Archive - News Article
April 27th, 2011
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.
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.
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.
One teenager is dead and another person is in critical condition after an early morning crash in Sherrills Ford.
Tyler Scott Good, 20, of Newton, was driving east in a Mitsubishi Eclipse on Mt. Beulah Road in Sherrills Ford at 3:48 a.m. Tuesday.
N.C. Trooper S.R. Lineberger said Good was traveling at about 70 mph in a 45-mph zone. Lineberger said Good went off the right side of the road, lost control, crossed the centerline, went over to the left side of the road, flipped over and hit a tree.
Jordan Bone, 17, of Sherrills Ford, was the passenger in the car. She died on the scene.
A plan to address $32.5 million in necessary Newton projects relies on more than $30 million in new debt for the city.
Plans to finance projects included in a proposed Capital Improvement Plan come as the city continues to make payments toward $27.7 million in debt. Yet, even facing the prospect of increasing that debt, the city is still well below state rules for how much debt a city can incur.
A Hickory Police investigator resigned a week after his DWI conviction, following a single-car accident in December.
Officer Robert Joseph Falowski, 42, of Claremont, was convicted April 14 on a Level 5 driving while impaired charge in Hickory District Court. Falowski's attorney, Gene Sigmon, filed an appeal in the ruling, which is on its way to the District Attorney's Office for a date in superior court.
Newton City Council is considering a five-year, $32.5 million capital improvement plan that the city manager said will address the city's most pressing needs.
Conover Farmers Market is open and in full swing with a variety of seasonal fruits and vegetables.
Julie Lehmann, manager of Conover Farmers Market, said Saturday's first day open for the season was off to a good start.
"(Saturday's) shoppers found spring time and were romping around the market," Lehmann said. "They were very excited to be back."