April 27th, 2011
After struggling in recent years, a pair of North Carolina banks with more than two centuries of combined service are merging.
News of the merger came just ahead of a Department of Justice announcement that the future banking brand for both financial institutions agreed to pay a $400,000 restitution settlement after it failed to detect a $40-million Ponzi scheme operated through its accounts.
Court documents released Wednesday reveal that during the past two years CommunityOne Bank experienced more than $283 million in losses that brought it to the brink of failure.
Further, the bank's accounts were utilized in a $40-million Ponzi securities fraud and money laundering scheme.
That left the Asheboro-based bank with few choices for survival: raise new capital, sell or merge.
In the end, the bank did all three.
Colby James Dobritz, 19, of Catawba, passed away Monday, April 25, 2011, at his residence. Burke Mortuary in Newton is serving the Dobritz family.
Joe Carrell Carter, 78, of Taylorsville, died Tuesday, April 26, 2011, at his residence. Arrangements are incomplete with Drum Funeral Home and Cremation Services in Conover.
CHARLOTTE, N.C. (AP) â€” No pressure, Carolina Panthers. All you're about to do is make a decision that could immediately turn around a troubled franchise or lead it further into the abyss.
Add in never-before-seen uncertainty involving the bizarre labor dispute and you don't have to remind the team's brass of the pressure in holding the No. 1 pick in Thursday's NFL draft.
"It does kind of put a face on the beginning of my career," new coach Ron Rivera said Tuesday.
ASHEBORO, N.C. â€” CommunityOne Bank and Bank of Granite have announced plans to merge, creating a financial network with more than $5 billion in deposits and assets.
Bank of Granite Chairman John Bray said Wednesday the merger of the two North Carolina banks will provide a stronger financial position and improve customer service.
Bank of Granite was founded in 1906 and has branches throughout western North Carolina. CommunityOne was founded in 1907 and serves communities in central, southern and western North Carolina.
St. Stephens couldnâ€™t have scripted a better ending.
Trailing 6-0 to Newton-Conover, the Indiansâ€™ baseball team rallied to score 12 runs, including a dramatic two-run homer by center fielder Phillip Carroll in the sixth inning. The Indians (6-13) bounced back from a 7-2 loss Monday to Hickory.
â€śWe came out flat in the first side out,â€ť said Indiansâ€™ coach Chip Watts. â€śOur kids responded well. We knew we had to chip at it a little bit at a time, and we wouldnâ€™t get it all back in one inning. Our kids stayed with the course and with the game plan.â€ť
Marion “David” Burke, 76, of Maiden, passed away Tuesday, April 26, 2011, at his residence. Burke Mortuary in Maiden is serving the Burke family.
Blondie Mae Ingle Ellis, 64, of Conover, passed away Monday, April 25, 2011, at Palliative CareCenter and Hospice of Catawba Valley in Newton. Burke Mortuary in Newton is serving the Ellis family.
Mae Graf Greim, 80, of Conover, died Monday, April 25, 2011, at Cannon Memorial Hospital in Linville.
About Main Street Grants: Main Street Solutions grants are highly competitive, with about 99 communities eligible to apply for the anticipated 6 to 12 grant awards. The application process requires preparation of a business plan, financial statements, marketing strategies and downtown vision and strategic plans. The state of North Carolina made almost $1.4 million available for 2011 Main Street Solutions grants, with a limit of $200,000 maximum per community.
Grants were limited to $25,000 per new job created.
A Startown veterinary office is almost ready to open a little more than a year after Newton City Council approved to rezone "Highway Business" districts.
Dr. Matt Pennell plans to open Startown Veterinary Hospital in mid-May after renovations are complete on an existing building at 2421 N.C. 10 West, near the intersection of N.C. 10 and Startown Road.
"We are tying together loose ends," Pennell said, as construction crews worked on the building Tuesday morning.
Several law enforcement agencies scoured Catawba County on Tuesday searching for an armed robbery suspect.