Charlotte

Bank of America submits new capital plan

May 28, 2014

(The Charlotte Observer)

Bank of America has submitted a new capital plan to the Federal Reserve a month after an internal review found the bank had overstated its capital by about $4 billion. BofA had planned a quarterly dividend increase before it recognized the mistake; that plan was suspended and the bank says its new capital plan will return less money to shareholders. 

Eaton to close Charlotte plant, cut 90 jobs

May 28, 2014

(The Charlotte Observer)

Eaton Corp. will close a manufacturing plant in Charlotte and will lay off 90 workers by year-end. The Irish company is moving the jobs to plants in Auburn, Ind., and Mexico. The Charlotte plant manufactures commercial vehicle clutches.

Report: BofA hired to sell LA Clippers

May 28, 2014

(The Charlotte Observer)

Bloomberg News reports that Bank of America has been hired by Donald Sterling's estranged wife Shelly to sell the Los Angleles Clippers. Donald Sterling was banned from the National Basketball Association for making rascist comments. A person with direct knowledge of the situation said last week that Shelly Sterling wants at least $1 billion for the team.

Gastonia developer seeks film incentives for mill renovation

May 27, 2014

(The Charlotte Observer)

State officials are auditing receipts from a Gastonia real estate developer's film project that is claiming $1.1 million in state film incentives. Nathan Kirby spent more than $4 million to renovate an old hosiery mill in downtown Gastonia, and claims the construction costs were related to the filming of a reality TV show that demonstrated Kirby's work rehabbing old buildings. 

Charlotte Douglas to add new concourse in 2015

May 23, 2014

(The Charlotte Observer)

Charlotte Douglas International Airport will begin building a new concourse next spring, once its new parking decks are completed and space currently occupied by rental cars is freed up. The new concourse will have eight to 12 domestic gates to meet demand for national flights.

Manufacturer expanding in Statesville

May 23, 2014

(Winston-Salem Journal)

HIghland Industries will add a new division at its Statesville plant, adding 29 jobs and investing $8.25 million over three years. The company makes technical fabrics for product used in various industries, including automotive seats, tires and roofing. 

EPA reaches agreement with Duke Energy over coal-ash cleanup

May 23, 2014

(The News & Observer, Raleigh)

The Environmental Protection Agency finalized a deal with Duke Energy regarding coal-ash cleanup in the Dan River. The EPA will oversee cleanup performed by the utility, and Duke will reimburse the federal government for oversight costs as well as costs incurred in the emergency response immediately after the spill.

Duke shareholders sue company over coal-ash management

May 23, 2014

(The Charlotte Observer)

Two shareholders filed a lawsuit against Duke Energy claiming company leaders knew about coal-ash contamination for years and breached their fiduciary duty by exposing the company to billions of dollars in potential liability.

Chiquita CEO: No consensus on incentives repayment

May 23, 2014

(The Charlotte Observer)

Chiquita Brands International CEO Ed Lonergan said the company has been in talks with local and state officials about whether or not it should have to return incentive money now that the company's headquarters is moving to Ireland. The company was awarded more than $22 million, which is to be paid over the next 11 years, to maintain its global headquarters in Charlotte and keep 375 jobs there. 

Charlotte Douglas travelers warned of parking, traffic hassles this summer

May 22, 2014

(The Charlotte Observer)

Officials from Charlotte Douglas International Airport say travelers can expect parking shortages and longer waits for shuttle buses this summer. The airport has about 5,000 fewer parking spaces than last year after tearing down old parking decks to begin constructing new ones, and its fleet of shuttle buses is aging and unreliable.

Carstarphen, CEO of Gaston County's Pharr Yarns, dies at 81

May 22, 2014

(The Charlotte Observer)

J.M. "Bip" Carstarphen, CEO of McAdenville-based Pharr Yarns, died Tuesday. He was 81. The Tarboro native and U.S. Army veteran began working at the textile company in 1956 and became CEO and chairman when owner William Pharr died in 1981. 

 

Charlotte now 16th largest U.S. city

May 22, 2014

(The Charlotte Observer)

New census data shows that Charlotte has passed Fort Worth, Texas in population and is now the nation's 16th largest city. The Queen City gained more residents than all but seven other cities between 2012 and 2013.

Lowe's first quarter profits rise

May 22, 2014

(The Charlotte Observer)

Lowe's quarterly profits increased 16% compared with a year ago to $624 million, despite colder than average weather which lagged into the spring season. Sales at the Mooresville-based retailer grew 2.4% to $13.4 billion for the quarter.

Clean-energy sector emerging in Cleveland County

May 21, 2014

(The Shelby Star)

The renewable-energy industry has added 150 jobs in Cleveland County since 2012, and $58.3 million has been invested in solar projects there since 2007. Shelby solar manufacturer Schletter plans to add 50 jobs to its existing 110 by year-end, and hopes to add more in the next four to five years.

CommunityOne Bank closer to exiting federal bailout program

May 21, 2014

(The Charlotte Observer)

The Treasury Department plans to sell about 1.1 million shares it owns in Charlotte-based CommunityOne Bancorp and it expects to receive about $10.1 million from the sale. CommunityOne is the last Charlotte-based bank that is still part of the Troubled Asset Relief Program. 

New 25-story office tower planned for downtown Charlotte

May 20, 2014

(The Charlotte Observer)

MassMutual Financial Group's Cornerstone Real Estate Advisers will build a 25-story office tower in downtown Charlotte. Construction will begin this fall on the 634,000-square-foot building and is expected to be completed by spring 2017. Babson Capital Management will be the anchor tenant; Spectrum Properties will develop and manage the property.

BofA, others save on taxes by holding profits offshore

May 20, 2014

(The Charlotte Observer)

Charlotte-based Bank of America and Duke Energy are among Fortune 500 companies that avoid big tax bills by keeping a portion of profits overseas. Nonprofit advocacy group Citizens for Tax Justice reported that 301 companies are saving nearly $550 billion by holding profits in offshore accounts. 

Charlotte Bobcats officially become Hornets

May 20, 2014

(The Charlotte Observer)

The Charlotte Bobcats officially change their name to the Charlotte Hornets on Tuesday, following what began as a grassroots effort by fans to bring back the brand that introduced Charlotte to NBA basketball in 1988. 

Firearms plant to close in Pineville

May 20, 2014

(The Charlotte Observer)

Madison-based Remington Arms Co. will close its Pineville firearms plant and will lay off 65 workers by Aug. 15. The company is consolidating production of eight factories in a Huntsville, Ala. plant that will employ up to 2,000 workers.

BofA leads all banks with most consumer deposits

May 19, 2014

(The Charlotte Observer)

Bank of America holds more personal deposits than any other bank in the nation, according to a federal filing that requires banks with more than $1 billion in assets to disclose what portion of their deposits are from individuals and families. The Charlotte-based bank reported $464 billion in consumer deposits. San Francisco-based Wells Fargo & Co. was second with $412 billion.