Charlotte

GE cancels Electrolux deal, seeks $175M breakup fee

December 8, 2015

(The Charlotte Observer)

Shares of Electrolux fell the most in more than four years after General Electric said Monday it is calling off plans to sell its appliance division to the Swedish company. The U.S. Justice Department had sued Electrolux, seeking to block the merger due to antitrust issues. Electrolux employs about 900 people at its North American headquarters in Charlotte.

Community bank consolidation part of nationwide trend

December 8, 2015

(The Charlotte Observer)

The pending sale of CommunityOne Bancorp to Florida-based Capital Bank will leave Charlotte with just three community bank headquarters, down from seven in 2007. The consolidation of community banks means more market share is being concentrated in the nation's biggest banks, according to a recent report.

Coughlin ousted as CEO of Cabarrus Chamber

December 8, 2015

(The Independent Tribune)

The executive committee of the Cabarrus Regional Chamber of Commerce voted unanimously to terminate CEO Patrick Coughlin's employment agreement after less than a year on the job. Board member and past chairman Terry Crawford was named interim CEO.

Food Lion's remodeling paying off, president says

December 7, 2015

(The Charlotte Observer)

President Meg Ham is overseeing a change in merchandising and pricing at the 1,100-store Food Lion supermarket chain. The company, which employs 1,900 in Salisbury, is part of Delhaize, the target of a $10.4 billion acquisition by Dutch retailer Ahold.


Read more here: http://www.charlotteobserver.com/news/business/article47981215.html#storylink=cpy

Duke Energy to seek 50-year license for Catawba

December 7, 2015

(The Charlotte Observer)

Duke Energy will ask the federal government to extend its hydroelectric license for the Catawba River from 40 to 50 years. Duke would agree to conserve an additional 274 acres along the 225-mile river if the longer term is granted.

Charlotte office park sells for $114M

December 7, 2015

(The Charlotte Observer)

Toringdon Office Park near Ballantyne in south Charlotte was sold to an undisclosed buyer for $114 million. The park is 87% leased and consists of six buildings totaling 520,000 square feet. The seller was a joint venture of Stockbridge Capital Group and Trinity Capital Advisors.

Amid branch cuts, BofA investing more in mobile technology, cybersecurity

December 4, 2015

(The Charlotte Observer)

The volume of customer deposits being made on mobile phones is equivalent to what would be handled by about 700 branches, Bank of America CEO Brian Moynihan told Charlie Rose in an interview that aired Wednesday on Bloomberg TV. The nation's second largest bank has trimmed about 1,200 branches since Moynihan became CEO in 2010.

Whitewater Center adds to Charlotte holdings

December 4, 2015

(The Charlotte Observer)

The U.S. National Whitewater Center paid $5.3 million for 488 acres near its 700-acre campus in Charlotte, real estate records show. The center plans to preserve the mostly vacant land, acquired from chemical company Clariant. Opened in 2006, the center's amenities include an artificial river, zip lines and mountain-biking trails.

Huntersville's American Tire Distributors names new CEO

December 4, 2015

(The Charlotte Observer)

Stuart Schuette will become chief executive of American Tire Distributors, effective Jan. 4. Schuette was chief operating officer of Illinois-based US Foods. He replaces Bill Berry, who is retiring. ATD, which topped this year's North Carolina 100 list of the state's largest private companies, says it is one of the largest distributors of replacement tires in North America.

Downtown Charlotte apartment tower to top out in April

December 3, 2015

(The Charlotte Observer)

Charlotte developer Childress Klein expects to top out its 43-story apartment tower in downtown Charlotte in April, with construction completed by fall 2016. The tower, which is being built atop the Mint Museum, will include 394 apartments, a rooftop pool and lounge, pet spa and electric-car charging stations.

Report: Bank of America most vulnerable to losing customers

December 3, 2015

(The Charlotte Observer)

In a recent study, Charlotte-based Bank of America tops the list of banks most likely to lose frustrated customers. Chase and Citibank ranked second and third on the list, reported by management consultancy cg42.

Report: Charlotte housing market will sizzle in 2016

December 2, 2015

(The Charlotte Observer)

The Charlotte metro area is expected to be the No. 8 hottest housing market in 2016, according to a report from realtor.com. The online site projects the region's unemployment rate will drop more than twice as fast as the national rate next year, while demand for housing grows and supply shrinks.

Bank of America gives $1 million to Charlotte nonprofits

December 2, 2015

(The Charlotte Observer)

On Giving Tuesday, Bank of America said it will award $1 million to 14 Charlotte area nonprofits whose missions range from feeding the poor to providing housing and community support in low-income neighborhoods. The bank, which employs about 15,000 in the Charlotte region, also allowed workers to spend Tuesday volunteering in the community.

Charlotte Chamber to focus on passing bonds, working with Raleigh

December 2, 2015

(The Charlotte Observer)

Ned Curran, incoming chairman of the Charlotte Chamber, said the group's priorities in 2016 will center on improving relations with state legislators and passing state bonds to support local universities and city projects. Curran, CEO of Charlotte-based developer Bissell Companies, replaces outgoing chairman Tom Skains, CEO of Piedmont Natural Gas.

Businesses put out welcome mat for some hackers

December 1, 2015

(The Charlotte Observer)

North Carolina businesses including Bank of America, Lowe's Cos. and Ally Financial are hiring more "ethical hackers" to help find holes in cyber defenses. Hiring websites are full of ads seeking people with necessary computer skills that can deter not-so-ethical hackers.

Read more here: http://www.charlotteobserver.com/news/business/article46815280.html#storylink=cpy

Atlanta developer firming up plans for SouthPark-area project

December 1, 2015

(The Charlotte Observer)

Atlanta-based Reynolds Development & Management Group is considering a mixed-use project involving a retirement center, housing and retail at a 10.6-acre undeveloped site near Charlotte's SouthPark mall, property records show. Reynolds paid $16.5 million for the site in 2008, buying it from Lincoln Harris, according to a filing. Engineering and architecture firm Benesch is working on the project.


Read more here: http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article46525275.html#storylink=cpy

Charlotte's Carolina Premier raises $8 million to pay back feds

December 1, 2015

(The Charlotte Observer)

Carolina Premier Bank, based in Charlotte, raised about $8 million in a private stock offering with plans to use proceeds to pay off $6.2 million of preferred shares held by the U.S. Treasury. The company participated in a 2010 federal program that put money into participating community banks, aiding their lending to small businesses. The bank sold 1.2 million shares at $7 each. CEO David Barksdale is former chief strategy officer at NewBridge Bancorp of Greensboro.

Duke Energy gets 40-year extension of Catawba license

November 30, 2015

(The Charlotte Observer)

The federal government extended Duke Energy's hydroelectric license for the Catawba River for 40 more years. The utility operates 13 hydroelectric stations and 11 reservoirs on the 225-mile river. The agreement gives Duke control of lake levels, recreational amenities and structures such as boat docks.

California cabinet maker to create 40 jobs in Shelby

November 25, 2015

(The Shelby Star)

Ivar's Cabinet Shop will invest $2.8 million in its first location outside of California. The 49-year-old company, which makes shelving and display cases for retailers, plans to create 40 jobs in Cleveland County over the next five years.

Florida bank to buy CommunityOne Bancorp for $350M

November 24, 2015

(The Charlotte Observer)

Capital Bank Financial Corp. will acquire Charlotte-based CommunityOne Bancorp for $350 million, pending regulatory approval. Capital Bank has $7.3 billion in assets with offices in the Carolinas, Tennessee and Virginia. Its banking operation is based in Raleigh. CommunityOne's assets total $2.4 billion.