Charlotte

Lowe's to acquire Canada-based Rona for $2.3B

February 4, 2016

(The Charlotte Observer)

Mooresville-based Lowe's will pay $2.3 billion for Rona, a home-improvement retailer with almost 500 stores. In 2012, the Canadian company rejected a hostile bid by Lowe's. "We're in a much better place than we were in 2012," Lowe's CEO Robert Niblock said.

Wells Fargo cuts more mortgage jobs in Charlotte, Raleigh

February 4, 2016

(The Charlotte Observer)

The San Francisco-based lender is cutting 87 jobs in Raleigh and 68 jobs in Charlotte and Fort Mill, S.C., due to declining foreclosure rates and fewer people defaulting on their home loans. Wells, the largest U.S. mortgage lender, also announced Wednesday it will pay $1.2 billion to settle a mortgage dispute with the federal government.

U.S. Bank quietly expands in Charlotte

February 4, 2016

(The Charlotte Observer)

U.S Bank is moving its anti-money laundering division to a larger office in uptown Charlotte that will accommodate 50-75 people, mostly new hires. The bank, part of Minneapolis-based U.S. Bancorp, employs about 400 people in the Queen City, up from about 100 in 2008.

Google Fiber will be free for pubic housing residents

February 4, 2016

(The Charlotte Observer)

Google Fiber will offer high-speed Internet service to residents of public housing at no charge in the cities where its network is available. The tech giant is rolling out its gigabit Internet service in Charlotte and the Triangle, but has not provided specific dates when the service will be available.

Ally's profit jumps 49%

February 3, 2016

(The Charlotte Observer)

Ally Financial CEO Jeffrey Brown, who is based in Charlotte, said in a conference call Tuesday that a variety of factors could be responsible for the company's poor stock performance, including investors' fears of an auto bubble. The Detroit-based bank reported fourth quarter net income of $263 million, compared with $177 million a year ago.

Former NationsBank exec joins Raleigh's Paragon Bank

February 3, 2016

(The Charlotte Observer)

Rusty Page is a senior vice president and business-development officer at the Charlotte office of Raleigh's Paragon Bank, which provides private- and commercial-banking services for affluent customers and small and midsized businesses. Page is the former head of investor relations for Charlotte' NationsBank, now Bank of America.

California company adding 200 jobs in Concord

February 2, 2016

(The Independent Tribune, Concord)

ETS Express, a family-owned business that produces personalized drinkware products, plans to create 200 jobs over the next 18 months at a manufacturing and distribution center in Concord. The company will occupy a 152,000-square-feet building that was part of a $22 million speculative industrial project — Amazon also has a distribution center there — near Concord Regional Airport.

BofA prepares to file 20 blockchain patents

February 1, 2016

(American Banker)

Trying to stay ahead of the curve, Bank of America is preparing to file 20 blockchain-related patents, according to a CNBC report. As of December, the Charlotte-based bank had already filed 15 blockchain patents. A blockchain is a public ledger of all Bitcoin transactions.
More on Bank of America: Analyst: BofA at greater risk of a shareholder push to restructure

Electrolux scraps plans for Charlotte expansion

January 29, 2016

(The Charlotte Observer)

Appliance-maker Electrolux said Thursday it is canceling plans for an expansion at its North American headquarters that would have nearly doubled its Charlotte workforce. The Sweden-based company cited its failed deal to acquire General Electric's appliance unit as the reason. Electrolux also tapped Alan Shaw to lead its North American operations; interim CEO Keith McLoughlin is retiring Feb. 1.

China gets some North Carolina love – and admonishment

January 29, 2016

North Carolina received its most important guest of the year in Charlotte Wednesday. Cui Tiankai, China's ambassador to the United States, attended a reception to celebrate the Chinese New Year and encourage more ties between the Carolinas and China. Local and state officials welcomed his visit, including a congressman who offered some stern words.

Charlotte area newspaper owner named publisher of Las Vegas paper

January 29, 2016

(The Charlotte Observer)

Craig Moon, 65, will become publisher of the Las Vegas Review-Journal, which was bought by Sheldon Adelson, owner of the Las Vegas Sands casino, in December. Moon, former publisher of USA Today, owns four weekly newspapers in the Lake Norman area.

BofA to allow ATM transactions with smartphones

January 28, 2016

(The Charlotte Observer)

Bank of America customers soon will be able to use their smartphones to make cash withdrawals and perform other ATM transactions. The Charlotte-based bank will begin piloting the program in February, with a broader rollout expected midyear.

Panthers owner sends entire staff to Super Bowl

January 27, 2016

(The Charlotte Observer)

Jerry Richardson will pay for all Carolina Panthers staff members – including interns – to travel to California for Super Bowl 50. The team's owner also paid for staff to go to the Panthers' only other Super Bowl appearance in 2004.
Related: Durham-based company to supply technology for Super Bowl 50

Charlotte office tower gets $20M renovation

January 26, 2016

(The Charlotte Observer)

The 40-story Bank of America Plaza will undergo $20 million in upgrades, including a new lobby and exterior facade. The renovations also will add 20,000 square feet of ground-floor retail. The 891,000-square-foot building opened in 1974 as the headquarters for NCNB. Construction will take about a year.

Ethan Allen expands in Maiden

January 26, 2016

(Furniture Today)

Ethan Allen has converted a 173,000-square-foot former distribution center in Maiden to a furniture upholstery plant and research and development center. The Connecticut-based company has two existing upholstery factories in Catawba County.

CLT could break passenger record

January 26, 2016

(The Charlotte Observer)

Charlotte Douglas International Airport is on track to set a new annual record for the number of passengers in 2015. Through November, more than 41.2 million people used the nation's sixth-busiest airport, a 1.5% increase over the previous year. Final year-end results will be released in February. The record, set in 2014, is 44.3 million.

American cancels all Friday flights at CLT

January 22, 2016

(The Charlotte Observer)

In anticipation of the winter storm than could bring up to 4 inches of snow to the Queen City, American Airlines canceled all flights to and from Charlotte Douglas International Airport on Friday. American operates more than 90% of daily service at the airport. Flights are expected to resume Saturday morning.

Moynihan: BofA's workforce will continue to shrink

January 22, 2016

(The Charlotte Observer)

In an interview on Bloomberg TV Thursday, Bank of America CEO Brian Moynihan reiterated that more job cuts are ahead in 2016, though he declined to say how many. The Charlotte-based lender shed more than 10,000 jobs last year. Here are some key takeaways from BofA's annual financial report.

Planning board OKs toll lanes for I-77

January 21, 2016

(The Charlotte Observer)

The Charlotte Regional Transportation Planning Organization voted 50-12 in support of toll lanes, allowing a controversial project on a 26-mile stretch of Interstate 77 spanning northern Mecklenburg and Iredell counties to move forward.

Raleigh's Capital Bank could move HQ to Charlotte

January 21, 2016

(The Charlotte Observer)

Capital Bank is considering relocating its headquarters to the Queen City after regulators approve its proposed $350 million acquisition of Charlotte's CommunityOne Bancorp. Capital Bank will have nearly $10 billion in assets when the deal closes, expected to be in the first quarter.