Triad

BNC Bancorp buying High Point Bank

November 17, 2015

(News & Record, Greensboro)

BNC Bancorp, parent of Bank of North Carolina, is buying the holding company for High Point Bank for about $141.3 million. High Point bank has 12 branches. High Point-based BNC, which now has 64 offices in the Carolinas and Virginia, will have about $6.8 billion in assets when the deal closes, expected to be in the second quarter of 2016.

Piedmont Triad Partnership names new board members

November 17, 2015

(News & Record, Greensboro)

Joining the board of directors of the Piedmont Triad Partnership in 2016 are Cantey Alexander, Triad regional president of BB&T, Graham Bennett, president of Quality Oil, and Joe Budd, CEO of The Budd Group. Other new members include Kathleen Evans, David Neill and Robin Team.

Old Dominion CEO lands on Fortune top 50 list

November 16, 2015

(Winston-Salem Journal)

David Congdon, who took over as CEO of Old Dominion Freight Line in 2008, ranked 23rd on Fortune magazine's list of the world's top 50 business people for 2015. During Congdon's tenure at the Thomasville-based trucking company, revenue has more than doubled and profits have increased fivefold, according to Fortune.

Greensboro's Qorvo plans to raise $1 billion

November 16, 2015

(News & Record, Greensboro)

The Greensboro semiconductor company plans to raise $1 billion by 2025 through a senior notes offering. The company will use the proceeds to buy back shares and pay off debt.

Novant Health to pay $32M to settle class-action suit

November 12, 2015

(Winston-Salem Journal)

Winston-Salem-based Novant Health reached a preliminary settlement Monday in a lawsuit filed by six current and former employees. The complaint alleges employees of the Winston-Salem-based health system were required to pay excessive fees under its retirement and savings plans.

Susquehanna branches rebranded as BB&T

November 10, 2015

(Winston-Salem Journal)

BB&T said Monday it has completed the conversion of 239 former Susquehanna Bancshares branches in Pennsylvania, Maryland, New Jersey and West Virginia. Winston-Salem-based BB&T acquired Susquehanna for $2.5 billion in August, giving it a total of 2,150 branches.

Hotel in historic Reynolds building plans February opening

November 9, 2015

(Winston-Salem Journal)

The former R.J. Reynolds Tobacco headquarters building in downtown Winston-Salem will debut in February as the Kimpton Cardinal Hotel. The 174-room boutique hotel will occupy the bottom six floors of the 22-story building. Philadelphia-based PMC Property Group paid $7.8 million for the building in June 2014 and said it planned to spend $60 million on renovations.

Reynolds receives unsolicitied mini-tender offer

November 6, 2015

(Winston-Salem Journal)

Reynolds American received an unsolicited bid from Canadian investment group TRC Capital. TRC offered to buy up to 2 million shares for $43.95 each in cash, 4% below Reynolds' closing stock price on Wednesday. The Winston-Salem-based tobacco company issued a statement saying it does not endorse the offer and recommended that shareholders do not tender their shares.

NC A&T graduates the most black engineers in the US

November 6, 2015

(News & Record, Greensboro)

North Carolina A&T State University in Greensboro awarded 125 bachelor's degrees in engineering to African-American students, more than any other college in the nation for the sixth year in a row.

Old Dominion rededicates Thomasville office

November 5, 2015

(High Point Enterprise)

Old Dominion Freight Line showed off its renovated corporate headquarters Wednesday, a project that added 166,000 square feet and could provide space for 300 additional workers. Revenue for the trucking company has grown from $500 million in 2001 to almost $3 billion in 2015, CEO David Congdon said.

BB&T elevates Bradley, Weaver to exec group

November 5, 2015

BB&T added W. Bennett Bradley and David H. Weaver to its management team, which now numbers 13. It's the first change in the executive group since December 2014. Both Bradley and Weaver are North Carolina natives and veteran BB&T managers.

Medical products company moving HQ to Davie County

November 4, 2015

(Winston-Salem Journal)

A Buffalo, N.Y.-based company that makes medical products including headgear, slings and orthopedic devices is moving its headquarters to Mocksville. AccuMED will create 40 to 50 new jobs and invest $3.5 million in a 78,300-square-foot building previously occupied by Ventlab.

Former Congressman Howard Coble dies at 84

November 4, 2015

(WRAL.com)

Former U.S. Rep. Howard Coble died late Tuesday. Coble, a Greensboro native and the longest-serving GOP House member in North Carolina history, developed complications following a September surgery to remove skin cancer lesions and a lymph node. He was 84.

Southern Season staffs up for holidays at Mebane distribution center

November 2, 2015

(News & Record, Greensboro)

Chapel Hill-based Southern Season's new 87,000-square-foot distribution center in Mebane opened last week, and the gourmet-food retailer is looking to hire 50 seasonal workers.

Newport sales boost 3Q profit of Reynolds American

October 28, 2015

(Winston-Salem Journal)

Reynolds American reported third quarter net income of $657 million compared with $467 million a year ago. It was the first full quarter that included revenue from Newport, the nation's top-selling menthol cigarette and No. 2 overall cigarette. Higher cigarette prices also boosted the company's profits.

DHHS puts MCO merger on hold

October 27, 2015

(Winston-Salem Journal)

Rick Brajer, secretary of the N.C. Department of Health and Human Services, failed to approve Cardinal Innovations Healthcare Services' planned acquisition of Winston-Salem-based CenterPoint Human Services. Kannapolis-based Cardinal is the state's largest behavioral health managed care organization.

ZeekRewards receiver issues more payments

October 27, 2015

(High Point Enterprise)

Charlotte attorney Ken Bell will mail out about 1,500 distribution checks this week to victims of the ZeekRewards pyramid scheme that was based in Lexington. Bell, the court-appointed receiver in the case, has issued nearly $245 million to claimants.
Related: "Bounty hunter," June

Greensboro lands Charlotte Hornets D-league team

October 26, 2015

(News & Record, Greensboro)

The Charlotte Hornets selected Greensboro to host a new development league team, which is set to debut fall 2016. The Hornets also considered Asheville and Fayetteville for the team.

Cabinet company opens new Lexington facility

October 26, 2015

(The Dispatch, Lexington)

MasterBrand Cabinets opened a 137,000-square-foot production plant in Lexington. The new facility consolidates three existing buildings; about 100 employees will now work under the same roof. The Indiana-based cabinet-maker plans to create 38 new jobs over the next six months.

Fresh Market sale might be a challenge

October 23, 2015

(Winston-Salem Journal)

The Fresh Market's founder and chairman Ray Berry is said to be working with Apollo Global Management to explore a buyout of the company. The New York-based private-equity firm saw success with its 2011 buyout of Sprouts Farmers Markets, an Arizona-based chain of specialty grocery stores, though the market for natural-foods grocery stores is getting tougher.