Triad

Hatteras Financial reports second quarter loss

July 23, 2014

(Winston-Salem Journal)

Hatteras Financial Corp., a Winston-Salem-based mortgage real estate investment trust, reported a $17.9 million loss for the second quarter. 

BB&T's second quarter profits down 22.3%

July 22, 2014

(Winston-Salem Journal)

BB&T Corp. reported net income of $425 million for the second quarter compared with $547 million for the same period a year ago. The 22.3% drop was due to mortgage- and tax-related charges totaling $88 million. 

Ackman says he can prove Herbalife is a pyramid scheme

July 22, 2014

(News & Record, Greensboro)

Hedge-fund manager Bill Ackman will hold a presentation Tuesday that he says will prove Los Angeles-based Herbalife is a fraud. The founder and CEO of Pershing Square Capital Management claims the vitamin company is a pyramid scheme. Herbalife is investing $130 million in a plant in Winston-Salem, where it plans to employ nearly 500 people by the end of 2015.

Punitive damages likely to be reduced in RJ Reynolds case

July 22, 2014

(Winston-Salem Journal)

The $23.6 billion in punitive damages awarded by a Florida jury last week is likely to be reduced or overturned, according to industry analysts. A spokesman for R.J. Reynolds Tobacco Co. has said it will appeal the ruling.

RJ Reynolds to fight $23.6 billion verdict

July 21, 2014

(The News & Observer, Raleigh)

R.J. Reynolds Tobacco Co. says it will appeal a verdict in a lawsuit that would require it to pay $23.6 billion in punitive damages to the widow of a smoker who died of lung cancer in 1996. A Florida jury awarded the damages on Friday, a day after Cynthia Robinson was awarded $16.8 million in compensatory damages.

Bank of the Carolinas adopts poison pill to avoid hostile takeover

July 21, 2014

(Winston-Salem Journal)

Mocksville-based Bank of the Carolinas will adopt a poison pill strategy to prevent an unwanted takeover. The bank announced last week it had raised $45.8 million in private-equity funding.

NewBridge establishes middle-market banking team in Charlotte

July 21, 2014

(The Charlotte Observer)

Greensboro-based NewBridge Bank has created a banking group in Charlotte to serve companies with annual revenue between $25 million and $250 million.  The six-person team will be led by Michael McMahan, a former Bank of America executive. The bank plans to expand the team in the Triad and Triangle areas.

Former Lorillard CEO to lead integration of tobacco companies

July 18, 2014

(News & Record, Greensboro)

Former Lorillard CEO Martin Orlowsky was named executive chairman designate of United Kingdom-based Imperial Tobacco, which plans to take over Lorillard's Greensboro manufacturing operations. Orlowsky was CEO of the Greensboro-based tobacco company from 1999 until his retirement in 2010.

Greensboro developer reveals details of $50 million downtown project

July 18, 2014

(News & Record, Greensboro)

Roy Carroll, founder and CEO of The Carroll Cos., revealed plans Wednesday for a 4-acre, $50 million mixed-use project in downtown Greensboro that will include a 100-room hotel and 300 apartments. 

Bank of the Carolinas raises $45.8 million

July 17, 2014

(Winston-Salem Journal)

Bank of the Carolinas Corp. has raised $45.8 million in private-equity funding through a discounted stock offering of 10 cents a share. The Mocksville-based bank plans to use $34.8 million of the proceeds as a capital infusion for its bank subsidiary. 

Tobacco merger 'best possible outcome' for Triad

July 16, 2014

(Winston-Salem Journal)

Reynolds American CEO Susan Cameron says there should be no job cuts in Forsyth County related to the tobacco company's $27.4 billion acquisition of Greensboro-based Lorillard. Gayle Anderson, president of the Winston-Salem Chamber of Commerce, said the deal, expected to close in the first half of 2015, is "the best possible outcome for the Triad," with regards to preserving tobacco-industry presence in Winston-Salem and Greensboro.

Heart disease cause of Crisco's death

July 16, 2014

(The News & Observer, Raleigh) 

Former N.C. Commerce Secretary Keith Crisco died of heart disease and high blood pressure, according to an autopsy released Tuesday. Crisco, 71, collapsed at his Asheboro home on May 12.

Stanley Furniture reports $19.1 million loss in second quarter

July 16, 2014

(Winston-Salem Journal)

High Point-based Stanley Furniture Industries reported a second quarter loss of $19.1 million, compared with a $3.5 million loss a year ago. The company said it took a $16.2 million restructuring charge related to closing its Robbinsville plant (Regional Report, May) which ended its domestic production.

Imperial Tobacco hopes to revive Winston brand

July 16, 2014

(News & Record, Greensboro)

Imperial Tobacco Group said it plans to make Winston brand cigarettes the face of its U.S. marketing strategy and will distribute blu eCigs, the top-selling U.S. electronic cigarette brand, worldwide. 

Walker defeats Berger in 6th District GOP primary

July 16, 2014

(News & Record, Greensboro)

Mark Walker defeated Phil Berger Jr. in a runoff election of the Republican primary for the 6th Congressional District on Tuesday. Unofficial returns show Walker earned 60% of the vote, despite Berger's deep political connections in North Carolina.

Reynolds American to buy Lorillard for $27.4 billion

July 15, 2014

(Winston-Salem Journal)

Winston-Salem-based Reynolds American has agreed to purchase Greensboro-based Lorillard for $27.4 billion. As part of the deal, United Kingdom-based Imperial Tobacco Group will buy selected brands including blu eCigs and will acquire Lorillard's Greensboro manufacturing operations where the tobacco company employs 2,900.

Experts weigh in on potential tobacco merger

July 15, 2014

(Winston-Salem Journal)

A potential acquisition of Greensboro-based Lorillard by Winston-Salem-based Reynolds American could lead to hundreds of job cuts as the combined company would look to achieve cost savings of up to $900 million, according to one analyst.

Reynolds, Lorillard confirm merger talks

July 14, 2014

(Winston-Salem Journal)

After months of speculation, Reynolds American and Lorillard confirmed they are negotiating a potential acquisition of Lorillard by Reynolds. U.K.-based Imperial Tobacco Group also is in talks with the companies to buy some of their non-growth brands.

Davie, Yadkin residents organize against fracking

July 14, 2014

(Winston-Salem Journal)

A grassroots effort against fracking for natural gas is underway in Davie and Yadkin counties after state Sen. Andrew Brock proposed an amendment to the state Senate's budget proposal that would provide funds for test drilling in the Davie County shale basin.

 

New music venue coming to Greensboro

July 11, 2014

(News & Record, Greensboro)

A concert venue affiliated with House of Blues Entertainment and Live Nation will open in Greensboro in November.  The name of the club, which will accommodate up to 850 guests, has not been announced.