Charlotte

Wells Fargo adds another key exec in Charlotte

October 28, 2015

(The Charlotte Observer)

Neal Blinde was named corporate treasurer of Wells Fargo. Blinde, who has worked for Wells Fargo for 14 years, will be responsible for the bank's capital, liquidity, funding and Federal Reserve-administered stress tests. He will be based in Charlotte, joining other top executives David Carroll, head of the bank's wealth and investment management division, and chief auditor David Julian.

Report: Charlotte ranks third among real-estate 'Markets to Watch'

October 27, 2015

(The Charlotte Observer)

Charlotte jumped four spots from No. 7 to No. 3 in a national ranking of most attractive real-estate markets for 2016. The report, from PricewaterhouseCoopers and the Urban Land Institute, cited the Queen City's growing population and strong construction sector. Dallas/Fort Worth and Austin, Texas ranked first and second.

Duke Energy to buy Piedmont Natural Gas for $4.9B in cash

October 26, 2015

(The Charlotte Observer)

The two Charlotte-based energy companies unanimously approved an agreement for Duke Energy to pay about $4.9 billion for Piedmont Natural Gas. Piedmont shareholders will receive $60 in cash for each share of common stock. Piedmont will retain its name and operate as a business unit of Duke Energy. The companies expect the deal to close by the end of 2016.

Agility Fuel Systems opens $20M Salisbury plant

October 26, 2015

(The Salisbury Post)

Agility Fuel Systems held a grand opening of its $20 million, 204,000-square-foot East Coast headquarters in Rowan County. Production should start in about a week; the company has 77 employees and plans to hire 150 for its first shift. Santa Ana, Calif.-based Agility makes natural-gas fuel systems for trucks.

California golf company buys fifth NC course

October 26, 2015

(Hickory Daily Record)

Warrior Custom Golf, a California-based company best known for manufacturing custom clubs, has acquired Old Still Golf Club, previously known as Rivercrest Golf Club, in Hickory. Warrior owns Asheboro Country Club, two courses near Asheville and one course in Whispering Pines.

Regions acquires Charlotte's BlackArch Partners

October 23, 2015

(The Charlotte Observer)

Regions Financial has acquired BlackArch Partners, a Charlotte-based, mid-market investment bank with 50 employees, for an undisclosed amount. BlackArch was started in 2010; three of its founders are veterans of Charlotte's Bowles Hollowell Conner, which was acquired by First Union in 1998. Birmingham-based Regions has $125 million in assets and branches in 16 Southern states.

Meineke parent buys Kansas-based Carstar

October 23, 2015

(The Charlotte Observer)

Driven Brands, parent company of Meineke Care Care Centers and Maaco, will acquire Carstar, an Overland Park, Kan.-based network of more than 450 collision-repair shops. Financial terms were not disclosed. It's the Charlotte-based company's 11th acquisition since 2013.

Federal judge refuses to dismiss coal-ash suit

October 22, 2015

(The News & Observer, Raleigh)

Duke Energy had asked U.S. District Judge Loretta Biggs to dismiss or delay a lawsuit filed by environmental advocates over coal-ash contamination at its power plant near Salisbury. Biggs denied the request and criticized the state for not acting quickly enough in requiring Duke to clean up the coal ash.
Related: Duke Energy to settle Ohio lawsuit for $81 million

Wells Fargo to lay off 132 Charlotte area workers

October 22, 2015

(The Charlotte Observer)

San Francisco-based Wells Fargo said it is cutting 490 mortgage employees nationwide as foreclosure rates improve and fewer homeowners are refinancing. Five of the cuts are in Charlotte, while 127 are in Fort Mill, S.C.

Lowe's CEO gives $2.5M to UNC Charlotte business school

October 21, 2015

(The Charlotte Observer)

Robert Niblock, CEO of Mooresville-based Lowe's and a UNC Charlotte alum, will donate $2.5 million to the university's Belk College of Business, one of the school's largest gifts.

Charlotte hotels having best year ever

October 21, 2015

(The Charlotte Observer)

Despite fewer conventions, the average daily hotel rate in Mecklenburg County for 2015 is expected to be $104, while the occupancy rate is 72%, the highest level since 2007.

Red Ventures invests in California tech firm

October 21, 2015

(The Charlotte Observer)

Red Ventures, the Internet marketing firm founded in Charlotte and now based in Indian Land, S.C., invested $15 million in Ampush, a San Francisco-based mobile advertising company. Red Ventures CEO Ric Elias will join the Ampush board of directors.

Former Swisher execs charged in fraud case

October 20, 2015

(The Charlotte Observer)

Michael Kipp, former chief financial officer of Charlotte-based Swisher Hygiene, and Joanne Viard, former director of external reporting, face multiple charges in an accounting fraud case and could face five to 30 years in prison. The troubled janitorial and cleaning-supplies company is being acquired by Ecolab.

Crescent project will add hundreds of apartments, retail space in south Charlotte

October 20, 2015

(The Charlotte Observer)

Charlotte City Council approved Crescent Communities' plans for a residential and commercial development on 38 acres along Providence Road near the intersection of Interstate 485 in south Charlotte. Plans call for up to 543 apartments and homes, a 180-room hotel and up to 30,000 square feet of retail and office space.

Potential development in Davidson sparks opposition

October 19, 2015

(The Charlotte Observer)

Davidson officials are considering a $60 million multi-use development project in center of the Mecklenburg County college town. The plan, which is drawing opposition, calls for 200 apartments or condos, a hotel and office space. No developer has been selected.

Time Warner Cable CEO discusses merger's impact on Charlotte

October 16, 2015

(The Charlotte Observer)

Time Warner Cable is expected to cut some finance and accounting jobs in Charlotte as a result of its pending sale to Charter Communications, though CEO Rob Marcus says he expects Charter will want to bring additional jobs, perhaps with different functions, to the Queen City over time. The cable provider employs more than 3,100 in Charlotte.

Electrolux says its ready to resolve antitrust suit over GE merger

October 16, 2015

(The Charlotte Observer)

Electrolux AB, which has its North American headquarters in Charlotte, says it has compiled a list of assets that could be sold off to settle a Justice Department lawsuit that aims to block its $3.3 billion acquisition of General Electric's appliance unit. The case goes to trial Nov. 9.

CEO says more job cuts ahead at BofA

October 15, 2015

(The Charlotte Observer)

Bank of America reported $4.5 billion in profit in the third quarter, compared with a $232 million loss in the same period a year ago. CEO Brian Moynihan said that while deposits grew, low interest rates and a slow economic recovery led to decreased revenue. Moynihan said more job cuts are expected, though some will come through attrition.

Wells Fargo buying GE's commercial lending business

October 14, 2015

(The Charlotte Observer)

Wells Fargo, which has its largest employee base in Charlotte, will buy about $32 billion in assets from General Electric, which has been selling off its finance business in recent years. The San Francisco-based bank will gain about 3,000 workers.

Shift in corporate deposits boosts Regions' Charlotte market share

October 12, 2015

(The Charlotte Observer)

Regions Bank's 61% increase in deposits in the Charlotte area was due mostly to changes in how the Birmingham, Ala.-based lender records corporate deposits. While its market share is less than 1%, Regions moved up to No. 14 from No. 16 in Charlotte-area market share.