Charlotte

Olde Mecklenburg exits Triad; blames NC beer law

January 7, 2016

(News & Record, Greensboro)

Charlotte's Olde Mecklenburg Brewery is closing its Greensboro warehouse and scaling back Triad expansion plans. The brewery blames a state law that requires craft brewers to use a third party distributor once production reaches 25,000 barrels a year. Nearing that threshold, Olde Mecklenburg says it is pulling out of the Triad "in order not to underserve Charlotte – our home market."

Duke LifePoint completes purchase of Hickory, Sanford hospitals

January 7, 2016

(The Fayetteville Observer)

Duke LifePoint Healthcare has completed its acquisition of Central Carolina Hospital, a 137-bed medical center in Sanford, and Frye Regional Medical Center, a 355-bed hospital in Hickory. The hospitals were previously owned by Tenet Healthcare. The Brentwood, Tenn.-based joint venture of Duke University Health System and LifePoint Health now has seven hospitals in the state.

Charlotte's Crescent Communites sells SouthPark property, breaks ground uptown

January 6, 2016

(The Charlotte Observer)

Crescent Communities completed the sale of a 321-unit apartment building near Charlotte's SouthPark mall. A fund affiliated with UBS Global Asset Management paid $75.4 million for the property, where leases for studio units start at $1,150. The Charlotte-based real-estate developer planned to break ground Wednesday on an uptown development that will include a Whole Foods grocery store, two hotels and hundreds of apartments.

Hedge fund pressing Ally to improve stock performance

January 5, 2016

(The Charlotte Observer)

Ally Financial, the Detroit-based lender that employs about 800 in Charlotte, is haggling with a hedge fund that Ally says is pushing for a sale of the company. New York-based Lion Point Capital has suggested two people to run for seats on Ally's board during the May annual meeting, following the company's refusal to form a committee to study strategic alternatives. General Motors spun off its General Motors Acceptance Corp. subsidiary in 2006. It was later renamed Ally. While its headquarters is in Detroit, CEO Jeff Brown lives in Charlotte.

Daimler to lay off 936 workers in Rowan County

January 5, 2016

(The Charlotte Observer)

Daimler Trucks North America is cutting production by one-third at its Cleveland Truck Manufacturing Plant, where 3,100 workers make Freightliner and Western Star trucks. The cuts are due to a "sustained reduction in orders and a diminished build rate," according to a company spokesman.

Charlotte's Park Sterling completes purchase of Virginia bank

January 5, 2016

(The Charlotte Observer)

The Charlotte-based community bank completed its $87.1 million acquisition of First Capital Bancorp, based in Glen Allen, Va. The deal boosts Park Sterling's number of branches in the Richmond area to 10. Park Sterling now has $3.1 billion in assets and 57 locations in the Carolinas, Virginia and Georgia.

Barber-Scotia College suspends classes

January 5, 2016

(Independent Tribune, Concord)

Financially troubled Barber-Scotia College in Concord has closed for the spring semester while trustees look at ways to restructure. The historically black college has struggled since losing its accreditation in 2004, preventing students from being eligible for federal financial aid. The school hopes to reopen in fall 2016.

Charlotte committee backs toll lanes for I-77

January 5, 2016

(The Charlotte Observer)

Charlotte City Council's transportation and planning committee voted 3-2 in favor of building toll lanes on Interstate 77. The vote signals the full council is likely to support the project, which is already underway in north Mecklenburg County. The full council is scheduled to vote on Jan. 11. Charlotte's support of the project is key to a regional committee vote on the issue, scheduled for Jan. 20.

Fate of I-77 toll lanes in Charlotte City Council's hands

January 4, 2016

(The Charlotte Observer)

Charlotte City Council could vote as early as Monday on whether to support or reject the construction of toll lanes on Interstate 77. Gov. Pat McCrory asked a regional transportation planning group to vote on the project later this month, but Charlotte holds the deciding vote. The N.C. DOT has said that canceling the project, which was awarded to Spanish developer Cintra, could cost the state up to $100 million; opponents say that figure is inflated.

Charlotte software company raises $7.3M

December 24, 2015

(Yahoo Finance)

MapAnything completed a $7.3 million financing that was led by Greycroft Partners and included Salesforce Ventures. Previously called Cloudbilt, the Charlotte-based software developer's apps help sales and marketing representatives locate leads and create marketing campaigns based on geography.

Piedmont Natural Gas earnings drop in 2015

December 24, 2015

(The Charlotte Observer)

The Charlotte-based energy company said profits fell 5% in 2015, to $137 million from $143.8 million the previous year. Costs related to Piedmont's pending $4.9 billion sale to Duke Energy affected earnings.

Shelby offers historic-property designation to brew-pub building

December 22, 2015

(The Shelby Star)

Shelby's city council approved historic property designations for two downtown buildings, including one that houses the new Newgrass Brewing Co. The beer-pub is in the former Hudson Department Store building, which is still owned by the Hudson family. Designees can receive 50% reductions on property taxes.

CBRE says Charlotte real-estate market to remain robust

December 22, 2015

(The Charlotte Observer)

Real estate brokerage CBRE expects Charlotte commercial real estate to remain strong through 2016, according to its annual report. Higher rents for office and industrial space and residential properties are likely even as development approaches record levels in the area.

 

New Charlotte city council giving city manager close look

December 22, 2015

 (The Charlotte Observer)


Read more here: http://www.charlotteobserver.com/news/local/article51143635.html#storylink=cpy

 

Bankers association pushing literacy message to students

December 22, 2015

(The Charlotte Observer)

The North Carolina Bankers Association is starting a program to send bankers to the state's schools to teach financial literacy such as budgeting and interest compounding. The hope is to also improve the students' perception of bankers. Many students have a negative perception of bankers, according to the association.


Read more here: http://www.charlotteobserver.com/news/business/banking/bank-watch-blog/article50893815.html#storylink=cpy

Bank of America employees, families giving big to politicians

December 22, 2015

Individuals connected to Bank of America have been among the top contributors to presidential candidates through Sept. 30, with employees and immediate family members giving $242,575 to the candidates’ campaign committees. That’s the third-highest among all U.S. companies and organizations, according to the most recent federal data from the Center for Responsive Politics. Donations from individuals tied to New York-based investment bank Goldman Sachs rank first at $401,109, while Florida-based personal injury firm Morgan & Morgan gave $280,326. In the 2012 presidential election, when people associated with Bank of America ranked second for donations, trailing only employees for the University of California system and their families.


Read more here: http://www.charlotteobserver.com/news/business/banking/article50825755.html#storylink=cpy

Charlotte's DealCloud raises $5.3M, names new CEO

December 18, 2015

(The Charlotte Observer)

DealCloud, a Charlotte-based software company that provides a platform for streamlining mergers and acquisitions, completed a $5.3 million financing round and named Rick Kushel chief executive officer. Kushel is the former CEO of iLevel Solutions. DealCloud was founded in 2010 by Ben Harrison and Rob Cummings, previously with Falfurrias Capital Partners.

Investors strike down management change at Pittenger's land company

December 18, 2015

(The Charlotte Observer)

Pittenger Land Investments had sought to transfer management of its 52 limited liability companies to a subsidiary of Charlotte-based South Street Partners. The real-estate company plans to meet with key investors to devise a new plan, which could involve a revised agreement with South Street.

American Airlines adds three routes from Charlotte

December 17, 2015

(The Charlotte Observer)

American Airlines will add a daily nonstop flight from Charlotte to Madison, Wis., starting April 5 and weekly nonstop flights to the Caribbean island of Curacao and Puerto Plata in the Dominican Republic beginning Saturday.

Wells Fargo economists predict strong growth in the year ahead

December 17, 2015

(The Charlotte Observer)

Nonfarm employment in North Carolina is expected to rise 2.6% in 2016, according to a report from Wells Fargo Securities. Economists predict the state's unemployment rate will drop but still remain higher than the national average.