Local Business News
Heritage House Fabrics building HQ in Concord
May 13 - Concord: Heritage House Fabrics has purchased 5.56 acres in the International Business Park at Concord to expand current operations and satisfy the increasing need for space. Founded in 2000, the imports fabrics from countries including Turkey, India, China and Israel and resells them in the U.S. to the home furnishing, hospitality, and healthcare industries. The company, which employ 31 people, plans to build a 50,000 square-foot office, and warehouse with 35-foot ceilings. The company hopes to break ground in July and move in by the end of 2008 or early 2009. The new ceiling heights will allow the company to more than quadruple its storage capacity. Construction management is being handled by the Staubauch Co. A contractor will be selected next month, said Tony Hilb, CEO of Heirtage House.
Joe Moose receives
Pharmacists' award
May 12 -Mt. Pleasant: Joe Moose, one of the owners of the 125-year-old Moose Pharmacy chain in Cabarrus County, has received the Community Care Pharmacist of the Year Award from the North Carolina Association of Pharmacists.
Mooresville-south Iredell selects new EDC director
May 9 - Mooresville: The Mooresville-South Iredell Economic Development has hired Russell Rogerson to replace the ousted Melanie O'Connell Underwood, who was highly regarded for bringing new industry to the area. Rogerson was recruited from GreaterFindlayInc. since 2006. GFI is a private, non-profit organization that combined the Community Development Foundation, the Chamber of Commerce and the Convention & Visitors' Bureau. GFI placed sixth in the nation for Site Selection Magazine's Micropolitan Communities. The corporation also has been in the top 20 in the Site Selection ranking for the past 10 years. M-SI officials said Rogerson helped close an average of six projects a year with an average investment of $50 million.
Aquesta doubles assets from year-ago levels
May 7 - Cornelius: Aquesta Bank assets at the end of the first quarter reached $130.2 million, up from $61.5 million at March 31 of last year. The bank incurred an operating loss of approximately $340,000 during the first quarter compared to a loss of $263,000 for the first quarter of 2007. This quarterly loss included a loan loss provision of $207,000 for 2008 compared to a loan loss provision of $147,000 for the first quarter of 2007. The increase in the provision for loan losses is in line with the higher loan portfolio growth generated in the 2008 quarter. Aquesta's net interest income improved during the quarter. Aquesta was launched in August of 2006 at the height of the interest rate environment, which meant it focused much of its initial lending activity in generating fixed rate owner occupied commercial loans. Net interest income improved in the first quarter of 2008 to $920,000 from $539,000 in the same quarter of 2007. The shareholder meeting will be 7 p.m. May 20 at The Peninsula Club.
Cornerstone Financial refurbishing offices
May 5 - Cornelius: Cornerstone Financial, a financial planning and wealth management firm, plans to expand into space it had formerly leased out and undertake a thorough remodeling. The business has recently added two people, including a new advisor and a staff person. Andrew Smith, senior partner, said the firm will spend on the order of $250,000 to transform the 1970s-era dwelling into something more like Class A office space.
Architect Roger Layman will handle the design which features stacked stone and stucco.
Carolina Rustica opening in 3,500 s.f. showroom
May 1 - Concord: Carolina Rustica, a home accessories internet retailer, will open a retail showroom in the Gibson Mill on McGill Road in Concord. The 3,500 square-foot-space will feature Carolina Rustica's lines of furniture, lighting and kitchen accents. In 2007, 90 percent of the store's sales were generated online and Sexton is hoping that will change with the expanded retail store operation. "Our goal is to create a space that is an extension of our website where customers can come and see the depth and assortment of our product lines," says Richard Sexton, president of Carolina Rustica. Florida, Texas, California and New York accounting for the highest online volume. The store has been successful expanding its customer base online marketing primarily through Google Adwords with its selection of 3,000 key words and phrases to attract customers to its web site, www.carolinarustica.com.
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