Winston-Salem Journal articles from May 2001

Winston-Salem Journal archives from May 2001

SunTrust Banks Says It Won't Raise Competing Bid for Wachovia.
May 31, 2001... Byline: Jane Seccombe May 31--SunTrust Banks Inc. said yesterday that it will not raise its competing bid for Wachovia Corp., describing it as a superior deal overall to First Union Corp.'s despite its reduced price advantage. "I can...

Analyst Says Phone Prices Would Fall if BellSouth Enters North Carolina Market.
May 31, 2001... Byline: Kristi E. Swartz May 31--North Carolina's long-distance telephone customers could save almost $500 million annually if BellSouth would be able to enter that market, according to a telecommunications analyst. The Southeast...

First Union, Wachovia Announce Leadership Appointments.
May 30, 2001... May 30--First Union Corp. and Wachovia Corp. announced two new appointments yesterday in the leadership lineup for their proposed new combined company. Wachovia's board has agreed to be bought by First Union, but shareholders are being...

Networking Firm Offers Computer Training for Winston-Salem, N.C.-Area Seniors.
May 24, 2001... Byline: Kristi E. Swartz May 24--Imagine getting e-mail from your grandmother. Or telling her how to find a Web site she may like. Entegrait's new senior computer training course is trying to make this more of the norm. The...

Survey Says Winston-Salem, N.C., Leads State in Expected Addition of Workers.
May 24, 2001... Byline: Kristi E. Swartz May 24--Winston-Salem leads the state in the percentage of businesses that expect to add workers over the next quarter, according to a recent employment survey. Despite the steady stream of layoffs at...

North Carolina Firms Are Named in Magazine's Report on Black Businesses.
May 23, 2001... Byline: Fran Daniel May 23--Ten North Carolina companies made Black Enterprise magazine's 29th annual report on leading black businesses. Two of those companies, Dudley Products Inc. of Kernersville and Plaza Ford Lincoln-Mercury of...

BB&T Tries to Gain More Customers in Winston-Salem, N.C., Area.
May 22, 2001... Byline: Jane Seccombe May 22--The tussle has begun for the Triad customers of Wachovia Corp. and First Union Corp. In a letter mailed to bank customers in the region last week, BB&T Corp. asked them to consider it for their financial...

Wachovia Chief to Discuss SunTrust Offer After Board's Review.
May 22, 2001... Byline: Jane Seccombe May 22--Unhappy about media reports on SunTrust Bank Inc.'s bid to buy Wachovia Corp., Wachovia's chairman and chief executive, L.M. "Bud" Baker Jr. has told employees in an internal memo that he will speak out on...

CEO of Wachovia Bank Agrees to Reduction in Proposed Retirement Compensation.
May 19, 2001... Byline: Jane Seccombe May 19--Wachovia Corp's chairman and chief executive, L.M. "Bud" Baker Jr., said yesterday that he will forego a $500,000 increase in his annual retirement compensation as stipulated in the company's proposed...

Connections Are Key to Lasting Businesses, Says Winston-Salem, N.C. Speaker.
May 18, 2001... Byline: Fran Daniel May 18--Businesses and organizations that focus on social capital, the human connections that make businesses and communities better, are more likely to succeed, says Don Cohen. Longevity is one of the benefits of...

Nicotine-Focused Drug Firm Acquires Site in Winston-Salem, N.C.
May 17, 2001... Byline: Kristi E. Swartz May 17--After months of negotiating over a lease and lab space, the Piedmont Triad Research Park plans to announce today that Targacept, the R.J. Reynolds Tobacco Co. spinoff, will be its newest tenant, sources...

Thomasville, N.C., Hosiery Manufacturer to Shut Down Most of Its Operations.
May 17, 2001... Byline: Deirdre Fernandes May 17--THOMASVILLE, N.C.--A long-time children's hosiery manufacturer in Thomasville will be shutting down most of its operations by September, according to company officials. KayBy Mills, which is owned by...

Despite SunTrust Bid, Wachovia-First Union Merger Integration Plans Continue.
May 17, 2001... Byline: Jane Seccombe May 17--Wachovia Corp. and First Union Corp. are forging ahead with their integration plans, undeterred by this week's rival bid for Wachovia by SunTrust Banks Inc., according to an internal memo sent to employees...

First Union Supports Its Bid for Wachovia.
May 16, 2001... Byline: Jane Seccombe May 16--First Union Corp. said yesterday that its proposed $12.7 billion acquisition of Wachovia Corp. is "clearly superior" to a counteroffer submitted by SunTrust Banks Inc., with the potential for significantly...

SunTrust Banks Tried to Buy Wachovia Last Year.
May 16, 2001... Byline: Jane Seccombe May 16--SunTrust Banks Inc. stepped out of the shadows this week, confirming long-running rumors that it tried to buy Wachovia Corp. last year. Their deal collapsed at the last minute as, unbeknown to SunTrust,...

Winston-Salem, N.C., Leaders Favor Wachovia Deal with First Union.
May 15, 2001... Byline: Kristi E. Swartz May 15--Some city and business leaders gave more of a dulled, vague reaction yesterday to SunTrust Banks Inc.'s unsolicited bid to buy Wachovia Corp. and leaned more in favor of the original deal between the...

Board Recommends Denial of Greensboro, N.C., Developer's Building Petition.
May 12, 2001... Byline: Adrian Zawada May 12--The City-County Planning Board has recommended that the Board of Aldermen deny Greensboro developer Barry Siegal's petition to build 252 apartments at the southeast corner of Highway 421 and Peace Haven...

Winston-Salem, N.C.-Area Healthcare System Posts $4.2 Million Net Income.
May 11, 2001... Byline: Fran Daniel May 11--Novant Health reported net income of $4.2 million for the first quarter ending March 31, compared to $10.7 million for the first quarter in 2000. Operating revenue was $402.9 million, up from $373.4...

R.J. Reynolds Faces Deadline to Set Aside Funds in Tobacco Suit.
May 11, 2001... Byline: Adrian Zawada May 11--R.J. Reynolds Tobacco Co. has 10 days left to decide whether it will set aside money for the class of ill Florida smokers who won a suit against the tobacco industry last year or it may face a billion-dollar...

Greensboro, N.C., Manufactured Home Firm on Brink of Rebound, Says Chief.
May 10, 2001... Byline: Adrian Zawada May 10--Manufactured-home companies are fighting to survive an industry-wide slump, and Oakwood Homes Corp. is no exception. The New York Stock Exchange was close to delisting the Greensboro company in December,...

Best Workers, Products to Be Chosen in Wachovia, First Union Merger.
May 9, 2001... Byline: Jane Seccombe May 9--The "best of the best" in terms of employees, products and processes will be selected from Wachovia Corp. and First Union Corp. in their proposed combination, Wachovia's top executive has told shareholders....

Winston-Salem, N.C.-Area Paint Store Is Scheduled to Close May 31.
May 8, 2001... May 8--Several weeks ago, Ronnie Mathis, the owner of Naylor Paint Co., began telling his customers that they should make plans to go elsewhere to buy paint, window treatments and other home decorating products. Naylor Paint, which...

Winston-Salem, N.C.-Area Pupils Take Part in Collegiate Entrepreneur Contest.
May 5, 2001... Byline: Kristi E. Swartz May 5--Ricky Van Veen, using a Wake Forest University-issued IBM ThinkPad laptop, created a Web site that now gets more than 50,000 hits a day. Rob Holland put together his film skills and childhood desire of...

Nextel Communications to Lay Off Workers in North, South Carolina.
May 4, 2001... Byline: Kristi E. Swartz May 4--Nextel Communications Inc. plans to lay off some employees in North and South Carolina as part of its move to streamline operations and reduce costs. Nextel announced this week that it is cutting back...

Winston-Salem, N.C.-Based Banking Company Plans Additional Operations Center.
May 3, 2001... Byline: Jane Seccombe May 3--BB&T Corp. plans to build a 50,000-square-foot operations center in Winchester, Va., to serve its growing markets in that region. The center, which could ultimately employ about 200 people, will open in...

Winston-Salem, N.C., Neighborhoods To Protest Plan To Build Apartments.
May 1, 2001... Byline: Adrian Zawada May 1--Nine Peace Haven Road neighborhoods are mounting a campaign against a Greensboro developer's petition to build 242 apartments because of concern they would add traffic and hurt property values in their area....

New Business Directory Debuts in Winston-Salem, N.C., Area.
May 1, 2001... Byline: Kristi E. Swartz May 1--PFAFFTOWN, N.C.--A new online business directory has hit the Triad, but this one is geared to help the Mom and Pop stores that can't afford traditional advertising or set up elaborate Web sites, its...