Triad

BB&T buys National Penn for $1.8B

April 5, 2016

(Winston-Salem Journal)

BB&T has completed its $1.8 billion purchase of National Penn Bancshares, increasing the Winston-Salem-based bank's assets to about $220 billion. It could be the BB&T's last acquisition for a while: Banks face more stringent regulatory requirements when they reach $250 billion in assets. BB&T also closed Friday on a $500 million deal to buy wholesale insurance broker Swett & Crawford.

BNC Bancorp-Southcoast Financial deal delayed

April 4, 2016

(American Banker)

BNC Bancorp, the High Point-based parent of Bank of North Carolina, has delayed its acquisition of Mount Pleasant, S.C.-based Southcoast Financial because the Federal Reserve hasn't completed its review of the deal.

Land expansion gives Piedmont Triad airport a chance for growth spurt

April 4, 2016

(Greeensboro News & Record)

Piedmont Triad International Airport is poised for expansion as construction continues on a taxiway and bridge that will connect the airport to 1,000 additional acres. The airport has transitioned from a small passenger-oriented facility into a diversified operation for cargo, aircraft maintenance and business-jet production that employs 5,000 people and helps support another 8,000 jobs in related industries.

ZeekRewards chief receives continuance in federal fraud case

April 1, 2016

(Greensboro News and Record)

Paul Burks, the founder of now defunct Lexington-based ZeekRewards, was granted a continuance for his trial on fraud charges, extending it from May to July 5. The receiver for ZeekRewards.com has distributed about $263 million to victims of the $850 million Ponzi scheme that involved more than 1 million investors. (See "Bounty Hunter" in the June 2015 Business North Carolina.) The Securities and Exchange Commission closed the company in 2012.

Drug maker mulling new Durham plant in light of LGBT controversy

April 1, 2016

(Raleigh News and Observer)

New Jersey-based Braeburn Pharmaceuticals said it is "reevaluating our options based on the recent, unjust legislation" involving rights for people based on gender identity. The company two weeks ago said it planned a $20 million manufacturing and research plant in Durham with about 50 jobs paying an average of about $76,000 a year. The move came as Gov. McCrory met with gay-rights advocates to discuss their complaints.

 

Primo Water's Prim earned $821,000 in compensation last year

April 1, 2016

 (Winston-Salem Journal)

Primo Water Corp. CEO Billy Prim had total compensation of about $821,000 last year, according to the company proxy. The bottled-water company reported its first profit last year, about $1.9 million, on sales of $126.9 million.

 

 

Novant Health reports $191M in excess income

March 30, 2016

(Winston-Salem Journal)

Novant Health earned $191.6 million in excess income — the same as profit for a nonprofit organization — in fiscal 2015, a 5% decrease compared with the previous year. The drop was due to a $60 million loss in the company's investment portfolio. Operating revenue rose 8.9% to $4.13 billion for the Winston-Salem-based health care system, which employs about 24,000 people.

Roy Cooper to address workers at MillerCoors brewery in Eden

March 30, 2016

State Attorney General Roy Cooper will speak to workers outside MillerCoors' brewery in Eden on Wednesday. The workers are protesting the planned closure of the brewery, which will eliminate more than 500 jobs in the town of about 15,000 residents. 

Wake Forest Innovation Quarter announces $40M project

March 29, 2016

(Winston-Salem Journal)

Wexford Science & Technology plans to begin construction this spring on a $40 million redevelopment of a portion of the Bailey Power Plant at Wake Forest Innovation Quarter in downtown Winston-Salem. The real-estate developer plans 110,800 square feet of office, entertainment and retail space.

Wake Forest Baptist, United Healthcare form ACO

March 29, 2016

(Winston-Salem Journal)

Wake Forest Baptist Medical Center has formed an accountable care organization with United Healthcare. The ACO is related to the Winston-Salem health system's pending purchase of High Point's Cornerstone Health Care, a physicians' group with more than 80 locations in the Triad.

Yarn-maker closing China Grove plant

March 25, 2016

(Winston-Salem Journal)

Tuscarora Yarns will close its plant in China Grove by May 9, according to a filing with the N.C. Commerce Department. The plant's 123 workers can apply for jobs at the company's other two plants.

Novant Health seeks to expand Kernersville outpatient center

March 23, 2016

(Winston-Salem Journal)

Winston-Salem-based Novant Health filed a certificate-of-need request for a $9.8 million ambulatory surgical center at its Kernersville campus. The project will not require a public hearing.

Yadkin County reaches settlement with former hospital operator

March 23, 2016

(Winston-Salem Journal)

According to a court filing Monday, Yadkin County has reached a tentative settlement with CAH Acquisition, the operator of Yadkin Valley Community Hospital that abruptly closed in May.

Developer Halpern buys land near Greensboro's Friendly Center

March 22, 2016

(News & Record, Greensboro)

Atlanta developer Halpern Tyrone LLC paid $5.15 million for 6.4 acres at Friendly Avenue and Hobbs Road in Greensboro. Plans call for 42,000 square feet of retail space, including a grocery store, and up to 22 residential units.

Burlington's LabCorp completes acquisition of Pathology

March 22, 2016

(The Times-News, Burlington)

LabCorp has completed its purchase of assets of Pathology Inc., a Torrance, Calif.-based lab that offers medical testing and services for women. Terms of the deal were not disclosed.

ITG Brands begins layoffs in Greensboro

March 21, 2016

(Winston-Salem Journal)

The third-largest U.S. tobacco company has cut 20 salaried jobs in Greensboro. ITG Brands warned employees last month that job cuts were coming but didn't provide a timeline. ITG has about 1,700 workers in Greensboro, including 1,100 production workers.

Megasite skeptics to join Randolph commissioners

March 21, 2016

(News & Record, Greensboro)

Randolph County voters last week elected two county commissioners who are expected to take a more critical look at the Greensboro-Randolph Megasite than their predecessors. Republicans Kenny Kidd and Maxton McDowell will run unopposed in November, all but ensuring they will join the commission at year-end.

HondaJet approved for delivery in Mexico

March 18, 2016

(News & Record, Greensboro)

Honda Aircraft has received certification to begin delivering its HondaJet light aircraft in Mexico. The company received FAA certification in the U.S. in December and delivered its first jet on Dec. 23. Honda Aircraft employs about 1,700 people at its Greensboro manufacturing plant.

State approves Center Point-Cardinal merger

March 18, 2016

(Winston-Salem Journal)

N.C. Health Secretary Rick Brajer said Thursday the merger is part of a strategy to reduce the number of behavioral-health managed care organizations to four from eight. Kannapolis-based Cardinal Innovations Healthcare Services is the state's largest behavioral-health MCO, providing care for 2.4 million N.C. residents. Some administrative positions at Winston-Salem-based CenterPoint could be eliminated after the merger.

NewBridge to pay $10 million in ZeekRewards settlement

March 17, 2016

(Winston-Salem Journal)

A day before its acquisition by Raleigh's Yadkin Financial, NewBridge Bancorp reached a settlement agreement with the receiver in the ZeekRewards.com case related to the funds the Greensboro-based bank handled for Rex Venture Group, the entity behind the the Lexington-based pyramid scheme (cover story, June).