Charlotte

BofA ranks last in financial performance

August 4, 2015

(The Charlotte Observer)

For the fourth year in a row, Bank of America ranked last in financial performance among the 20 largest U.S. banks, according to Bank Director magazine. The annual scorecard bases its rankings on the previous year's profitability, capitalization and asset quality. BB&T ranked seventh, while Wells Fargo ranked fourth.

Cabarrus considers incentives for $56 million project

August 4, 2015

(The Independent Tribune)

At its Monday meeting, Cabarrus County commissioners were expected to vote on incentives for a unnamed manufacturer to invest $56 million in a 200,000-square-foot facility near Midland.

Charlotte's LendingTree posts record revenue in 2nd quarter

August 4, 2015

(The Charlotte Observer)

Charlotte-based LendingTree posted a profit of $4.7 million in the second quarter, compared with a loss of $248,000 a year ago. Revenue reached a record $55.1 million, up 31% from a year ago.

Charlotte developer Crosland dies at 86

August 3, 2015

(The Charlotte Observer)

Prominent Charlotte real-estate developer John Crosland Jr. died Sunday after a long battle with Parkinson's disease.

BofA to hold special vote on chairman issue

August 3, 2015

(The Charlotte Observer)

Bank of America will hold a special meeting for shareholders to weigh in on its decision to make CEO Brian Moynihan chairman. A date for the vote has not been determined.
Related: Latest BofA shakeup means fewer top execs in Charlotte

Red Ventures leases new space in Charlotte

July 30, 2015

(The Charlotte Observer)

Red Ventures has leased 97,599 square feet in the University area of Charlotte.The Indian Land, S.C.-based marketing company employs 400 at a nearby Charlotte location. The company announced earlier this month plans to hire 500 sales agents this summer; 40% of the jobs are expected to be in Charlotte.

All of NC meets air-quality standards

July 30, 2015

(The Charlotte Observer)

The entire state of North Carolina now meets federal air-quality standards for the first time since 1997. The EPA said Tuesday that Charlotte had met ozone standards – the last metro area in the state to do so. As a result, gas prices in the area are expected to drop.

NTE Energy breaks ground on Kings Mountain power plant

July 29, 2015

(The Shelby Star)

Florida-based NTE Energy broke ground Tuesday on a new natural-gas power plant in Kings Mountain. The plant is expected to be operational by the first quarter of 2018. The city expects to save between $7 million and $8 million a year by 2019 by purchasing energy from NTE.

Charlotte employers prepare for possible changes to overtime pay

July 29, 2015

(The Charlotte Observer)

Some Charlotte businesses are already making changes to adapt to a White House proposal that would increase the number of workers eligible for overtime pay. The Labor Department proposal would make employees earning an annual salary of $50,440 or less eligible for overtime pay.

Federal judge dismisses whistleblower lawsuit against Wells Fargo

July 29, 2015

(The Charlotte Observer)

A U.S. District Court judge dismissed a lawsuit against Wells Fargo filed by two whistleblowers, including a former employee who lives in Union County. The lawsuit alleged the bank defrauded federal agencies that loaned it money during the financial crisis.

BofA joins major US companies in $140B environmental initiative

July 28, 2015

(The Charlotte Observer)

Charlotte-based Bank of America joined 12 other major U.S. corporations in committing to decrease their carbon footprints. Apple, Coca-Cola, Goldman Sachs Group and Wal-Mart Stores also pledged to reduce emissions, reduce water consumption and increase production of renewable energy.

Sonic Automotive promotes Scott Smith to CEO

July 28, 2015

(The Charlotte Observer)

Scott Smith, 47, will replace his father Bruton Smith as CEO of Sonic Automotive. Bruton Smith, 88, will become executive chairman of the Charlotte-based auto dealership. The younger Smith was named CEO of Speedway Motorsports earlier this year.

Bojangles' names new VP of IT and strategic planning

July 28, 2015

(The Charlotte Observer)

Bojangles' named Jayson Romeo vice president of IT and strategic planning. Romeo, who brings nearly three decades of quick-service restaurant experience, was hired in 2014 as senior director of strategic management.

Catawbas in talks with Hard Rock for NC casino

July 27, 2015

(The Charlotte Observer)

Catawba Indian Nation Chief Bill Harris says the tribe is negotiating with Hard Rock International for branding of its proposed $600 million casino near Kings Mountain. Gov. Pat McCrory and other state officials have said they oppose the casino and hotel project, which the South Carolina-based tribe says could employ up to 4,000 people.

Charlotte developer to build business park on 125 acres in Concord

July 27, 2015

(The Independent Tribune, Concord)

Charlotte-based Beacon Partners plans to build a commercial business park in Concord that could encompass about 1.5 million square feet.

Charlotte CEOs team up to tackle civic issues

July 24, 2015

(The Charlotte Observer)

A group of more than two dozen chief executives of Charlotte-based companies, universities and nonprofits are part of a new leadership council that will address civic issues such as education and transportation. Duke Energy CEO Lynn Good is chairwoman of the group, which also includes the CEOs of Piedmont Natural Gas, Carolinas HealthCare System, Belk and Bank of America.

Federal government opposes BofA appeal in Countrywide case

July 24, 2015

(The Charlotte Observer)

In a filing Wednesday, the U.S. government said an appeals court should not overturn a 2013 ruling requiring Bank of America to pay $1.27 billion in penalties for bad home loans sold through its Countrywide Financial unit.

BofA shuffles top executives

July 23, 2015

(The Charlotte Observer)

Paul Donofrio will succeed Bruce Thompson as CFO of Charlotte-based Bank of America. David Darnell, head of global wealth and investment management, also said he is stepping down.
Related: BofA financial chief's exit puts focus on bank's succession plan

Charlotte's SPX prepares to split into two companies

July 23, 2015

(The Charlotte Observer)

Charlotte-based manufacturer SPX will join a growing trend among corporations when it spins off its flow products division into a separate company, expected to be in the third quarter. SPX's stock hit a 52-week low Wednesday.

Wells Fargo is world's most valuable bank

July 23, 2015

(The Charlotte Observer)

With a market cap of $298.4 billion, Wells Fargo has overtaken Industrial & Commercial Bank of China to become the world's most valuable bank. The fourth-largest U.S. bank by assets, Wells Fargo has its largest employee base in Charlotte.
Related: Wells Fargo laying off 91 in Fort Mill mortgage unit