Charlotte

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.

351-unit apartment complex proposed north of uptown Charlotte

October 12, 2015

(The Charlotte Observer)

An Ohio apartment developer filed a rezoning request for a 3.5-acre parcel on Parkwood Avenue, just north of uptown Charlotte and adjacent to the light-rail extension that is scheduled to open in 2017. NPR Group plans to open a 298-unit apartment building south of uptown later this year.

Charlotte home sales up despite low inventory

October 9, 2015

(The Charlotte Observer)

Charlotte area home sales increased 6.1% in September compared with the same month last year, though prices were up due to a low supply of properties. The average sale price was $240,169.

Developer files rezoning request for Dimensional HQ

October 8, 2015

(The Charlotte Observer)

Cousins Properties has filed to rezone a 2.3-acre site in Charlotte's South End to build a regional headquarters for Dimensional Fund Advisors. Durham's Duda Paine Architects designed the eight-story building.

Charlotte's Swisher Hygiene charged with fraud

October 8, 2015

(The Charlotte Observer)

Swisher Hygiene will plead guilty to a criminal fraud charge and pay a $2 million fine. A federal investigation determined the Charlotte-based janitorial and cleaning-supplies company misstated financial results and misled investors. Swisher is being acquired by St. Paul, Minn.-based Ecolab in a $40 million deal.

Swedish spool-maker to expand in Catawba County

October 7, 2015

(The Charlotte Observer)

Axjo America will add 14 jobs and invest $11 million in a 143,268-square-foot manufacturing plant in Conover. The company, a subsidiary of Sweden's Axjo AB, uses mostly recycled materials to make fiber-optic reels for the cable industry.

Charlotte firm could take over management of Pittenger properties

October 7, 2015

(The Charlotte Observer)

South Street Partners says it is in preliminary talks to take over properties managed by Pittenger Land Investments, U.S. Rep. Robert Pittenger's former land company that is being investigated by the FBI. Charlotte-based South Street bought the developer of South Carolina's Kiawah Island in 2013.

Charlotte beer-delivery service expands to Raleigh

October 7, 2015

(The News & Observer, Raleigh)

Charlotte startup Brewpublik is bringing its craft-beer delivery service to Raleigh. The company said in August it will receive $5 million over five years from venture-capital firm SierraMaya360. The funding is contingent on Brewpublik reaching certain milestones, including a Raleigh expansion.

Regions Bank posts biggest deposit gain in Charlotte region

October 6, 2015

(The Charlotte Observer)

Bank of America's deposits grew by 10.2% in the Charlotte region and its market share increased to 73%, according to annual data released by the FDIC. Regions Bank, based in Birmingham, Ala., posted the biggest percentage gain in deposits while Charlotte-based Park Sterling Bank posted the largest drop.

Charlotte's Jeld-Wen buys California door company

October 6, 2015

(The Charlotte Observer)

Charlotte-based Jeld-Wen bought LaCantina Doors for an undisclosed amount, marking the door and window manufacturer's fourth acquisition of 2015.

Investors say Pittenger still involved in land deals

October 5, 2015

(The Charlotte Observer)

Some investors who have bought property through the land-acquisition business founded by U.S. Rep. Robert Pittenger say the congressman still plays an active role in the company despite ethics rules prohibiting his involvement. A spokesman said Pittenger and his staff routinely check with Ethics members to ensure compliance with rules and regulations.

Charlotte's Park Sterling to acquire Virginia bank

October 2, 2015

(The Charlotte Observer)

The holding company for Park Sterling Bank is buying First Capital Bancorp in a deal valued at about $82.5 million. First Capital has eight branches in the Richmond, Va. area; Charlotte-based Park Sterling has 52 branches in the Carolinas, Georgia and Virginia. Park Sterling will have about $3.1 billion in assets when the deal closes.

Duke Energy's 'Stick' Williams announces retirement

October 2, 2015

(The Charlotte Observer)

Richard "Stick" Williams, head of Duke Energy's philanthropic efforts, will retire at year-end after 36 years with the company. Williams, 62, oversees the Duke Energy Foundation, which last year donated $26.5 million.

Eaton to close Charlotte plant by Nov. 25

October 2, 2015

(The Charlotte Observer)

Eaton will lay off all 37 workers at a Charlotte clutch-assembly plant by the end of November as the company shifts production to Indiana and Mexico. The Ireland-based manufacturer employs about 4,000 people in North Carolina.

Cabarrus pursues projects that could bring 1,200 jobs

October 1, 2015

(The Independent Tribune, Concord)

In September, Cabarrus Economic Development received double the usual amount of information requests from companies considering bringing jobs to the area. The organization is in talks with seven unnamed companies that could invest more than $110 million and bring more than 1,200 jobs.

Panthers' Charles Johnson to open Charlotte eatery

October 1, 2015

(The Charlotte Observer)

Carolina Panthers defensive end Charles Johnson plans to open a restaurant in a historic fire station in downtown Charlotte. He needed something to keep him busy while on injured reserve, Johnson said in an Instagram post.

BofA submits revised capital plan

October 1, 2015

(The Charlotte Observer)

In March, the Federal Reserve gave Bank of America permission to repurchase $4 billion in common stock but said it needed to revise its capital plan to address weaknesses. The Charlotte-based bank submitted a revised plan Wednesday.

Duke Energy reaches settlement in contamination case

September 30, 2015

(The News & Observer, Raleigh)

Minutes into Duke Energy's Tuesday court hearing over a $25.1 million state fine, the company reached a settlement with state environmental regulators. The N.C. Department of Environmental Quality agreed to drop a case involving groundwater contamination at Duke's Sutton plant in Wilmington; in exchange, the Charlotte-based company will pay $7 million. The deal also resolves groundwater violations at 14 coal-ash storage sites across the state.