Statewide: Triad region, January 2015
HIGH POINT — BNC Bancorp, parent company of Bank of North Carolina, will acquire Roanoke, Va.-based Valley Financial Corp. for $101.3 million in a stock deal. Valley Financial has nine branches in Roanoke and Salem, Va., and $857 million in assets. Based here, BNC has 52 branches and about $4.1 billion in assets. The deal is expected to close in the second quarter.
WINSTON-SALEM — Wake Forest Baptist Medical Center began construction on a 168,000-square-foot building for the university’s school of medicine at its Innovation Quarter center. It will be paid for with $50 million in private donations and $50 million in historic-preservation tax credits. Expected to open July 2016, the project is one of the last to qualify for the state credits, which expired Dec. 31. Baltimore-based Wexford Science & Technology will develop the school and an adjacent 115,000-square-foot building into offices, labs and retail space.
WINSTON-SALEM — Andrew Gilchrist, 42, will become chief financial officer of Reynolds American March 1. He will succeed Thomas Adams, 64, who has had the job since 2008 and is retiring. Gilchrist was president of subsidiary R.J. Reynolds Tobacco from 2011 until October, when he was named executive vice president of the parent company. Ricardo Oberlander was elected a director, replacing Neil Withington, who retired after 10 years.
MOUNT AIRY — Winston-Salem-based Hanesbrands will add 75 jobs to the 230 at a knitting plant here to meet increased demand for its Champion and Hanes athletic socks. The new jobs will pay an average annual wage of $44,000, higher than Surry County’s $35,175.