the federal government, admitting it used the money to offset personnel costs as the result of a clerical error.

 

Charlotte's EpiCentre sold to Calif.-based company for $130.5 million

May 14, 2014

(The Charlotte Observer)

Downtown Charlotte's EpiCentre entertainment complex has been sold to Los Angeles-based CIM Group for $130.5 million. The real-estate firm also owns downtown's BB&T Center office tower. Charlotte-based Vision Ventures and Mount Vernon Asset Management bought the EpiCentre in 2010 after its original owners lost ownership in 2012 during a foreclosure.

Duke Energy announces $1.5 billion Florida power plant

May 14, 2014

(The Charlotte Observer)

Duke Energy is buiding a $1.5 billion natural-gas-fueled power plant in Florida adjacent to the Crystal River nuclear plant it closed there last year. The plant will open in 2018. The Charlotte-based utility also announced plans for additions and upgrades at two other Florida plants. 

Charlotte's Babcock & Wilcox buys Wisconsin company for $155 million

May 14, 2014

(The Charlotte Observer)

A subsidiary of Charlotte-based Babcock & Wilcox will acquire Wisconsin-based MEGTEC for $155 million. MEGTEC makes industrial products for advanced manufacturing and environmental protection and employs 600. Babcock & Wilcox develops equipment and provides technical services for the energy sector.

Falfurrias buys Florida-based e-learning company

May 14, 2014

(The Charlotte Observer)

Private-equity firm Falfurrias Capital Partners bought a controlling stake in Orlando, Fla.-based American Safety Council, which provides online educational courses including continuing education programs for schools and private businesses and programs for transportation agencies. Charlotte-based Falfurrias was founded by former Bank of America executives Hugh McColl Jr. and Mark Oken.

Geithner defends bailouts, describes BofA as "financial bomb" in book

May 13, 2014

(The Charlotte Observer)

Former Treasury Secretary Timothy Geithner called Bank of America one of five "financial bombs" that needed to be defused when he assumed the post in 2009. In his new memoir, Geithner says his aides referred to Charlotte-based Bank of America and New York-based Citigroup as "Financial Death Stars," and he defends the bank bailouts that he says prevented a larger financial catastrophe.

Charlotte's Peak 10 to be sold to Calif.-based private-equity firm

May 13, 2014

(The Charlotte Observer)

Technology company Peak 10 will be acquired by a Menlo, Calif.-based private equity firm for an undisclosed amount. The Charlotte-based company operates 24 data centers across the nation. Its 2,500 customers include Chiquita, the PGA and Cedar Fair Entertainment, which operates Carowinds amusement park.

Charlotte airport doesn't want coal ash used as fill material

May 12, 2014

(The Charlotte Observer)

Interim Aviation Director Brent Cagle says Charlotte Douglas International Airport will not pursue a plan to use coal ash from Duke Energy's power plant at Mountain Island Lake as fill material under a new runway or other airfield infrastructure. 

Chiquita reports $25 million loss in first quarter

May 12, 2014

(The Charlotte Observer)

Charlotte-based Chiquita Brands International lost $25 million in the first quarter compared with a profit of $2 million for the same period a year ago. The produce company said the loss was due in part to drought in Central America which led to banana shortages. 

Charlotte's Chelsea Therapeutics to be sold for $658 million

May 9, 2014

(The Charlotte Observer)

Chelsea Therapeutics will be acquired by Lundbeck, a Danish pharmaceutical company, for up to $658 million. The Charlotte-based drug-development company recently gained FDA approval for Northera, which treats symptoms related to neurological disorders including Parkinson's disease.

Coca-Cola bottler expands in Tennessee

May 9, 2014

(The Charlotte Observer)

Coca-Cola Bottling Consolidated will expand into Morristown and Johnson City, Tenn., and is working toward growth in additional territories. The Charlotte-based company, which supplies bottlers with concentrate used to make the soda, is the nation's largest independent Coca-Cola bottler.

Charlotte was runner-up to Texas for Toyota headquarters

May 8, 2014

(The Charlotte Observer)

N.C. Commerce Secretary Sharon Decker said Charlotte was one of the final two cities Toyota considered for their new corporate headquarters. The auto manufacturer announced last week it was moving its U.S. headquarters and 4,000 jobs from Torrance, Calif., to Plano, Texas.  

Duke Energy posts first quarter loss due to pending sale of Midwest plants

May 8, 2014

(The Charlotte Observer)

Duke Energy reported a $97 million loss for the first quarter after taking a $1.4 billion charge for its share of 13 Midwestern power plants it plans to sell. Revenue for the quarter was $6.6 billion. The Charlotte-based utility saw a 2.6% increase in retail sales compared with the previous quarter.

No surprises at BofA shareholder meeting

May 8, 2014

(The Charlotte Observer)

Bank of America's CEO Brian Moynihan said the Charlotte-based bank was working to put last month's accounting mistake behind it, but gave no indication about what the bank would do about its dividend.

Economist: Charlotte's recovery better than national average

May 7, 2014

(The Charlotte Observer)

An economist from PNC Financial Services Corp. predicts Charlotte's job growth rate will be around 2% this year, slightly better than the national growth rate of 1.7%. Stuart Hoffman, speaking Tuesday at a client presentation, said that Charlotte will add about 15,000 jobs in various industries including construction, health care, manufacturing and financial services.

Higher expenses offset record revenue for Tree.com

May 7, 2014

(The Charlotte Observer)

Tree.com, the Charlotte-based parent company of LendingTree, reported a first quarter loss of $6.4 million, $3.7 million more than it lost during the same period a year ago. Revenue for the quarter was $40 million, up 43% from the same quarter last year. The company said its expenses were higher due to increased marketing and legal fees related to its federal patent trial.

Charlotte home prices rise for 27th month in a row

May 7, 2014

(The Charlotte Observer)

A housing report showed home prices in the Charlotte area rose 8% in March compared with the same month a year ago, while nationally home prices rose 11.1% during the same time period. The National Association of Realtors say they expect median prices of existing homes to continue rising due to low inventory in much of the nation. 

Duke Energy lawyer says customers benefit from rate increases

May 6, 2014

(WRAL.com)

An attorney for Charlotte-based Duke Energy told the North Carolina Supreme Court that rate increases benefit customers by guaranteeing the viability of the company. The utility was presenting its argument for the court to uphold a 7.5% increase awarded to Duke Energy last year for former Progress Energy customers. The state Attorney General's office appealed that increase.