Charlotte

Charlotte's BofA makes list of top corporate blunders

April 8, 2015

(The Charlotte Observer)

CNBC included Bank of America's ill-advised 2011 plan to charge debit card customers a $5 monthly fee on its list of corporate blunders that could have been avoided. Other companies on the list include Coca-Cola, for changing its original soft-drink formula in 1985, and Toys 'R' Us, for selling collectible figures based on characters from the AMC TV series Breaking Bad, complete with detachable sacks of cash and bags of meth.

Bojangles' plans to go public

April 7, 2015

(The Charlotte Observer)

Charlotte-based Bojangles' filed paperwork Monday for an initial public stock offering. Founded in Charlotte in 1977, the fast-food chain operates 622 stores in 10 states and the District of Columbia, though about two-thirds are in the Carolinas. The SEC filing said the number of shares to be offered and the price range have not been determined.

Charlotte business park sells for $33M

April 7, 2015

(The Charlotte Observer)

Shopton Ridge Business Park in southwest Charlotte has sold for more than $33 million. Aventura, Fla.-based Adler Kawa Real Estate Advisors bought the 422,400-square-foot park, which includes four industrial buildings, from Trinity Capital Advisors.

MetLife reaches hiring goal in Charlotte

April 6, 2015

(The Charlotte Observer)

New York-based MetLife said last week it has met its goal of creating more than 1,300 jobs at its retail headquarters Charlotte. In 2013, the insurance company said it would create 2,600 jobs in North Carolina, including 1,300 at a global technology center in Cary, and was awarded up to $87.2 million in state grants.

Duke Energy to pay Virginia $2.5M coal-ash settlement

April 6, 2015

(The Charlotte Observer)

Duke Energy will pay $2.5 million to Virginia for its February 2014 coal-ash spill into the Dan River, bringing the utility's total costs related to the spill to nearly $150 million. Virginia will spend the majority of the money on environmental projects in areas affected by the spill.

Belk exploring possible sale

April 3, 2015

(The Charlotte Observer)

As part of a strategic planning process, Charlotte-based Belk Inc. — the nation's largest family-owned and operated department store — hired Goldman Sachs Group Inc. to examine the possibility of a sale.

Belk's biggest sale

DHHS audit finds deficiencies

April 3, 2015

(Greensboro News & Record)

An audit of the state Department of Health and Human Services showed significant errors and deficiencies in its oversight of state programs, including errors in 24% of 272 claims sampled that resulted in $464,942 in overpayment.

Trinity Consulting acquired by New York firm

April 3, 2015

(The Charlotte Observer)

Trinity Consulting, a Charlotte-based risk-management and employee-benefits firm, has been acquired by New York-based NFP. Terms of the deal were not disclosed.

Charlotte community foundation reports $1.7B in assets

April 2, 2015

(The Charlotte Observer)

The Foundation for the Carolinas plans to announce Thursday it now manages $1.7 billion in charitable assets, making it the ninth largest community foundation in the nation. The Charlotte-based foundation in 2014 raised $627 million, double the amount raised the previous year, and awarded grants totaling $316 million.

Swisher's future uncertain as losses continue

April 2, 2015

(The Charlotte Observer)

Swisher Hygiene said it may need to sell assets, raise additional equity or take on more debt to improve its financial situation. The Charlotte-based company, which provides cleaning services and products, reported a loss of $2.64 per share in 2014, compared with a loss of $8.55 a share in 2013.

NFL player sues Bank of America over losses

April 2, 2015

(The Charlotte Observer)

NFL player Dwight Freeney is suing Bank of America over claims the bank knew about a fraud scheme that caused him to lose $20 million and did nothing to stop it.

Aquesta, CommunityOne buy CertusBank branches

April 1, 2015

(The Charlotte Observer)

Aquesta Bank will acquire a CertusBank branch in Charlotte's SouthPark neighborhood. It will be the seventh branch for the Cornelius-based bank and its first in Charlotte. Greenville, S.C.-based CertusBank, which was started in Charlotte by former Wachovia and Bank of America executives, also plans to sell a Lenoir branch to Charlotte-based CommunityOne Bancorp.

Stephen Curry partners with Boston-based coaching startup

March 31, 2015

(The Charlotte Observer)

Former Charlotte resident Stephen Curry is now part-owner of a Boston-based startup that connects high-school and college athletes with private coaches. The NBA All-Star and former Davidson basketball player will help CoachUp, which says it works with more than 100,000 athletes and 13,000 coaches, expand its national brand.

Apartment developer says US short on affordable housing

March 31, 2015

(The Charlotte Observer)

J. Ron Terwilliger, chairman of Charlotte-based apartment company Terwilliger Pappas, said the United States is facing an affordable-housing crisis. Terwilliger urged politicians to increase federal subsidies for developers to build more affordable-housing units.

Belk reports strong 4th quarter earnings

March 30, 2015

(The Charlotte Observer)

Boosted by strong holiday sales, Belk reported fourth-quarter profits of $104.4 million, an 8.4% increase over the same period a year ago. Full-year profits fell by 7.8% to $146.1 million as the Charlotte-based department-store chain spent more than $79 million on store remodels and $33 million on an expansion of its e-commerce distribution center in Jonesville, S.C.

Lincolnton textile plant to close after 60 years

March 27, 2015

(The Charlotte Observer)

Mohican Mills will close its plant in Lincolnton, about 20 miles northwest of Charlotte, idling 157 workers by June 8. A subsidiary of New York-based Fab Industries, the textile company has been operating for more than 60 years and is the city's biggest water customer. City Manager Jeff Emory said residents' water bills could go up 10 to 15% after the plant closes.

BofA shareholders won't get a vote on chairman decision

March 27, 2015

(The Charlotte Observer)

Despite pressure from several large investors, Bank of America will not let shareholders vote at its annual meeting on a bylaw change that will allow CEO Brian Moynihan to become chairman.
Related: Bank of America's CEO out-earned by lieutenant once again

Duke execs earn less due to coal-ash spill

March 27, 2015

(The Charlotte Observer)

Duke Energy cut short-term incentives for its top five officers by about 35% in 2014, reducing CEO Lynn Good's incentives payout by about $600,000. Good's total compensation was $8.3 million in 2014, her first full year as chief executive at the nation's largest utility.

Mecklenburg County reaches 1 million

March 26, 2015

(The Charlotte Observer)

Mecklenburg County's population hit the 1 million mark sometime between July 2013 and July 2014, according to census data released Thursday. The county's population grew 10.1% from 919,628 in 2010 to 1.01 million in 2014. Wake County, which eventually is expected to overtake Mecklenburg, had a population of 998,691. Half of the state's counties experienced growth between 2010 and 2014.

Kannapolis looks at building downtown baseball stadium

March 26, 2015

(Independent Tribune, Concord)

Kannapolis City Council approved spending $20,000 for a study on the economic impact of building a downtown baseball stadium for the city's minor-league team. City leaders are trying to decide whether to renovate the existing 20-year-old stadium or build a new one that could also host concerts and other events.