Triad Business Bank plans debut on Monday
Triad Business Bank plans to make its official debut Monday by opening its headquarters at 1501 Highwoods Blvd. in Greensboro. It plans a grand opening for late April.
A group of former NewBridge Bancorp executives, led by chief executive Ramsey Hamadi, announced in April 2019 their attempt at launching a startup business-oriented financial institution.
Triad Business set a capital-raise goal of between $58 million and $68 million through common stock sold at $10 a share.
The bank said it reached $50 million, which exceeded the $48.5 million minimum capital-raise requirement. It plans a second offering of up to $5 million that would close by April 29.
The bank is requesting FDIC permission to open a branch at 751 W. Fourth St. in the western part of downtown Winston-Salem. The bank also plans to open a leased production office in High Point in 2020.
Winston-Salem industrial site sells for $600,000
A Lexington group has spent $600,000 to purchase an industrial site at 1801 Ivy Ave. in Winston-Salem, according to a Forsyth County Register of Deeds filing Friday.
The 41,470-square-foot building on 4.49 acres was purchased by 310 UMA LLC, associated with JKS Inc., which offers event logistics and management, custom fabrication, painting and printing services.
JKS is owned by Will Spencer, who operates the Winston Cup Museum Special Event Center in downtown Winston-Salem.
The seller is Ivy Holdings LLC of Winston-Salem.
Colonial Group insurance agency bought
Hull & Co. LLC, a subsidiary of Brown & Brown Inc. of Daytona Beach, Fla., said Thursday it has bought The Colonial Group of Greensboro and its Colonial Premium Finance Co. affiliate.
The Colonial Group is a managing general agency for independent retail insurance agents offering property and casualty insurance for businesses and individuals primarily in the Southeast.
Brown & Brown is an insurance brokerage firm, providing risk management solutions to individuals and businesses.
The Colonial Group team will continue operating in Greensboro as a new standalone office within Brown & Brown’s wholesale brokerage segment.
Randleman company pays $120,567 on back wages
A Randleman trailer-manufacturing company has paid $120,567 in back wages and damages to 40 employees for violating the overtime requirements of the Fair Labor Standards Act, the U.S. Labor Department said Friday,
Investigators found Butler Trailer Manufacturing Co. paid employees straight time rates for all the hours that they worked, failing to pay them overtime when they worked more than 40 hours in a workweek.