Charlotte

BofA will continue to trim branches

November 9, 2015

(The Charlotte Observer)

Bank of America will continue to shed branches in areas with low foot traffic, according to Dean Athanasia, co-head of the bank's consumer banking division, and new branches will be smaller than the existing ones. The Charlotte-based bank has eliminated more than 1,200 branches since Brian Moynihan became CEO in 2010.

Construction begins on 22-story hotel tower in Charlotte

November 6, 2015

(The Charlotte Observer)

Site work will begin in the next few weeks on a new 22-story hotel tower to be built atop the EpiCentre entertainment venue in downtown Charlotte. The project includes a 184-room AC Hotel and a 116-room Residence Inn. Both are Marriott concepts. Construction is expected to be complete in late 2017.

Belk shareholders approve sale

November 5, 2015

(The Charlotte Observer)

As expected, Belk shareholders approved on Wednesday the company's sale to New York-based private equity firm Sycamore Partners. The $3 billion deal has cleared all regulatory hurdles, Charlotte-based Belk said in a statement, and is expected to close in late November or early December.

Toll lanes a factor in Huntersville elections

November 5, 2015

(The Charlotte Observer)

Four-term Huntersville Mayor Jill Swain was upset by John Aneralla, an opponent of toll lanes on Interstate 77, in Tuesday's election, while two incumbent town commissioners also loss their seats over their stance on the contentious issue.

Duke LifePoint acquires hospitals in Hickory, Sanford

November 4, 2015

(Hickory Daily Record)

Duke LifePoint Healthcare will purchase the 355-bed Frye Regional Medical Center in Hickory and the 137-bed Central Carolina Hospital in Sanford. The Tennessee-based company, a joint venture of Duke University and LifePoint Health, operates 12 hospitals, including seven in North Carolina.

BlackRock buys BofA money-market funds unit

November 4, 2015

(The Charlotte Observer)

Bank of America will sell its $87 billion money-market fund business to New York-based asset manager BlackRock. Terms of the deal, which is expected to close in the first half of 2016, were not disclosed.

Panthers reviewing security after stadium protest

November 4, 2015

(The Charlotte Observer)

The Carolina Panthers and the NFL are reviewing an incident in which protesters rappelled down Bank of America Stadium during Monday night's game. Four people affiliated with a group opposed to the bank's financing of a natural-gas facility for Richmond, Va.-based Dominion Resources face misdemeanor charges.

Stumpf: Charlotte a growth spot for Wells Fargo

November 4, 2015

(The Charlotte Observer)

CEO John Stumpf said Wells Fargo remains committed to Charlotte, an area of growth for the bank. Despite recent layoffs in its mortgage division, the San Francisco-based bank still employs about 23,600 in the region, its largest employment hub. Wachovia had about 20,000 employees in the Queen City when Wells Fargo acquired it in 2008.

Charlotte's Ettain Group buys Texas-based IT staffing company

November 3, 2015

(The Charlotte Observer)

Charlotte-based Ettain Group has acquired Texas-based Timberhorn IT Solutions for an undisclosed amount. Ettain, an IT staffing firm, employs more than 500 people in Charlotte. The combined company will have more than 1,300 employees.

Belk shareholders expected to approve Sycamore deal

November 3, 2015

(The Charlotte Observer)

Belk shareholders will vote Wednesday on the retailer's proposed $3 billion acquisition by New York-based private-equity firm Sycamore Partners. The Belk family controls more than 70% of the Charlotte-based company's stock.
Related: Belk to open 6 p.m. Thanksgiving Day

Dollar Tree sells 350 Family Dollar stores

November 3, 2015

(The Charlotte Observer)

Dollar Tree completed the sale of 330 Family Dollar stores (only two are in North Carolina) to Dollar Express, a discount chain owned by Sycamore Partners. The FTC required Virginia-based Dollar Tree to sell the stores to address antitrust concerns as part of its July purchase of the Matthews-based retailer.

Charlotte-based SignUpGenius acquires Jooners

November 3, 2015

(The Charlotte Observer)

SignUpGenius, an event-planning website based in Charlotte, has acquired Jooners, a site that provides similar services. Terms were not disclosed. Founded in 2008, SignUpGenius estimates it had 39 million unique visitors to its site in 2014 ("Organizing principal," February).

Charlotte lags peers in startups, venture-capital funding

November 2, 2015

(The Charlotte Observer)

A recent study shows that from 2011 to 2013, Charlotte's per capita venture-capital funding was $3 per resident, compared with $70 in Atlanta and $312 in Austin, Texas. Charlotte's lack of universities was cited as a handicap to nurturing an entrepreneurial community.

Electrolux offer 'well short' of replacing lost competition

November 2, 2015

(The Charlotte Observer)

The Justice Department rejected Electrolux's proposal to resolve an antitrust lawsuit seeking to block its proposed $3.3 billion purchase of General Electric's appliance unit. The Swedish appliance-maker employs about 900 at its North American headquarters in Charlotte.

Panthers tickets selling for a premium after 6-0 start

October 30, 2015

(The Charlotte Observer)

The Carolina Panthers' first-ever 6-0 start is driving up ticket prices on the secondary market. As of Thursday, the cheapest ticket on StubHub for the Panthers' Nov. 8 home game against the Green Bay Packers was $252. A StubHub spokesperson said it's the highest-selling Panthers game in the last five years.

Aided by federal grant, Charlotte will move Amtrak station downtown

October 30, 2015

(The Charlotte Observer)

Charlotte will move its Amtrak station from its current location about 2 miles north of downtown to the heart of the city, aided by a $25 million grant from the U.S. Department of Transportation. The city hopes the $53 million project will be converted into Gateway Station, a transit center that could include a commuter rail line, buses and a streetcar.

BofA cuts 100 jobs in Charlotte

October 29, 2015

(The Charlotte Observer)

Layoff notices went out Wednesday to about 100 mortgage and technology workers at Bank of America in Charlotte. Affected employees will be able to apply for other jobs within the bank. BofA employs about 15,000 in Charlotte.

NewDominion Bank gets $20M investment

October 29, 2015

(The Charlotte Observer)

Charlotte-based NewDominion Bank will receive investments from two institutional investors that will help it shed a regulatory order requiring it to have more capital. The lead investor is New York-based Tricadia Capital Management; Arlington, Va.-based EJF Capital is the other investor.

Charlotte awarded $25M federal grant for transit hub

October 29, 2015

(The Charlotte Observer)

The N.C. Department of Transportation landed a $25 million federal grant to help it build a new transit center in downtown Charlotte. Gateway Station would be home to Amtrak, a commuter rail line, buses and a streetcar. The total price tag of the project is estimated at $150 million to $200 million.

Red Ventures plans to double size of SC headquarters

October 29, 2015

(The Charlotte Observer)

Red Ventures plans to break ground next week on a 300,000-square-foot complex next to its existing headquarters in Indian Land, S.C., about 20 miles south of downtown Charlotte. The Internet marketing company employs more than 2,200 people in Indian Land and about 500 in Charlotte.