F.N.B. plans to close East Bend branch on Sept. 27

F.N.B. Corp. confirmed Tuesday plans to close its branch in East Bend and combine the deposits with its branch at 104 Progress Lane in Yadkinville.

The East Bend branch at 117 Pauline St. will close Sept. 27.

The bank said the closing was part of a branch efficiency and consolidation initiative. The ATM at the East Bend branch will remain available “for a period of time” after the branch closure.

F.N.B., based in Pittsburgh, entered the North Carolina market in March 2017 following its $1.4 billion acquisition of Yadkin Financial Corp., initially based in Elkin before moving to Raleigh.

The bank is closing at least nine branches, including in Creswell in Washington County, according to filings with the U.S. Office of the Comptroller of the Currency.

Richard Craver

High Point furniture facilities sell for $4.8M

The American Furniture Hall of Fame Foundation has spent $2.5 million to purchase a downtown High Point furniture showroom, according to a Guilford County Register of Deeds filing Friday.

The building at 311 S. Hamilton St. contains just under 18,000 square feet. It was built in 1996.

The seller is Southeast Showroom LLC of Asheboro.

The hall of fame plans to establish a museum and library at the new site.

In a separate furniture transaction, the Pasha Furniture Inc. upholstery manufacturing plant at 240 Berkley St. was sold for $2.3 million to Gem Property Holdings LLC of High Point.

The seller is Pasha Home LLC.

Sluggish 2Q sales lower Bassett Furniture profit

Bassett Furniture Industries Inc. reported Tuesday an 89.6% drop in second-quarter net income to $445,000.

Diluted earnings were 4 cents, compared with 40 cents a year ago.

The company reported a 6.7% decline in furniture and accessories sales to $95.8 million. It had a 13.5% decrease in revenue from its Zenith logistics business to $12.4 million, primarily because of a decision to discontinue home-delivery services to third-party customers.

“The second quarter was tough,” Rob Spilman, Bassett’s chairman and chief executive, said in a statement.

“The overall retail home-furnishings sector was sluggish, and sales in our corporate-store network were down sharply on both a written and delivered sales basis.”

Spilman said sales trends for the June promotions “were slightly better than last year.”

Richard Craver

Highwoods announces executive succession plans

Highwoods Properties Inc. said Tuesday that Ed Fritsch, age 60, will retire as chief executive and a board member on Sept. 1.

Ted Klinck, 53, the company’s president and chief operating officer, will be promoted to chief executive and named to the board at that time.

Fritsch, who joined Highwoods in 1982, became president in December 2003 and chief executive in July 2004.

Klinck has served as president since November and chief operating officer since September 2015.

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Richard Craver

Richard Craver

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