Charlotte

BofA's Moynihan defends board's decision

December 22, 2014

(The Charlotte Observer)

Bank of America CEO Brian Moynihan defended the Charlotte-based lender's decision to name him chairman, despite calls from some large investors who have asked the bank to hold a shareholder vote on the bylaw change that allows its CEO to serve in dual roles.

NC must retool incentives program, corporate taxes to compete for jobs

December 22, 2014

(The Charlotte Observer)

North Carolina struggles to compete with other states, including neighbor South Carolina, in attracting new jobs. Lower taxes and larger incentive packages – in the case of Chinese textile company Keer Group, 10 times larger – helped lure some companies considering both states to South Carolina, according to documents obtained by The Charlotte Observer.

Google delays high-speed fiber announcement

December 19, 2014

(The Charlotte Observer)

Mountain View-Calif.-based Google has delayed an announcement on whether it will bring its high-speed fiber network to Charlotte and eight other cities. The technology company says it will provide more information early next year.

Hickory loses golf tournament in 2015

December 19, 2014

(The Charlotte Observer)

The 2015 PGA Champions Tour has replaced the Greater Hickory Classic at Rock Barn Golf & Spa with a tournament in San Antonio, Texas. The tournament was unable to line up enough sponsors.

Charlotte-based Dynacast sold for $1.1 billion

December 18, 2014

(The Charlotte Observer)

A Swiss investment-management firm will buy Charlotte-based Dynacast International for $1.1 billion. Dynacast makes metal components for small electronic devices such as car key fobs and operates 23 manufacturing plants in 16 countries.

Union County, Monroe approve $917K in incentives for Scott Safety

December 18, 2014

(The Charlotte Observer)

Union County and the city of Monroe approved incentives of up to $917,000 for Scott Safety, a division of Ireland-based Tyco International, to invest $28 million in an expansion of its local plant. The company would add 67 jobs to its existing 600. Scott Safety, which makes respiratory-protection and other safety products for law-enforcement officials, is also considering sites in England and India. 

Credit union regulator sues BofA, US Bancorp

December 18, 2014

(The Charlotte Observer)

The National Credit Union Administration Board filed a lawsuit claiming Bank of America and US Bancorp failed as trustees for mortgage-backed securities following the 2008 credit crisis.
Related: Countrywide whistleblower to receive more than $57M

Two pension funds in talks with BofA over Moynihan's dual roles

December 17, 2014

(The Charlotte Observer)

The California State Teachers' Retirement System and the office of the New York City Comptroller confirmed they are in discussions with Bank of America regarding the bank's decision to change its bylaws – and name CEO Brian Moynihan chairman – without a shareholder vote.

Advocacy group says Duke building too many power plants

December 17, 2014

(The Charlotte Observer)

Durham-based environmental advocacy group NC WARN says Duke Energy and other utilities are wasting billions of dollars by building too many power plants. Duke responded by saying that WARN is criticizing the company for replacing its coal-fired plants with cleaner natural-gas fired and solar ones.

Piedmont Natural Gas requests rate reduction

December 17, 2014

(Winston-Salem Journal)

Charlotte-based Piedmont Natural Gas filed for a 5% rate reduction in the Carolinas that could save customers about $5 a month during January, February and March. If approved by the states' utilities commissions, the new rates will go into effect Jan. 1.

Asheville's HomeTrust Bank names new Charlotte leader

December 17, 2014

(The Charlotte Observer)

HomeTrust Bank hired Jeff Mylton to lead the Asheville-based bank's expansion in Charlotte. Mylton comes from Fifth Third Bank. HomeTrust entered the Charlotte market this summer when it acquired Charlotte-based Bank of Commerce for about $10 million. 

Groundbreaking held for new Charlotte office tower

December 16, 2014

(The Charlotte Observer)

Developers and state and local officials broke ground Monday on a 25-story office building in Charlotte, the city's first uptown office tower since the 48-story Duke Energy Center and the 32-story 1 Bank of America Center opened in 2010. Babson Capital Management will be the anchor tenant when the 630,000-square-foot building is finished in spring 2017.

BofA fails two mortgage-settlement tests

December 16, 2014

(The Charlotte Observer)

Bank of America failed two out of 31 tests that measure compliance with a 2012 legal settlement over mortgage loan-servicing and foreclosure practices. The Charlotte-based bank must implement a plan to correct the behavior or it could face penalties. New York-based Citigroup was the only other lender involved in the settlement to fail a test. 

Queens University names Premier's DeVore BusinessWoman of the Year

December 16, 2014

(The Charlotte Observer)

Queens University of Charlotte will honor Susan DeVore, CEO and president of Premier, as its 2014 BusinessWoman of the Year. DeVore joined the Charlotte-based company, which provides supply-chain services for the health-care industry, in 2003 and was named CEO in 2009. The company became publicly traded in 2013, raising $874 million in its initial public offering.

Israeli plastics manufacturer chooses Gaston County for new plant

December 15, 2014

(The Gaston Gazette)

An Israel-based plastics manufacturer will invest $13.1 million and create 75 jobs over five years in Bessemer City. Tosaf USA will begin construction on a manufacturing plant in Gaston County – the company's first in the U.S. – in early 2015. A local economic-development leader said access to Northern Southern's rail network and I-85 were critical factors in luring the plant. 

Charlotte's new economic development director settles in

December 15, 2014

(The Charlotte Observer)

Charlotte's new economic-development director says he will focus on promoting the Queen City's attributes, including its workforce and logistics hub. Bill Cronin, 49, says the city and and North Carolina shouldn't feel pressured to match every incentive package from competing locations. 

Concord airport seeks $79.7M for expansion

December 12, 2014

(The Independent Tribune, Concord)

Concord Regional Airport is requesting $79.7 million from the Federal Aviation Administration for improvements, including a $40 million separate terminal for anticipated growth in commercial flights. Las Vegas-based budget carrier Allegiant Airlines began passenger service last December, and City Manager Brian Hiatt says other carriers have expressed interest in Concord.

Patrick Cannon sells stake in Charlotte parking company

December 12, 2014

(The Charlotte Observer)

Former Charlotte Mayor Patrick Cannon has sold his share of the parking business he founded to owner Jeff Feemster. E-Z Parking also lost its contract with Carolinas HealthCare System, though the hospital system says its decision to switch vendors was unrelated to Cannon's arrest and imprisonment. 

Adviser says Family Dollar should delay vote

December 12, 2014

(The Charlotte Observer)

Institutional Shareholder Services said Family Dollar Stores stockholders should postpone a Dec. 23 vote on the Matthews-based retailer's pending deal with Dollar Tree. The shareholder advisory group says delaying the vote could result in a higher price. 

Dozens of vacant manufacturing sites for sale in Hickory area

December 12, 2014

(Hickory Daily Record)

Catawba County has 69 vacant warehouses and manufacturing buildings listed for sale, but city and county leaders say they need to build a high-end business park to meet market demands and recruit new companies.