Triad

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).

Longtime CEO of Members Credit Union to retire

March 16, 2016

(Winston-Salem Journal)

Jack Braswell Jr., president and CEO of Winston-Salem-based Members Credit Union, will retire in September. Braswell first joined the credit union in 1979 and became CEO in 1991. During his tenure, assets have grown from $59 million to $265 million and membership has nearly doubled. Executive Vice President Bob Donley will succeed him.

Krisy Kreme exec announces retirement

March 15, 2016

(Winston-Salem Journal)

Cynthia Bay, senior vice president of U.S. franchises and company store at Krispy Kreme Doughnuts, will retire on March 31. Bay, 57, joined the company in 2008. It's the sixth executive leadership change since February 2013 at the Winston-Salem-based company. Bay's replacement has not been named.

The Fresh Market to be acquired by Apollo Global Management

March 14, 2016

(Bloomberg.com)

An affiliate of Apollo Global Management will acquire Greensboro-based grocer The Fresh Market for about $1.36 billion, or $28.50 per share, a 24% premium over The Fresh Market's closing price on Friday.

Thomas Built Buses adding 200 jobs in High Point

March 10, 2016

(myfox8.com)

Thomas Built Buses is adding a second shift at its High Point plant, resulting in the addition of 200 jobs. The bus-maker is seeking welders, robotic technicians and skilled mechanics. Thomas is a subsidiary of Daimler Trucks North America.

Reynolds leads industry in cigarette sales growth

March 10, 2016

(Winston-Salem Journal)

Sales of traditional cigarettes increased 4% in February for Reynolds American, compared with a 2.4% increase for the industry as a whole, according to Wells Fargo analyst Bonnie Herzog. Sales of Newport rose 5.5%, while Camel sales rose 3.3% and Natural American Spirit rose 22.9%.

Supreme Court rejects BB&T, others in tax case

March 9, 2016

(The Charlotte Observer)

The U.S. Supreme Court rejected three separate appeals by Bank of New York Mellon, AIG and a unit of BB&T. The companies were seeking to overturn previous rulings that invalidated a tax-avoidance strategy developed by Barclays. Winston-Salem-based BB&T was trying to recoup $600 million from the IRS.

Report fuels speculation of BAT acquistion

March 8, 2016

(Winston-Salem Journal)

A London newspaper reported that British American Tobacco could be preparing for an acquisition, triggering speculation that the tobacco company could be planning a bid for Imperial Brands, which operates ITG Brands in Greensboro, or a majority ownership in Reynolds American. BAT owns 42% of Reynolds.

'Woz' named Innovator in Residence at HPU

March 8, 2016

(The News & Observer, Raleigh)

Apple co-founder Steve Wozniak was named Innovator in Residence at High Point University. "Woz" will visit HPU's campus each year and will offer advice to students digitally.

Reynolds CEO earns 52% more in 2015

March 7, 2016

(Winston-Salem Journal)

Susan Cameron earned a salary of $1.38 million in 2015, up 52.4% from the previous year when she only worked for seven months, according to a preliminary proxy filing last week. The Reynolds American CEO returned in May 2014 to oversee the cigarette company's acquisition of Greensboro-based Lorillard. Cameron's total compensation in the year before she retired in February 2011 was $23.8 million.

Grizack convicted of fraud charges in Forsyth County

March 4, 2016

(Winston-Salem Journal)

William John Grizack pleaded guilty to fraud charges Thursday and agreed to pay $235,000 to his previous employer, Pave Advertising and Design in Winston-Salem, and another company, McKinney Ventures LLC in Durham. In 2012, Grizack fabricated $269 million in contracts so he could become partner at Pave, now known as The Variable.

Greensboro developer plans downtown skyscraper

March 3, 2016

(News & Record, Greensboro)

Greensboro developer Roy Carroll has completed the purchase of a downtown lot where he is planning an $80 million project that could include retail space, a hotel and offices.

Yadkin, NewBridge complete merger

March 2, 2016

(Greater Wilmington Business Journal)

Raleigh-based Yadkin Financial completed its acquisition of Greensboro's NewBridge Bank, creating a combined company with assets of $7.3 billion and 110 branches in the Carolinas.

BB&T headquarters building is potential forfeiture target

March 1, 2016

(Winston-Salem Journal)

BB&T's Winston-Salem headquarters building was listed among potential forfeiture targets if co-owner Ty Rhame is convicted in an international money-laundering scheme. An attorney for co-owner Ray Gee — who is not involved in the case — said Rhame's indictment won't affect short or long-term operation of the building. Gee and Rhame paid $60 million for the building in 2014.

Yadkin County seeks more money to reopen hospital

March 1, 2016

(Winston-Salem Journal)

In a legal filing, Yadkin County officials said it could cost more than $6.2 million to reopen the shuttered Yadkin Valley Community Hospital, and former operator HMC/CAH, based in Kansas City, should help pay. HMC/CAH closed the 20-bed hospital in May and a legal battle ensued.

Herbalife reports lower fourth-quarter profits

February 26, 2016

(Winston-Salem Journal)

Lower global sales led to an 18.2% drop in fourth-quarter net income for nutritional products manufacturer Herbalife, which employs more than 400 people at a Winston-Salem manufacturing plant.

BB&T to pay $500M for insurance broker Swett & Crawford

February 25, 2016

(Winston-Salem Journal)

BB&T announced its second largest insurance acquisition on Wednesday. The Winston-Salem bank is buying Swett & Crawford from London-based Cooper Gay Swett & Crawford in a $500 million deal that will increase insurance revenue by $200 million, or 15%. BB&T is the fifth largest U.S. insurance broker.

California furniture company to open Greensboro plant

February 24, 2016

(Winston-Salem Journal)

CH Living will open a 180,000-square-foot plant in Greensboro that will be used for manufacturing and distribution of upholstered furniture. The Oxnard, Calif.-based company plans to hire 50 workers by late March; employment could reach 200 when the plant reaches full production.

Shareholders OK NewBridge-Yadkin merger

February 24, 2016

(News & Record, Greensboro)

Shareholders of both companies approved Yadkin Financial's $456 million bid for Greensboro-based NewBridge Bancorp. The deal is expected to close March 1, creating a company with $7.2 billion in assets and 110 branches.

Hearing on US 64 Bypass draws a crowd in Asheboro

February 24, 2016

(Asheboro Courier-Tribune)

Asheboro residents attended a public hearing Tuesday to learn about the planned U.S. 64 Bypass, a $224 million project that would ease congestion and speed up traffic from Raleigh to Lexington. Also planned is a connector road for the N.C. Zoo. While some residents were concerned about how the bypass would affect their properties, others felt they had gotten a fair deal from the state.