Business

Business news from Charlotte and the Carolinas. For more business news, listen to Marketplace every weekday at 6:30 p.m. ET.

Charlotte-based snack-maker Snyder's Lance may be for sale, after it reportedly was approached by a potential buyer. CNBC reported Thursday that the company has hired an investment bank to study a possible sale.

Mark Hames / Charlotte Observer

Bojangles' chicken and biscuits may soon be making their debut in the Midwest. The Charlotte-based company is looking for franchise owners to open restaurants in Cincinnati, Ohio and Evansville, Indiana. The company also plans to add to its locations in Louisville, Kentucky. 

Alex Olgin / WFAE News

Robotic arms coil 335 feet of steel wire into a roll four-and-a-half inches in diameter.  It is then dropped onto a conveyor belt. Where workers at Mar-Mac Wire in McBee, SC, package it into boxes.

Friday was third-quarter earnings day at both Bank of America and Wells Fargo.  BofA beat Wall Street expectations with a bigger profit than a year ago. But Wells Fargo investors were disappointed, as legal expenses related to past mortgage practices contributed to a sharp drop in profits.

Crescent Communities

Another new office tower will begin construction uptown early next year, with Ally Financial as the main tenant. Besides offices, the 26-story building at South Tryon and Stonewall streets will have a hotel and space for restaurants and shops.  It's expected to open in 2021.

Santee Cooper and SCE&G had been adding two reactors at the V.C. Summer nuclear plant in Fairfield County.
Santee Cooper

COLUMBIA, S.C.  — The retiring CEO of one of two utilities that abandoned a nuclear power project in South Carolina argues against selling the pieces, saying the reactors will be completed someday.

Wells Fargo sign
MoneyBlogNewz / Flickr / https://creativecommons.org/licenses/by/2.0/

Updated 3:49 p.m.
The unflattering news keeps coming for Wells Fargo. The San Francisco-based bank said Thursday that an expanded review turned up more potentially fake accounts, beyond what Wells had already announced.

Billionaire Warren Buffett's investment company became Bank of America's biggest stockholder this week and it’s already sitting on a big profit.

Second-quarter profits rose at home improvement retailer Lowe's, but not as much as Wall Street analysts were expecting.

Revenues at the Mooresville-based company rose 6.7 percent, boosted by sales of home appliances and lawn and garden supplies and sales to contractors.

Alevo CEO Jostein Eikeland unveiled the company's plans for the old Philip Morris plant in October 2014.
Duncan McFadyen / WFAE

An industrial battery company that took over the former Philip Morris plant in Concord three years ago is going out of business. Nearly 300 people are losing their jobs.

Wells Fargo sign at a bank branch
Flickr / Mike Mozart

High-level changes may be in the works at Wells Fargo. The Wall Street Journal reports the embattled bank is eyeing changes that will likely include the departure of chairman Stephen Sanger. He's held the post since October, when then-chairman and CEO John Stumpf abruptly stepped down.

Governor Roy Cooper announces Allstate expansion in Charlotte.
Alex Olgin / WFAE

Allstate Insurance Company is bringing 2,250 jobs to Charlotte. The governor announced the expansion Wednesday at the Chamber of Commerce. The insurer said it will hire claims specialists, actuaries, underwriters, IT professionals and support personnel over the next three years as part of an expansion of the operations center in Charlotte.


The CEO of Charlotte-based snack maker Snyder's-Lance says he's not satisfied with the company's financial performance. As the company announced quarterly results Tuesday, CEO Brian Driscoll outlined a plan to increase profitability by 2020.

The owners of Blackbeard's Lodge say they'll have to work to recover from lost business during the power outage.
Blackbeard's Lodge

Full electric power has been restored and tourists are returning to Hatteras and Ocracoke islands at North Carolina's Outer Banks. A bridge construction crew cut underground transmission lines a week ago, and visitors were evacuated - at the height of the summer tourism season. WFAE's David Boraks talked to Helena Stevens, who runs the 38-room Blackbeard's Lodge on Ocracoke.

Bank of America sign
Jennifer Lang / WFAE

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history." That is how Bank of America CEO and Chairman Brian Moynihan characterized the Charlotte based bank's second quarter results this morning. B of A saw profits rise 10 percent from last year with net earnings of $5.3 billion for the quarter.

bank of america sign
MoneyBlogNewz / Flickr / https://www.flickr.com/creativecommons/by-2.0/

Billionaire Warren Buffett's company is about to become Bank of America’s largest investor, when it exercises rights to buy 700 million shares in the bank. The purchase will mean a big payoff, at least on paper, for Berkshire Hathaway's cash infusion to the bank six years ago. 

Tom Bullock / WFAE

NoDa and Olde Mecklenburg breweries, along with members of a craft brewers group filed the case in Wake County Superior Court Monday.

The brewers argue two state laws which force them to enter distribution contracts if they produce more than 25,000 barrels of beer a year violate the North Carolina constitution.

DAVID BORAKS / WFAE

The bond ratings service Fitch has upgraded ratings for Charlotte Douglas International Airport, citing a healthy outlook for air traffic and the airport's relatively low costs.

A Charlotte-based bank started by former Bank of America executives is being sold. Capital Bank will become part First Horizon of Memphis, Tennessee, in a $2.2 billion-dollar deal announced Thursday morning.

Bank of America sign
Jennifer Lang / WFAE

Bank of America shareholders on Wednesday rejected a series of stockholder proposals, including one that would have required the jobs of chairman and CEO to be separate. During the company's annual meeting uptown, shareholders also easily elected the company's 14 nominees to the board.

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