Charlotte | Capital Analytics Associates

Spotlight On: Tom Mitchell, Managing Partner, Moore & Van Allen

By: Felipe Rivas

2 min read February 2020 — Diversity encapsulates the evolution of Charlotte’s legal sector. Diversity in legal practices and attorneys are a direct result of the growth the region is experiencing. Large, national firms like Moore & Van Allen have benefited from the diversification of the local economy and talent coming to the Charlotte region. From a revenue standpoint, 2019 was a record year for the firm, Managing Partner Tom Mitchell told Invest: Charlotte. The firm encourages pro bono practice as a way to give back to the Charlotte community and provide young lawyers valuable experience, he said.

What were some highlights for the firm in 2019?

2019 was another record-setting year from a revenue standpoint for Moore & Van Allen. We are an AmLaw 150 law firm, which means we are one of the Top 150 law firms in the country based on revenue. Our business expanded in many of our core areas, such as finance, mergers and acquisitions, private equity, intellectual property and regulatory and investigations. As the business grows, we continue to hire attorneys to help us service our clients efficiently. We have approximately 325 lawyers, most of them based in Charlotte. We also offer strong contributions in the public service and pro bono arena. For example, we worked on the merger of the Men’s Shelter of Charlotte and Urban Ministry Center last year. We are very proud of this work and can already see the benefits the merger brings to our community.

How have the legal needs of businesses evolved in the last few years?

Charlotte has always been a strong banking center. At Moore & Van Allen, our finance group has been one of our largest practice groups for many years. Recently, with the amount of large companies moving their headquarters to Charlotte, corporate and transactional legal practices in the region have become more diverse. For example, with more technology companies in Charlotte creating jobs in the region, legal practices such as intellectual property, data security and privacy continue to expand. The relocation of large companies to Charlotte has had a significant impact on the legal sector here.

How is Moore & Van Allen shaping the next generation of legal talent?

Charlotte offers a competitive and unique quality of life. The sophistication of our legal practices allows us to recruit top talent locally and nationally. We showcase Charlotte as a great place to live and work. With our depth and sophistication in over 20 practice areas, we can provide opportunities early on to our newer attorneys, allowing them to develop their practice and skills more quickly than they might in other cities.

Also, we have been intentional in our efforts to emphasize diversity at Moore & Van Allen. For example, we host a diversity conference each year for first-year law students where we expose them to the practice of law. We also have a strong mentoring program, which contributes greatly to sustaining the pipeline of talent necessary to maintain a diverse workforce and client base for our firm.

How can law firms be more involved in their communities?

At Moore & Van Allen, we are committed to charitable, bar, civic and pro bono service and encourage our attorneys to give back to the community. We have a very active public service committee that identifies, coordinates and facilities public service opportunities for our attorneys, including in such areas as housing rights, assistance with estate planning, and human trafficking prevention, among others. These opportunities also provide great training for our young lawyers. As a result, not only are our lawyers helping someone in need, they are gaining valuable experience as a litigator or transactional lawyer whether in the courtroom or otherwise. Most importantly, our attorneys and staff uphold the legacy of service and corporate social responsibility that Moore & Van Allen is incredibly proud of.

To learn more about our interviewees, visit: http://www.mvalaw.com/

Spotlight On: Danny Jackson, City Manager, City of Mount Holly

By: Felipe Rivas

2 min read February 2020 — Situated west of the Catawba River, the city of Mount Holly in Gaston County is known as one of the best bedroom communities in the Charlotte Metro Area. The city is experiencing residential growth as it aims to be a place where families can live, work and play. Its proximity to the Charlotte Douglas International Airport and to I-485 are great assets that will serve as a catalyst for the city’s growth, City Manager Danny Jackson told Invest: Charlotte. As part of its vision plan, the city is expanding its water and sewage systems and preparing its workforce for future tech-based jobs, Jackson said.

How has Mount Holly grown in the last few years?

Mount Holly is in a great location. It is in proximity to Charlotte and the Charlotte Douglas International Airport. Interstate-485 has spurred development and as a result people have been discovering Mount Holly, as manifested by our population growth. These factors have been the genesis of our growth. We have been seen as a bedroom community for a number of years. Through our vision plan, we have launched efforts to make Mount Holly a place where residents can live, work and play.

How is the city preparing for future growth?

Based on the growth that we are experiencing, people are approaching us for development opportunities, primarily residential and some commercial. Within that process, the infrastructure is constructed by the developers, then they turn it over to us for perpetual management. Sometimes, we add to existing projects to accommodate future growth. Also, we have connected our water and sewage plan to the city of Charlotte across the Catawba River to increase our capacity to accommodate future growth. Additionally, all of our local chambers of commerce have been working together to bring businesses to Mount Holly and boost the economy. It has been a good, collective effort. We believe we have the elements to support businesses. Not everyone wants to have the hustle-and-bustle of the large jurisdiction. We are not that, but yet we are close to one as well.

What does the city’s updated vision plan entail?

In 2019, Mount Holly adopted its updated vision plan for the next 10 to 15 years. At the forefront of that plan is economic development, job growth and a diverse tax base. These are the nuts and bolts of it in terms of growth in the Gaston County region. I think the main sector growing in the region is technology. That is where the emphasis will be for this region, and with that comes the education component that is being addressed in Gaston County. Workforce development is a key component of this. We are making sure that our employee base is prepared for the next level of tech-based jobs that are coming to the area.

How is the city preparing itself in the event of a future economic downturn?

We have been working on worst-case scenarios. In 2008, the nation experienced an economic downturn, but Mount Holly continued to grow. Construction was still happening and people were moving to the city. I expect the same in case of another economic downturn. Our infrastructure is such that we are prepared for growth. We have done what we believe we need to do to stay economically sound, such as updating the vision plan and expanding our water and sewage systems. I think we have all of these mechanisms to continue to grow and grow positively.”

To learn more about our interviewee, visit: https://www.mtholly.us/

Spotlight On: Dan Rajkowski, Chief Operating Officer, Charlotte Knights

By: Felipe Rivas

2 min read February 2020 — The Queen City is teeming with sports activity. It is host to NASCAR, the NBA and NFL, and closed the decade with a new MLS team. Not too far behind stand the Charlotte Knights, the region’s minor league baseball team. The Knights have led the country in fan attendance four out of the six years they have played in Charlotte. The loyal fan base and consistent attendance numbers can be attributed to affordable ticket prices, a family environment, and a centrally located ballpark, Chief Operating Officer Dan Rajkowski told Invest: Charlotte. For 2020, the Knights plan to host several Republican National Convention-related events and concerts to maximize the use of their ballpark.

How has the local sports scene evolved in the last few years?

We have had tremendous success in Charlotte since we opened in 2014. We have led the country in minor league attendance four out of the six years we have been here. We are in a vibrant and growing market with a youthful demographic. Coming into the market from South Carolina, and bringing another 650,000 people into Center City, is creating tourism for different parts of the county. The Charlotte Knights produce an economic impact of close to $50 million a year. The region has NASCAR, NBA, NFL, major golf tournaments, other minor league teams, and now professional soccer. Charlotte has created a great hotbed for professional sports, while amateur sports are also enjoying growth. All this is largely thanks to the initiatives of city and hospitality leaders. They are very aggressive in trying to get sports teams to the region and making sure they stay

What are the benefits of being located in Center City?

Our ballpark is gorgeous. There are very few ballparks that have our skyline view, and fans can easily get to the park. Our affordability is important, especially in minor league baseball. While there are many options for fans, with different levels of ticketing, with us, they can get a ticket for $10 or $12 and enjoy the game. Some major league sports games are not as affordable as minor league baseball. We offer a great product that is not necessarily driven by wins or losses. We drive our fan base by promoting the experience, whether it be through a fireworks show, giveaways or on-field contests. We try to create an atmosphere of nine innings of fun. Being located in Center City, with its vibrancy, and the population base that is in this core, as long as you provide a good product people will continue to come.

How are you collaborating with the local business community?

We are heavily involved with the business community as all sports teams in the city are. Charlotte has a tremendous business community. There are several organizations that work closely to improve the city and the business community gets that. We are fortunate to have wonderful corporate leaders across sectors that step forward when there are initiatives out there that relate to the community. We feel we need to be active in the community. That means donating time, money and resources. We have the ability to bring underprivileged kids to the ballpark and give them a great experience with professional athletes. As a sports organization, you have to position yourself to make an impact in the community that other people may not be able to make.

What can fans expect from the Charlotte Knights in 2020?

We have 70 games a year. We also host college baseball games. In 2020, we will host the ACC baseball tournament. This year, we will host a number of events related to the Republican National Convention. In the fall, we plan to host a few concerts as well. We will continue to improve our brand and keep prices affordable. We want to be creative, but always give people three hours of a fun experience.”

To learn more about our interviewee, visit: https://www.milb.com/charlotte-knights

Rock Hill crystallizes its future with new development and capital projects

By: Felipe Rivas

2 min read February 2020 — About an hour south of Charlotte, in South Carolina, a city is experiencing an evolution much like its counterpart in North Carolina. Located in York County, the city of Rock Hill is crystallizing its future by moving past its textile history to make way for new development anchored by education and projects related to sports tourism. According to York County leaders, there are over half a billion dollars worth of projects under construction or in the pipeline, while completed projects have begun to change the landscape of Rock Hill and it’s Downtonw.

Much like Charlotte, the city of Rock Hill is focused on attracting and retaining talent as part of its economic development master plan, leveraging the growth of Winthrop University as the centerpiece of the capital projects happening in the area. The seminal project in the region, University Center, located in the Knowledge Park area, has already seen $100 million of total investment. “It’s a 23-acre former mill site that closed in the 1990s and employed around 5,000 people,” University Center developer Skip Tuttle told Invest: Charlotte. “It links Winthrop University to Downtown Rock Hill on the other side.” When complete, the project will account for about $250 million of development in Downtown Rock Hill. Tuttle, president of the Tuttle Company, is also making way for new office space in the nearby Lowenstein building featuring 225,000 feet of Class-A space, slated to attract new businesses to the region. “We have progressed rapidly on the redevelopment and have leased 70 percent of it. There are 350 people working there now in 10 firms,” he said.

Another game changer for the region has been the Rock Hill Sports and Event Center. Opened

In January, the center welcomed 13,000 people during its first month in business, Tuttle said. “It has proven to be a phenomenal success, to the point that virtually every week this year it is booked,” he said. The center will serve as a mecca for indoor amateur sports ranging from gymnastics, volleyball, basketball, competitive cheerleading, and even cornhole. “It is going to be a catalyst for the rest of what we are doing in Rock Hill, which includes restaurants, breweries, outdoor entertainment venues, as well as office complexes. It is a true live, work, and play environment,” Tuttle said.

Much of Rock Hill’s success can be attributed to the flurry of development and economic diversification happening in the Queen City. “There is no question that we are located in an area that is a desirable place to be because we are close to a major metropolitan area with an international airport less than 30 minutes away,” Tuttle said. “We have companies that are here because of the proximity to that airport and the other things that Charlotte has to offer.” Yet, Tuttle believes that Rock Hill has the workforce and infrastructure needed to create its own boom in economic growth and diversification. “About 56,000 people a day commute to Charlotte from York County. The local economic development folks are using that as a tool to recruit businesses by telling leaders that those highly trained, well-qualified individuals who leave York County to work in Charlotte could be working for them in Rock Hill,” he said, “And it is working.”

To learn more about our interviewees, visit: https://tuttleco.com/

Spotlight On: Christopher Lam, Partner, Bradley Arant Boult Cummings LLP

By: Felipe Rivas

2 min read February 2020 — Charlotte’s growth continues to attract a gamut of industries and talent into the region. As a result, the legal needs of businesses are evolving along with the diversification of the local economy, expanding the opportunities for legal professionals in the Queen City. Charlotte’s cost of living and sophisticated legal services rival the likes of New York, Chicago and Washington, D.C, Bradley Arant Boult Cummings Partner Christopher Lam told Invest: Charlotte. The business diversity is driving the need for expertise in compliance and data privacy. Additionally, there is a great emphasis to provide access to justice to all residents via pro bono legal services or by committing financial resources to community agencies in the region, Lam said.

Q: How has the legal landscape changed with so much economic growth in the region?

A: From a legal perspective, a lot of firms from outside North Carolina decided to set up an office here, and not all of those have remained. According to American Lawyer, however, there are 59 law firms with a Charlotte office that are not headquartered here. This remains a very popular place to be for lawyers and that’s because of the way our business community has diversified.

We are known as a banking and financial services hub, and while this is still a key part of our economy, we are so much more than that, with energy, manufacturing, fintech and other sectors emerging. That diversification is good for us as lawyers too, as it better equips us to weather a potential downturn. For example, our firm has experts in multiple practice areas and industries, which allows us to serve clients with those needs and protects us against a downturn in one or two particular sectors.

Q: How have the legal needs of companies evolved as new technologies and developments emerge?

A: The core legal needs for businesses have largely remained the same – corporate, employment, litigation, real estate. But with new regulations, there is a greater need for expertise in compliance, specifically in data privacy, and particularly with new regulations such as GDPR and CCPA going into effect. That impacts almost every company. At Bradley, we have two of only a handful of lawyers in the country who are board-certified privacy lawyers, and we have an additional deep bench of lawyers who are CIPP-US certified. We have been well-positioned to help companies navigate these new regulations.

Q: How do you think the private sector and public officials must work together to keep growth sustainable?

A: Charlotte has a proud legacy of business leadership in issues of community development and public policy. Our business leaders have long been champions of these initiatives and we certainly think we at Bradley are a part of that effort. It is important as corporate citizens that we recognize that the better we make our community as a whole, the better it is for everyone.

Q: How does the Charlotte legal market compare with other markets such as Chicago or New York?

A: Those cities are larger and more diverse and sometimes those legal markets can seem more attractive, whether it be a higher salary or more opportunities. In Charlotte, however, because of the diversity of the business community, we have sophisticated legal services here to rival the likes of New York, Chicago and Washington, D.C. We also have a cost of living that is more advantageous, meaning lawyers can have great opportunities with a lower cost of living. That’s the best of both worlds.

Q: What are the main challenges facing the Charlotte market today?

A: Most of the 5,500 lawyers in Mecklenburg County are not working in big firms or representing large companies. And there are thousands of residents in the broader Charlotte community who have legal needs but cannot afford legal services. As current president of the Mecklenburg County Bar, my time spent working with groups like the Charlotte Center for Legal Advocacy has emphasized that the greatest challenge for lawyers here is our responsibility to ensure there is access to justice for all. We have a professional obligation to do so. We can do this in a couple primary ways – providing pro bono legal services ourselves or committing our financial resources to the agencies doing the heavy lifting every day. That issue is not unique to Charlotte, but as lawyers we have a particular responsibility to help ensure there is access to justice. I am very proud to say our lawyers at Bradley live into that. As but one example, we have a partnership with the Bank of America legal department through which we work with Safe Alliance to represent clients who need domestic violence protective orders.

To learn more about our interviewee, visit: https://www.bradley.com/

Spotlight On: Gray Shell, Division President, TRI Pointe Homes

By: Felipe Rivas

2 min read January 2020 — Creative product design and an increase in density are part of achieving a higher relative affordability for housing developer TRI Pointe Homes, according to Division President Gray Shell. The company also takes pride in achieving good, lasting business relationships with partners and providers to keep prices fair in an increasingly tight market, he said in an interview with Invest: Charlotte.

How have you been able to secure land in the tight North Carolina market?

It really starts with people, with hiring the right land acquisition team to identify and underwrite the deals. Company strategy follows. TRI Pointe is a $3 billion public company. We build in seven states, but really, real estate is a local business. We have this concept called the best of big and small, meaning, we are a big, public company, we have access to the public debt markets, we have nearly a billion in liquidity to invest, but we really see the land strategy, the product design, the consumer segmentation as a local business. We have the flexibility to be creative and current with our product design and to be design-forward. That really resonates well with land sellers, developers and municipalities when we talk about our creativity on the product side. That is probably the largest single factor in our success in addition to people. Then, there is the process. You have to have the right process of identifying, underwriting and contracting land.

How is creativity applied to property development?

We start with a property, for example something near Uptown Charlotte. Here, it is about small acreage and a lot of density, and we want to create good relative affordability. So, we know what the property is, but we need to design the site plan and the product to maximize the use of that land.

We go through a product design process in which we identify the consumer. For example, are they millennials and if so, are they married or single, what is the household income? We’ll go through a three- day design process considering the customer’s wants and needs and, from scratch, draw a series of plans. By the end of those three days, we’ll have a good set of working drawings, with exterior elevations and renderings so we really understand the product. Most national builders would do that in nine months; we do it in a week.

What has been the impact of the millennial generation on the local market?

They do represent the single largest consumer group from a home buying perspective. But even if some people see millennials as one large group, there are really four or five different subsets, related to age, stage of life and income. The one thing all of them do want is relative affordability. It depends on whether they want an in-town, four-story product or a more suburban, traditional, residential two-story product, but you really have to decide what subsegment of that generation you are targeting.

The sort of amenities that we add to these developments has changed dramatically over the last five to 10 years. A lot of residential projects that were built 10 years ago had a big swimming pool, a large clubhouse, a golf course, but that has really transitioned and I can tell you, the No. 1 amenity today is walkability. Whether a community has a trail system, walkability to retail, entertainment and restaurants, that is the No. 1 amenity. When we get to suburban communities, there is still that want and need for younger families to have a swimming pool, but the scale is usually smaller.

How are you navigating the increase in construction costs in the area as you develop these communities?

It really starts with relationships. We partner with trade partners on the product design, on the value engineering, and they want to grow their business with ours. With that relationship, you might not get the best price, but you get a fair price and you get more advance notice of cost increases because you are partnering on it. It is also a tight labor market, the labor pool is short, but when you build a business relationship where they’d rather work for you, that is how you get the labor, and again, a fair price.

What other challenges for developers are arising in the Charlotte market?

Land availability has always been an issue. There is also the complexity regarding zoning, entitlements, and permit fees that continue to escalate so the cost of development becomes more expensive and affects affordability from a consumer standpoint. Those are the biggest problems. Every municipality is a little bit different and we have a dozen in the Charlotte market, so you have to really understand the municipality and partner with it to get the best result.

How can developers and local governments help to cover the affordable housing gap in the market?

I think that it requires flexibility from a product design standpoint, and creating good relative affordability. You get there by creating smaller, denser products, but it pushes yields up too. Some municipalities don’t like density, but I think getting more creative with density is the best approach over the next three to five years.

To learn more about our interviewee, visit: https://www.tripointehomes.com/

We’re making our mark on the industry by offering a strong benefits programs and great opportunities to build careers, a total rewards program to attract and retain the best talent: the unusual combination of offering both industry-leading 401(k) matches and a pension plan to most teammates; industry-leading time off programs to ensure maximum flexibility in planning life events; and financial wellness programs.

There is also a place for those interested in computer science and engineering. We are creating an Innovation and Technology Center in Charlotte that will be dedicated to the ongoing enrichment of client experiences. The Innovation and Technology Center will focus on optimizing technology to serve our clients at every interaction, whether it takes place in a branch, over the phone or through a digital channel. The Technology and Innovation Center will also focus on equipping teammates with solutions to deliver personal touch and care to clients. We see this combination of technology and personalization as vital to ensuring clients’ trust and confidence in the security, simplicity and convenience of our services.

To learn more about our interviewee, visit :https://www.truist.com/

Face Off: The growth of Gaston County

By: Felipe Rivas

2 min read January 2020 — In the last few years, Gaston County, located an hour away from the Queen City, has greatly benefited from the activity happening in Mecklenburg County. As a result, Gaston County, home to cities like Gastonia and Mount Holly, is experiencing growth in its residential, commercial and industrial sectors. Its proximity to the Charlotte Douglas International Airport and available land make it a suitable place for businesses and new residents to settle in and still tap into the energy of nearby Charlotte. In an interview with Invest: Charlotte, city of Gastonia Mayor Walker E. Reid and Mount Holly Mayor Bryan Hough talk about how their perspective cities are adapting to the growth, changes in infrastructure, and their vision for their cities moving forward.

What areas are witnessing growth in your cities?

Walker E. Reid: Residential is growing in the southeast part of the city. It is an area we invested in a while back in hopes of developing it. As we speak, 411 single-family homes are being built within Nolen Farm. Also, we are going to bolster the zone’s water infrastructure and improve the sewage system. Eastridge Mall is in the process of being revitalized as well. For this project, some investors are willing to inject between $100 million and $150 million. It will include apartments and an aquatic center. We are working on the details of traffic patterns in and out of the mall. We are also working with the Transportation Commission to get the Silverline light rail into Gaston County.

Bryan Hough: We are one of the closest cities to the Charlotte Douglas International Airport. Our proximity to the airport provides an opportunity for travelers and professionals to see Mount Holly and take an interest in the city. They’ll see that we have a small town atmosphere but can take advantage of a large place like Charlotte and the amenities they provide. The exposure the airport provides is good for job growth and opportunities for commercial growth. For 2020, we expect to see more investment coming to Mount Holly. We are going to see additional growth in both residential and commercial. We also plan to expand the greenway system. Our arts community has been blossoming and we expect it to continue to grow.

Walker E. Reid

How is the local infrastructure dealing with the region’s growth?

Reid: The county was traditionally and primarily focused on the textile industry. When those businesses and jobs were lost, we had to adapt to find our next business niche, which turned out to be infrastructure. Now, we sell water to municipalities in Gaston County as well as in Clover, South Carolina. We also provide water, sewage and electricity services. The Gastonia Technology Park is a great testament to our diversification efforts. Businesses from all over the world have come to Gaston County to capitalize on this park. It has 24-hour uninterrupted power. We have a qualified workforce, training facilities and the infrastructure to assist new businesses looking to set up shop in Gastonia.

Hough: “Mount Holly, located in Gaston County, is home to 16,000 residents. In the past year, we have seen a lot of investor interest and development in Mount Holly. Investors in the manufacturing and distribution sectors are interested in development opportunities. We have a new hotel being built on the edge of our city, off of Interstate 85, which is connected to Charlotte, and is 10 minutes away from the Charlotte Douglas International Airport. Our economic development department created a strategic vision plan based on significant economic input that highlights the attributes of Mount Holly, and provides investment information for businesses that want to bring their operations to the area. We work with the Gaston County Economic Development Commission to attract and retain large commercial companies. We want to make investment information accessible to investors.

Bryan Hough

As mayor, where do you see your city heading in the future?

Reid: We have set some very aggressive goals related to our infrastructure, healthy communities, good government, economic vitality, our community identity, and for the safety of our community. In the coming years, we will continue to build on our momentum of growth and entrepreneurship. We also must continue to bring everyone to the table because we are a diverse city. One other goal that I would like to see the city work toward is for more diversity and inclusion. I want to put more emphasis on getting our residents from different cultures and different age groups involved in our city’s future – to build a sense of belonging and bring everyone together. Let’s hear more and different voices. I want the city of Gastonia to become the best city we can possibly be. Considering we are between Charlotte and Atlanta, we have a lot to offer.

Hough: Quality of life has been a key focus for the city. We want to be connected to the Catawba River via a greenway system that we are developing. We will have around 9 miles of greenway development near the river and 200 acres have been preserved for eco-tourism, such as canoeing and kayaking. We will have a bridge near the Dutchman’s Creek greenway area that will help with development near the river. The greenway system will stretch from I-85 to Highway 16 once it is completed. Mount Holly is home to very active residents who like to swim, bike and kayak. We want to connect with nature, which is part of our logo. That is our niche in the Charlotte Metro Area.

To learn more about our interviewees, visit:

https://www.cityofgastonia.com/

https://www.mtholly.us/

Spotlight On: Heath Campbell, Metrolina Regional President Charlotte, Truist

By: Felipe Rivas

2 min read January 2020 — In December, the banking industry welcomed the nation’s sixth-largest commercial bank as the merger between BB&T and SunTrust was completed to create Truist Financial Corporation. The organization chose Charlotte as its headquarters to begin the new enterprise. The region’s banking legacy, strong financial service workforce and diversifying economy helped solidify Charlotte as Truist’s official headquarters. In an interview with Invest: Charlotte, Truist Metrolina Region President Heath Campbell talks about the factors that brought Truist to the region, the meshing of the BB&T and SunTrust cultures moving forward, and how Truist plans to tap into Charlotte’s financial services workforce.

What factors led to the selection of Charlotte as the location for Truist’s headquarters?

BB&T has a great heritage in Winston-Salem in the same way that SunTrust does in Atlanta, however our leaders, in the true spirit of a merger of equals, selected a new city in which to base Truist.

Charlotte was a natural choice. Both BB&T and SunTrust had operations here, and it is one of the world’s top financial centers and an emerging fintech hub, with access to incubator and accelerator programs, data science and education programs. The area has the second-largest population of financial services professionals behind New York City. Charlotte also sees more than 33,000 newcomers each year, attracted by career opportunities, diverse living options and a favorable cost of living.

How will the cultures of BB&T and SunTrust mesh as Truist establishes itself in the market?

There are not a lot of mergers of equals because they are hard to pull off. The cultures of the organizations need to be compatible – and they were with BB&T and SunTrust. While we have different practices, we shared a very similar vision, mission and values. We took different strategic paths in how we went to market, but what we stood for was very similar. As Truist, we are doubling down on our community bank philosophy. We are building a client-centric business model. BB&T and SunTrust had complementary strengths. For instance, SunTrust built an investment banking platform that was unparalleled and BB&T had a strong legacy in community banking and insurance. We are combining those strengths to benefit the clients and communities we serve.

How will Truist tap into Charlotte’s financial services workforce?

I’m particularly proud that when we announced this merger, we not only committed to being best in class for our clients, but recognized that our teammates are at the heart of great client experiences. Truist is a dynamic place to work, offering industry-leading benefits and opportunities for all sorts of professional positions, including insurance, investments, and core banking.

We’re making our mark on the industry by offering a strong benefits programs and great opportunities to build careers, a total rewards program to attract and retain the best talent: the unusual combination of offering both industry-leading 401(k) matches and a pension plan to most teammates; industry-leading time off programs to ensure maximum flexibility in planning life events; and financial wellness programs.

There is also a place for those interested in computer science and engineering. We are creating an Innovation and Technology Center in Charlotte that will be dedicated to the ongoing enrichment of client experiences. The Innovation and Technology Center will focus on optimizing technology to serve our clients at every interaction, whether it takes place in a branch, over the phone or through a digital channel. The Technology and Innovation Center will also focus on equipping teammates with solutions to deliver personal touch and care to clients. We see this combination of technology and personalization as vital to ensuring clients’ trust and confidence in the security, simplicity and convenience of our services.

To learn more about our interviewee, visit :https://www.truist.com/

Spotlight On: Douglas Smith, Charlotte Market Executive, First Bank

By: Felipe Rivas

2 min read January 2020 — After its recent acquisition of Carolina Bank, regional North Carolina financial player First Bank wants to keep its focus on the smaller side of business finance. The bank is relying on a combination of market expertise and speedy response to cater to companies with revenues up to $100 million that could fall through the cracks of larger, national institutions, First Bank Charlotte Market Executive Douglas Smith told Invest: Charlotte

What have been the main impact from the 2017 acquisition of Carolina Bank?

Carolina Bank was a $700-million to $750-million bank at the time of acquisition, so it was not insignificant from a balance sheet perspective. That operation has had a high impact. We had an opportunity to relocate some of our operations people from Troy, North Carolina, to Greensboro, which has had a positive economic impact there. Carolina Bank was dominant in real estate and we have been able to capitalize on its market share in Greensboro. We were also able to keep some very good bankers from the Carolina Bank team, and hired really good team members with experience in the Commercial and Industrial (C&I) business since the acquisition.

Which niche is First Bank trying to fill within the Charlotte market?

In 2017, there were five banks headquartered out of Charlotte and now there is one, Bank of America. The landscape has changed a lot. Most regional and national banks are swimming upstream from a client perspective. They are looking more for midmarket clients with half a billion dollars in revenue or higher. Our opportunity is with operating companies that have $5 million to $100 million in revenue. I think there is a void there, not just in banks but also regarding the expertise of bankers in that market. Other regional banks offer business banking or a smaller commercial focus, but I don’t think they have our background or our emphasis on commercial banking. We also have a lot of knowledge in commercial real estate and look for project opportunities ranging in size from $2 million to $25 million.

As a community bank, we have the opportunity to be nimble and quick in our decision-making. We make sure that we have a credit partner in every metropolitan market and we always have a treasury management product officer in every major market, providing all the commercially-relevant pieces that you need to offer quick answers, go to market together and have quick engagement. If we get a full financial package on a prospect, we can have a term sheet in our prospect’s hands within two or three business days. We have heard stories that in the regional bank space, some banks can take four to five weeks to put a term sheet in the hands of a prospect. That speaks to a client.

Which financial services are most in demand by your clients?

Aside from commercial, the mortgage space is hot right now, given where interest rates are. For a while, we were slowing down on refinances but I think that even those people who refinanced two years ago now see that rates could have dropped to 1% or 1.5%, and they are back at play in the market. Acquisition activity is still decent, but the rates environment is definitely driving a lot of activity to the mortgage side. We have a Small Business Administration (SBA) division, which does very well for us from a fee income perspective.

The retail group has also done a great job. We hired a team within the last 18 months that is focused on the oversight of the retail function. Our First at Work product provides the employees of new commercial clients with benefits like free checking, free closing on loans, discounted prices and general financial wellness seminars for their employees. That has been a very meaningful deposit-gathering tool for us.

What programs are you supporting at the community level to educate the public?

We focus on supporting anything regarding youth education. We try to help with math education, for example, and we put a great emphasis on kids in less developed suburbs of Charlotte who need financial assistance with school supplies. As kids get older, we also look for opportunities to help with financial literacy, making sure that high-school kids understand what a credit card is, what a checkbook is, and making sure to foster the right kinds of behaviors.

What is the near-term business outlook for the city and the bank?

I would like to believe that the lion’s share of the M&A activity in the community banking space is slowing down, just because there are fewer of our types of banks out there. Because there has been so much consolidation in the community banking space, the North Carolina commissioner of banking has been a little bit more generous with the issuance of charters, which offers opportunities for new capital groups to buy charters. As a result, I think we are again building up that base of true, smaller community banks that would be $100 million to $500 million in size, and the community needs that.

To learn more about our interviewee, visit: https://localfirstbank.com/

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