The Good News Report

[kermit]

it may be premature to call this good news but Charlotte based North American Financial Holdings purchased the assets of Spartanburg-based First National Bank of the South, Metro Bank of Dade County, as well as Turnberry Bank of Aventura, Fla. Total assets of all three purchases were approx $1.4 billion.

To put it another way NAFH purchased half of the six banks which were seized today.

http://online.wsj.com/article/SB10001424052748704229004575371582930652888.html?mod=WSJ_hps_LEFTWhatsNews

[tozmervo]

I suppose that's preferable to, say, a Charlotte bank being purchased by some out-of-tower out in San Francisco.

[krazeeboi]

I had no idea an NAFH Bank even existed, let alone that it was headquartered here.

North American Financial Holdings, Inc. is a bank holding company that raised approximately $900 million of equity capital, which it intends to invest in failed and undercapitalized banks with the goal of establishing a strongly capitalized, high performance, regional bank. NAFH is led by a team of seasoned bank executives.

http://www.prnewswire.com/news-releases/north-american-financial-holdings-inc-acquires-three-failed-banks-from-the-fdic-98640639.html

[cltbwimob]

There are also 2 others, both seeking more startup capital than NAFH. If they win their charters we could maybe one day have 3 regional banks maybe like BB&T, Regions and Comerica along with the Behemoth BofA

[Urbanity]

Charlotte based Lance will merge with Hanover (PA) Snyder with the headquarters based here.

Lance Inc. is merging with fellow snack maker Snyder’s of Hanover Inc., known for its Snyder’s brand of pretzels and chips.

The companies are calling the deal a merger of equals. The combined corporation will be known as Snyder’s-Lance Inc., and will be headquartered in Charlotte. Some executives and functions will remain at Snyder’s offices in Hanover, Pa.

Read more: Lance to merge with snack maker Snyder's of Hanover - Charlotte Business Journal

[jednc]

Charlotte based Lance will merge with Hanover (PA) Snyder with the headquarters based here.

Glad Charlotte will retain the headquarters and really glad the Lance name will survive. I'm still not over the Wachovia name eventually disappearing. #nchistory

[atlrvr]

Their combined 2009 revenues would have made them a Fortune 1000 company (about #950 or so).

[HopHead]

Wells Fargo will opening one of five East Coast Global Banking offices in Charlotte. No indications on how many employees will be there. The other four cities are: Atlanta, Miami, New York and Philadelphia. This is part of their plan to expand their worldwide banking capabilities.

Edited July 27, 2010 by dbull75

[atlrvr]

So in addition to Lance becoming a Fotune 1000 company HQed in Charlotte (Ballantyne) after its merger with Snyders, Charlotte also gains Babcok & Wilcox today, as today they are supposed to close their spin-off from The McDermott Company. Last years revenue would put them in the Fortune 700-800 range, but they are working on a mini-nuke reactor that should grow their business substantially in the next several years.

Also, it looks like Ruddick (parent company to Harris Teeter) might organically grow into a Fortune 500 company for this year. They were 509 based on last years revenue, and the way their income has trending up, they would come in around 470.

[jednc]

So in addition to Lance becoming a Fotune 1000 company HQed in Charlotte (Ballantyne) after its merger with Snyders, Charlotte also gains Babcok & Wilcox today, as today they are supposed to close their spin-off from The McDermott Company. Last years revenue would put them in the Fortune 700-800 range, but they are working on a mini-nuke reactor that should grow their business substantially in the next several years.

Also, it looks like Ruddick (parent company to Harris Teeter) might organically grow into a Fortune 500 company for this year. They were 509 based on last years revenue, and the way their income has trending up, they would come in around 470.

This is great news and good speculation. It would be great for Charlotte to pick up another Fortune 500 Co. next year and having Babcok & Wilcox grow into one in the next couple of years would be tremendous.

[HopHead]

That's great. Admittedly, I had no idea Harris Teeter's parent company was that close to becoming a Fortune 500 company.

On another note, I saw that Charlotte-based Park Sterling bank is going to be issuing 23 million shares of public stock. They will be using the proceeds to fund organic growth and purchase other banks. They are looking to become a bank with at least $8-$10 billion in assets over the next few years. While not enough to crack the top 50 largest banks, it will definitely make them a decent regional bank.

[krazeeboi]

So in addition to Lance becoming a Fotune 1000 company HQed in Charlotte (Ballantyne) after its merger with Snyders, Charlotte also gains Babcok & Wilcox today, as today they are supposed to close their spin-off from The McDermott Company. Last years revenue would put them in the Fortune 700-800 range, but they are working on a mini-nuke reactor that should grow their business substantially in the next several years.

Also, it looks like Ruddick (parent company to Harris Teeter) might organically grow into a Fortune 500 company for this year. They were 509 based on last years revenue, and the way their income has trending up, they would come in around 470.

This is great news. As I stated before, I think Charlotte is emerging from the recession as a better and more economically diverse city than it was before.

[krazeeboi]

Canada-based Supermetal Structures will locate its new manufacturing plant in York County. The $6.6 million investment is expected to generate at least 125 new jobs.

[krazeeboi]

After paring positions last year, Wells Fargo has started adding jobs in its investment banking and capital markets group. The bank added about 30 associates and about 50 analysts this summer as it recruited business school graduates and undergraduates after a one-year hiatus from college recruiting.

[HopHead]

Some more Fifth Third bank news... They will be adding about 25 more jobs for a mortgage-fulfillment unit that they will be establishing uptown.

[HopHead]

More hiring by Zenta... If you remember they plan on hiring over 1,000 employees in their residential mortgage servicing business in Charlotte. Now, Zenta will be hiring an additional 100 mortgage professionals immediately. The latest round of hiring follows Zenta’s recent decision to expand in the Forest Park business park. The company already occupies a 53,000-square-foot office that houses 450 employees. It has signed a lease to expand into 60,000 additional square feet, enough space for 450 more workers.

Zenta to add 100 jobs in new round of hiring in Charlotte

[atlrvr]

Ernst & Young (one of the "Big 4") has launched a new subsidiary called Ernst & Young Capital Advisors, which will be an independent broker dealer licensed by FINRA. This means they can essentially perform the duties of an investment bank. The group will be based in Charlotte, and led by ex-BofA and Wachovia people.

It could definitely be a driver of future growth here, and E&Y is a big name company, so to base a high-profile business in Charlotte should be significant.

Also, TIAA-CREF is now beginning to ramp up its hiring for its banking subsidiary. Leadership is in place, and they are concentrated in Charlotte. Most all of their banking positions will be filled in Charlotte. It should be several dozen over the next year or so.

[atlrvr]

Another bit of good news. Swisher International, based in the South Park area, is merging with a publicly traded Canadian company. From reading through the different releases, it seems that Swisher's management will stay in place, and the HQ will be in Charlotte. The company will file to be listed on the NYSE exchange.

The CEO and chairman were previously responsible for the creation of companies such as Blockbuster, WasteManagement, and AutoNation, so hopefully there will grow Swisher into a comparably large company.

[jednc]

Another bit of good news. Swisher International, based in the South Park area, is merging with a publicly traded Canadian company. From reading through the different releases, it seems that Swisher's management will stay in place, and the HQ will be in Charlotte. The company will file to be listed on the NYSE exchange.

The CEO and chairman were previously responsible for the creation of companies such as Blockbuster, WasteManagement, and AutoNation, so hopefully there will grow Swisher into a comparably large company.

Wow, I really hope they don't head in the direction of any of those companies...all have undergone or are undergoing (think Blockbuster) serious problems and in the case of the former, will probably disappear at least in any recognizable form. But, great news about Swisher. The stock symbol jokes almost write themselves...

[sharkdawg]

Wow, I really hope they don't head in the direction of any of those companies...all have undergone or are undergoing (think Blockbuster) serious problems and in the case of the former, will probably disappear at least in any recognizable form. But, great news about Swisher. The stock symbol jokes almost write themselves...

Besides Waste Management being the largest Waste handler in the US & Canada.

[cltbwimob]

Sompo, an insurance company is moving 46 jobs to Charlotte.

[jednc]

Besides Waste Management being the largest Waste handler in the US & Canada.

And, they used to be my waste services provider and to say their service was trash is ironically accurate.

[cltbwimob]

A couple of things...

Foundation Financial is adding 50 jobs in Charlotte.

ABB, a Swiss company, is building a $90 million plant in Huntersville, adding 100 jobs.

Finally, a couple of weeks ago, an article in the Observer said that there are 125 job openings at TIAA-CREF

[atlrvr]

Another finance firm has opened an office in Charlotte. Cortview Capital will be a securities dealer specializing in bond trading and sales and is being run by mostly ex-BB&T Capital Markets people. They will be hqed in Richmond, but have opened a Charlotte office next to SP mall and are expecting to grow to probably a couple dozen here.

[atlrvr]

The Export-Import Bank (a federal governement self-funded agency) is opening a Charlotte office, probably early next year. Not sure on the number of people, but as the name implies it will help exporters and importers arrange financing. Staffing is probably less than a dozen or so, but it is more symbolically important as there are less than 20 of these offices, and it will be the only location between Atlanta and D.C. They are all located in key international trade markets, so hopefully this will help expand Charlotte reputation in the international business world.

Also, I think it was mentioned earlier, Wells Fargo has opened an International Banking office in Charlotte, which does similar work, albiet for larger companies.