Greater Fayetteville Business Journal - April 7, 2023 Issue

Dogwood Festival

Autryville

Building up

Town plans for building and businesses

Page 11

March 10, 2023 - March 23, 2023 Vol. 2, No. 19

bizfayetteville.com

FROM CRISIS TO CONFIDENCE

restoring historic buildings to be a rewarding outlet

OD

Sanitz spoke with the Greater Fayetteville Business Journal about her latest project, the Kress Lofts on Maxwell St.

n March 10, 2023, Silicon Valley Bank in Santa Clara, CA was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advanced notice was given to the public regarding the closure which confused millions as just months before in December of 2022, Silicon Valley Bank had held $209.0 billion in total assets and about $175.4 billion in total deposits according to the FDIC. So how did a bank that had billions in revenue suddenly close?

The normally calm world of banking recently went on a roller coaster ride following Silicon Valley Bank's failure. Customers contacted regional and local banks with questions and were given reassurance.

artist's rendering

of the

By Stephanie Meador

Open for service

A NEW INTEGRATED HEALTH CLINIC IS OPEN IN FAYETTEVILLE WITH AN EMPHASIS ON CARING FOR SERVICE MEMBERS AND OTHER UNDERSERVED POPULATIONS

Carelon, a healthcare services company, recently opened its first-ever Carelon care center in Fayetteville, NC, a new integrated health clinic that offers primary care and behavioral health to military, Medicare and Medicaid patients in Cumberland County. They began seeing patients at the new location at 1590 Skibo Rd. on Feb. 20.

This care center serves to bring physical health, behavioral health, and Military One Source Employee Assistance Program services to community members in and around Fayetteville all under one roof for complete care.

When asked about what inspired the addition of a physical office in Fayetteville, Dr. David Kiragu, Carelon Medical Officer for North Carolina, explained how the new location came into existence: “We had an existing relationship with Military One Source…and as they were basically coming over to renew the contract, we got an opportunity to basically say, ‘Hey, can we rethink our presence here in Fayetteville?’ ‘Can we offer more and can we actually pilot something that theoretically is a really, really great idea of pairing together and bringing together behavioral health and physical medicine services’…

We do know that in general for patients, access to behavioral health, especially for folks who are underserved, [is] really difficult to come by, a lot of barriers, a lot of access issues.”

The Carelon care center is staffed by a multidisciplinary care team that utilizes personalized care models to address all the factors that influence an individual’s whole health in-person and virtually. They see patients by appointment as well as walk-ins.

Insurance plans accepted include Military OneSource, TRICARE; BlueCross BlueShield of North Carolina (Medicare); Healthy Blue (Medicaid patients 14 years old and up) and Original Medicare.

“We’re here to make ourselves as available as we can be, and meeting the patients where they are,” shared

Dr. Kiragu.

By offering virtual care and working with Healthy Blue to assist in providing transportation for patients, Carelon does its best to reach all of the clients that are in need of their services. While English is the primary language spoken, a virtual

“We want it to feel open and welcoming,” shared Dr. Kiragu. “We also have a lot of pictures… [we want to] make it a calm atmosphere, but also make it really inviting specifically to the folks in the military and the folks who have retired from the military to make them feel welcome. So as you look at the pictures, the theme is very intentional.”

The facility includes a lab area, four exam rooms, and five behavioral health rooms as well as a meeting space for employees.

In addition to the therapy services offered, patients will also have access to a psychiatrist who is supporting the clinic remotely.

Dr. Kiragu shared that Carelon is still in search of a permanent physician for the Fayetteville location. As of now Dr. Kiragu and other Carelon providers within North Carolina are sharing the responsibility of seeing patients at this facility.

they’re bringing to the community… we understand that there is a need for more primary care, as is true in many parts of the country, and we want to do a really good job to take good care of patients, to make them leave with a smile, and to also just work together with our community partners, because nobody can do it alone,” stated Dr. Kiragu.

The clinic’s hours of operation are Monday through Friday from 8 a.m. to 5 p.m. Patients can call the office at 1-910717-0676.

translation interpreter is available for other languages to enable communication between patients, families, and providers.

“We are here. We are here to serve. We are here to collaborate. We know that there are folks in the community who have been doing really, really good work, and we are here to basically partner with them to offer what we’ve got to add to what

PHOTOS PROVIDED BY GFBJ

The exterior of the new Carelon care center located on Skibo Rd. The goal of the staff is to make the space a calm, inviting atmosphere.

.... we’re here to make ourselves as available as we can be, and meeting the patients where they are.”

— Dr. Kiragu

“

4424 Bragg Blvd, Fayetteville, NC 28303 910-240-9697

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Faith Hatton faithh@bizfayetteville.com

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Tik Tok means business

Hello dear readers, I don’t know about the rest of you, but I for sure can go without experiencing a “once in a lifetime historic event” for the fourth or fifth time now.

Now we can tell our grandchildren that we survived the 2008 recession, saw the election of America’s first Black president, survived a global pandemic, and now we have seen, in a surprising turn of events and a very unlikely bipartisan partnership, the U.S. Government coming together to collectively work to ban social media app Tik Tok due to national security concerns.

For those of you who don’t know, Tik Tok, is a short-form video hosting service owned by the Chinese company ByteDance. It hosts user-submitted videos, which can range in duration from 30 seconds to 10 minutes. It was also one of the main things that many flocked to during the COVID-19 pandemic leading to over 150 million Americans using the app as of March 2023.

It is an app that allows for the free

and so much more. But did you also know that small businesses across the country have also found a life on Tik Tok?

According to the platform, nearly 5 million small and medium sized businesses are on the app ranging from content creators to nonprofit groups to individual shops and performers.

Here in Fayetteville, there are a number of recognizable businesses and organizations trying to expand their reach online by joining Tik Tok including the Fayetteville Woodpeckers, Fayetteville Comic Con, the Fayetteville Marksmen, Fayetteville State University, and Cool Spring Downtown District. To date Shanti Wellness located in downtown Fayetteville holds the most Tik Tok followers out of local businesses at 16.9K.

All of these businesses are posting personalized content for their fans, customers and community, and with more people cutting the cable and switching to social media for entertainment and even news and commu-

connecting to younger audiences. While a full on ban has not been put into place yet, the United States currently has a ban on Tik Tok on government-issued mobile phones which officially went into effect in March.

Tik Tok Chief Executive Officer Shou Zi Chew appeared before the House Energy and Commerce Committee on March 23 to testify that the app is indeed safe and all American data is stored in America by America based tech and security companies.

The platform says it employs 7,000 Americans and Chew highlighted “Project Texas,” TikTok’s proposed plan to give the U.S. more oversight of its data and algorithms, during the hearing.

While the jury is still out on whether the app will be banned in the U.S., the impact it could have on small businesses is unknowable. Being able to find your target audience through a specialized algorithm is a new way businesses can hone in, get to know and sell to their customers.

SOLEN FEYISSA/UNSPLASH

Tik Tok is home to over 5 million small to medium sized businesses. Here in Fayetteville, you can find Tik Tok profiles for the Fayetteville Woodpeckers, Cool Spring Downtown District and other local businesses.

Fayetteville Dogwood Festival

THE FIRST FAYETTEVILLE DOGWOOD FESTIVAL OF 2023 PREPARES TO KICK OFF IN APRIL

Aclassic Fayetteville tradition spanning back 41 years, the Fayetteville Dogwood Festival is right around the corner. The Fayetteville Dogwood Festival will take place on Friday April 28 through Sunday April 30, located in Festival Park and all throughout the Downtown Fayetteville footprint. So mark your calendars, because this year, the Fayetteville Dogwood Festival is really kicking the party up a notch! Between a starter food and wine event, headliner live music, and new attractions, the Fayetteville Dogwood Festival is like a fine wine: only getting better with age. “[The goal of the festival] It’s always to be bigger and better than last year,” said Executive Director Sarahgrace Mitchell. The festival has been a longtime key element to the soul of Fayetteville, the foundation forming decades ago on the premise of providing an actual, physical location and a source for celebration to the population of Fayetteville.

“There were several community members who valued holding entertainment in downtown Fayetteville and the festival actually used to be two weeks long back in the eighties and nineties,” said Mitchell, on the history of how the Fayetteville Dogwood Festival started. The roots continue to run deep, and to this day, people work hard and persevere to still provide the platform for those values. “We work year round to provide a free festival for the community and anyone can attend the concerts for free,” said Mitchell. “We strive to hold a free festival for the community to participate and enjoy and is truly a way to give back to the community.”

Kicking off the festivities right on Thursday evening with the Cork and Fork food and wine event, attendees can browse artisan crafted tapas and beer and wine locally provided by Healy Wholesale Co. Inc. Tap into your inner foodie and try something new to start your Fayetteville Dogwood Festival experience.

On Friday, the Midway and KidZone open up with attractions around every corner. The Midway is located at the corner of Mason Street

and Ray Avenue, and in the Masonic Lodge parking lot, open from 5 p.m.10:30 p.m. The KidZone can be found at Festival Park for the little guys to enjoy, open from 5 p.m. - 9 p.m. Stick around at Festival Park on Friday night, as the opening ceremony starts at 6 p.m., followed by local acts. At 8 p.m., Ashland Craft hits the stage, and David Nail at 9:45 p.m. Wrapping up the day with a bang is the Boom and Bloom fireworks show at 11 p.m. Saturday night, Buckcherry and Lit will take on the stage at Festival Park

to finish the night.

All throughout Saturday and Sunday, live entertainment pops up all over the festival footprint, in addition to the Street Fair. The Airborn Aerials, the BMX Show, Ring Wars Carolina, Downtown DJ, and performances all showcase a variety of local talent for festival goers. Be on the lookout for free attractions such as hatchet throwing provided by Axes and Armor Hatchet house and the climbing wall. Take a look at the Car, Motorcycle, and Truck Show presented by Flow Automotive on Sunday. Cap off your festival weekend at Festival Park with Who’s Bad-The Ultimate Michael Jackson Experience.

Much like Fayetteville itself, the Fayetteville Dogwood Festival is multifaceted, unsuspecting, and full of surprises. “The Fayetteville Dogwood Festival is a staple,” said Mitchell. Fall time has the fairs, Halloween, and corn mazes, winter owes its popularity to the holidays, and summer holds its pride in its quintessential vacation time, but sometimes spring can seem a little lacking in the ‘event’ department. The Fayetteville Dogwood Festival stakes its claim as the

hallmark event, setting the theme for the season. It’s almost like a good refresher period to place the tone for the rest of the year.

The Fayetteville Dogwood Festival has always been a preeminent occasion source of fun for virtually any audience, incorporating the components and feel of a local fairground in some areas. The rides, games, live entertainment and food are great for families and for the folks who just can’t wait for fall to come back around. For the shoppers and the inner artisans, the arts and crafts vendors that line the streets and event grounds have all manner of wares to peruse, all locally made and produced. “So this year, we have increased how many vendors we have accepted and this year we will have over a hundred between a hundred and fifty and two hundred,” said Mitchell.

“We are very grateful to have so much interest in our festival.” The festival also has a live music scene with a vast range of genres, and local and big names alike. The concert folks are sure to enjoy tiding over their post-concert gloom, especially for free—a rare gift. For the foodies, food trucks and stalls line the streets with a plethora of refreshments, from fairground classics to more adventurous cuisine, if you’re in the mood for something new. Perfect for a family outing, a date night, or a gathering for friends, the Fayetteville Dogwood Festival tastefully synchronizes a myriad of aesthetics backed up with quality events and attractions to make this an unforgettable weekend for everyone.

The festival is one of the biggest events of the year for Fayetteville and with fun of all levels are around every corner, for all ages. Whether you’re a couple minutes down the street or a few hours down I-85, the Fayetteville Dogwood Festival is worth the drive.

PHOTOS PROVIDED BY FAYETTEVILLE DOGWOOD FESTIVAL

Top Photo: The Dogwood Festival will be taking over downtown Fayetteville with Hay Street, Person Street and Gillespie Street hosting a number of events. Performances and other attractions will also be held in Festival Park.

Artists Ashland Craft (pictured left) and David Nail (pictured right) will be kicking off the festival, and the concert will conclude with a Boom and Bloom fireworks event.

By Faith Hatton

From BANK, page 1

“They had some big customers that came in and tried to withdraw around $40 billion, which not many banks carry that kind of cash on their balance sheet,” said United Bank NC Regional President Jerry Ocheltree. “Well, they didn't have that kind of cash on their balance sheet so, they had to go with cash in some of these long-term bonds. They were upside down. So, when they cashed that in to get the cash, that loss had to go against their capital.”

According to Ocheltree, Silicon Valley Bank was a victim of very fast growth and very young bonds and deposits that didn’t have time to mature fully with properly accrued interest before a large amount of money was suddenly withdrawn from the Bank. On March 13, the FDIC transferred all deposits —both insured and uninsured— and all assets of the former Silicon Valley Bank to a newly created, full-service FDIC-operated ‘bridge bank’ in an action designed to protect all depositors of Silicon Valley Bank. The same day, depositors were given access to all of their money and all banking activities resumed.

March 12 also saw the closure for Signature Bank, New York, NY which was closed in the exact same way, and also had all of their deposits and substantially all of the assets transferred to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders. Signature Bank had 40 branches across the country in New York, California, Connecticut, North Carolina, and Nevada and all banking activities resumed on Monday, March 13.

While most banks protect deposits by being members of, and thus insured by, the FDIC, some of the deposits in Silicon Valley and Signature Bank were not. While the FDIC insures most deposits up to $250,000, about 90 to 95 percent of depositors with Silicon Valley Bank and Signature Bank were uninsured.

For banks that are FDIC insured, like United Bank, First Bank and Lumbee Guaranty Bank, there are additional ways to protect deposits even above $250,000.

Sweep (ICS) program. And basically, what it does is, it’s a way that we can pay for additional insurance to cover those deposits. We really are not having a lot of requests for those to be honest.” said Jim Strickland, Fayetteville and Lumberton market president of United Bank. “I think probably the most important, is to make sure the bank is safe and sound and very well capitalized. I think our tier one capital is 12.3 percent, whereas the federal bank is considered well capitalized at 6.5 percent. So, those are some of the first things that banks can do is make sure that they’re very well capitalized.”

of the banks in the country, especially community banks, kind of stick to their knitting and that's why I don't think this is a systemic problem.”

seeing in the media, what we're seeing on social media, and I’ve seen some posts on social media, they weren't even close to being accurate. So, I think there’s some issues that are creating what we call this “crisis” right now.”

Regional President of First Bank

Rob Patterson highlighted the lower risk of community banks, acknowledging the differences in depositors that wouldn’t be common in North Carolina’s southern region.

“We’re tying what we do to the needs of our communities, and that's how we're successful, that's how we serve the market, how we serve our communities. And most banks do that, and that's why it’s totally different compared to just a different kind of product model,” said Patterson.

“If someone is overly concerned about FDIC coverage, we have a way of enrolling in our Insured Cash

According to Chief Executive Officer of Lumbee Guaranty Bank Kyle Chavis, it was a very specific set of circumstances that led to the banks failing which wouldn’t necessarily affect banking institutions in our region.

“Silicon Valley and Signature Bank were almost kind of niche banks in that they had high concentrations of either, in Silicon Valley's case, a lot of tech companies that bank there, and so that was kind of an industry concentration. So, when one or two started running out the door it caused a waterfall and then with Signature Bank, being involved in the crypto business to the extent that they were, that was kind of a risky endeavor as well,” said Chavis. “I'm saying that to say banks, we try to stick to what we know. In our bank, we’re pretty conservative. We try to stick to lending in our local community, serving our local depositors and kind of getting out there on the fringes. And getting involved with the next big thing, which is kind of how I would classify crypto currency, those things carry a lot of inherent risk. And so, I think most

“Over 90 percent of our customers are fully insured by the FDIC. Silicon Valley’s average depositor, had over $1.2 million in the bank, our average depositor has $30,000. So, banks like us are what I would call a ‘meat and potatoes company.’ We’re banking with the people in our communities, and we’re loaning money to the people in our communities, and we’re offering products and services to people in our communities. And it's essentially to be honest with you, sort of boring in the whole scheme of things, but that's what we do,” said Patterson. “Our bread and butter is small business, real estate related activities and individual clients. Those are our three major things. I mean, we bank a tremendous amount of small businesses in our market and in all the ways that we offer them deposit products, we’re loaning them money at the same time.”

Overall, local bankers want to assure customers that they are secure, their money is safe, and they are open to taking questions from anyone with concerns.

“We’ve heard this called a crisis of confidence because of what's happened to these two banks. And what happened to them is very, very unique to those banks,” said Strickland. “But yet, because of what we're

“I would say, you know, the biggest fallout, if you would, from that situation has just been the reaction of our customers. And by that, I mean just lots and lots of questions. Which has been good,” shared Chavis. “Looking back now, we looked at it as really a positive thing because it gave us an opportunity to talk with a lot of our customers and just reassure them and kind of accentuate the strengths of our bank, which are really some of the weaknesses of what you see with the banks that have failed. There, were lots of questions and lots of conversations, but no real impact in terms of people coming in and wanting to close your accounts or, you know, taking their money out and buried in their backyard, so to speak. From a truth impact standpoint, there really hasn't been any on our bank. And I really don't think very many institutions across the country have seen really any impact in terms of depositors leaving. But that's been the biggest thing we have encountered, just lots of lots of questions, lots of conversation, which we’ve welcomed.”

According to a report from the FDIC, on March 26, 2023, the FDIC entered into a purchase and assumption agreement for all deposits, excluding Cede & Co. deposits, and loans of Silicon Valley Bridge Bank, N.A., by First–Citizens Bank & Trust Company, Raleigh, NC. As part of this transaction, Silicon Valley Bridge Bank, N.A., was placed into receivership.

We've heard this called a ‘crisis of confidence’ because of what's happened to these two banks. And what happened to them is very, very unique to those banks. But yet, because of what we're seeing in the media, what we're seeing on social media, and I've seen some posts on social media, they weren't even close to being accurate. So, I think there's some issues that are creating what we call this “crisis” right now.

— Jim Strickland, Fayetteville and Lumberton market president of United Bank

ACHIEVERS

Moore County Partners in Progress welcomes new Business Development Director Darryn Burich

The Moore County Partners in Progress team added a new member with the hire of their new Business Development Director DARRYN BURICH in December of 2022. The Business Development Director position was a new position added to the PIP organization and Burich was selected out of over 40 applicants.

Darryn has served as the Director of Planning & Inspections for the Village of Pinehurst the last three years after a 20-year career in the planning department at the City of Oshkosh, Wisconsin. He has significant experience with new industrial park development, revitalization of existing buildings and managing complex grants.

“We are thrilled that Darryn has joined our team,” said Executive Director Natalie D. Hawkins in a press release. “He started on February 6 and has hit the ground running. He will be a tremendous asset and will help us continue to deliver a high level of service to our existing and prospective businesses, as well as our local governments.”

Harnett County names Desiree Patrick as new Community Relations Director

Harnett County has named DESIREE PATRICK as the new Community Relations Director. In this role, Patrick will manage the County’s Public Information Office, overseeing the communications, marketing, and community relations efforts between the county and its residents.

Patrick brings over a decade of experience in communications, marketing, and public relations.

“I am excited that Desiree Patrick has joined our team as Community Relations Director,” said Harnett County Manager Brent Trout in a press release. “We look forward to the work that she will accomplish with our community, departments, and local businesses. Her expertise will be a great addition to our orga-

What are you and your peers achieving? Have you reached a new goal? Have you acquired another business? Maybe your business has a new hire you would like to highlight.

Greater Fayetteville Business Journal wants to hear from you and your business to shine a spotlight on your accomplishments. To nominate someone for GFBJ’s Achievers section, email editor@bizfayetteville.com with the subject line “Achiever.”

nization.”

As Community Relations Director, Patrick will lead internal and external communication campaigns to achieve the County’s Strategic Plan, create opportunities for public engagement, and enhance community partnerships to offer community resources for residents.

Patrick previously served as Communications and Public Relations Coordinator at Durham Technical Community College. Prior to her position at Durham Tech, she served in various non-profit roles providing marketing and communications support.

“As a Harnett County resident, I am excited to enter this role as the new Community Relations Director,” said Patrick in a press release. “I look forward to the work that will bring our community together and the impact that it will have in our County.”

Patrick received her Bachelor of Science in Mass Communications and minor in Journalism from Frostburg State University and Master of Science in Management with a Marketing Specialization from the University of Maryland Global Campus.

Proctor named new CFO for Greater Fayetteville Chamber of Commerce

JENNY PROCTOR has been selected as the new Chief Financial Officer for the Greater Fayetteville Chamber of Commerce.

“I am thrilled to reintroduce Jenny Proctor to our Board of Directors and our membership. Ms. Proctor will return to the Chamber after being away for about three years. She is well qualified for the position and already has a great relationship with so many of our members,” said Greater Fayetteville Chamber of Commerce President and CEO, Nat Robertson in a press release.

Proctor has experience and a background in office management, accounting, and administration. She previously spent seven years with the Chamber and was the Director of Operations when she left in 2020.

Proctor is excited to re-join the Greater Fayetteville Chamber as well. She said in a press release, “I’ve missed the daily interaction with our members and celebrating their wins with them. The Chamber offers so many programs and opportunities for local businesses, I can’t wait to get back to work with our members.”

Proctor is a graduate of Methodist University and has a Bachelor of Arts degree in Business Administration with a focus in Accounting and Business Management.

“Jenny’s past relationships with our members remains strong, she is well respected, and I know she will thrive as our new CFO. Her focus on our accounts receivable, accounts payable and operations, will continue to allow our Chamber to explore more programs and events for our members,” Robertson continued in the press release.

Moore County Airport director wins 2023 Airport Professional of The Year Award

Moore County Airport Director RON MANESS has known nothing but the business of flying for more than 60 years, and now he has been awarded the Willard G. Plentl, Jr. Award as Airport Professional of the Year for 2023.

According to a press release from the Moore County Airport, the award goes to those embodying both the spirit and industry of aviation

for which the award is given by the North Carolina Airports Association (NCAA).

The award was announced at the Association’s annual conference banquet dinner on March 20, 2023 at the Carolina Hotel in Pinehurst, NC.

“I am so honored and surprised to be named the winner of the Will Plentl Award and am very appreciative to the NCAA for this honor,” Maness was quoted in a press release. “I took my first flight at this airport, and it is clear that I have a special place in my heart for this Moore County Airport, since I’ve answered their call four different times to serve as the Director. There are so many exciting things going on here, and I have such a wonderful staff. The pride and gratification I have in being the manager of this airport cannot be put into words. This honor is one of the highlights of my aviation career.”

Mike Jones, Chairman of the Moore County Airport Authority, had nothing but good things to say about Maness in nominating him for this award stating:

“I think we could have searched every airport in the country and never found a more qualified, more energetic or more dedicated candidate (for airport director) than Ron Maness. Ron’s knowledge about aviation and the depth of his concern for this airport cannot be overstated because the thing that makes Ron so valuable and so unique is his natural talent for leadership. He inspires the whole airport team, and when you work with Ron, you simply want to do your best.”

In the 16 years since Ron first came in as Moore County Airport Director, has worked to extend the runway and increase hangar space, and worked hard to enhance new ramp and runway lighting. He oversees the management of 18 staff

Patrick

Burich

Proctor

PHOTO PROVIDED BY MOORE COUNTY AIRPORT Pictured left to right: NCAA President John Ferguson, Ron Maness and NCAA Vice President Eddie Madden.

From ACHIEVERS, page 8

members and has increased customer service for the base customers, as well as visitors.

Fayetteville PWC awarded two United Way Spirit of North Carolina Awards

United Way of Cumberland County announced on March 22 that Fayetteville PWC has been awarded the 2022 Spirit of North Carolina for building momentum and sustainability through engaged leadership and employees.

According to a press release from United Way of Cumberland County, United Way of North Carolina’s annual Spirit of North Carolina Award celebrates organizations and individuals for their exemplary partnership demonstrated through fundraising and volunteer efforts, outstanding leadership, and creative team building.

Fayetteville PWC has modeled a dedication to community service through their fundraising, volunteer, and advocacy efforts. This is the 17th

year in a row they have received an award for their outstanding dedication to United Way and the community.

“The Spirit of North Carolina Awards shine a light on our incredible partners, who are supporting United Way’s work and helping us achieve our goals,” said Director of Resource Development for United Way of Cumberland County Melissa Reid, in a press release. “Congratulations to all the winners who have collectively made a huge impact in the lives of our neighbors across the state.”

Fayetteville PWC’s Communica-

tions/Community Relations Officer, Carolyn Justice – Hinson, also won the United Way Community Ambassador award for all the hard work she has dedicated to helping spread United Way’s name and mission within her organization and into the community. She currently serves on the board and chaired their Over the Edge fundraiser which was held on March 11. This is the first year this award has been presented.

Fayetteville PWC and Carolyn Justice - Hinson were recognized for keeping the spirit of United Way within their organization all year long and not just at campaign time. They run the most successfulworkplace campaign in the county, they volunteer throughout the year, donate water to events, and more.

ERA Strother honors Diamond Award winners

Five local real estate agents with ERA Real Estate were recently recognized for their sales achievements. The agents are a part of the local branch of ERA Strother which currently serves Cumberland and five

other surrounding counties.

THE DIAMOND AWARD WINNERS ARE:

GRAY HERNANDEZ

JAMEL WILLIAMS

SANDRA OWENS

TERESA WOLF

JOHNNY MARTINEZ

“I am extremely proud to recognize our Diamond Award Winners which exceeded 10 plus million dollars in sales volume and over 65 closed sides. Their dedication to service is also being awarded on a national level with ERA Franchise Systems,” shared Denise Strother, owner of ERA Strother Real Estate.

PHOTO PROVIDED BY UNITED WAY OF CUMBERLAND COUNTY

Pictured left to right: UWNC Board Member Brian White, Nicole Stiff Fayetteville PWCs Nicole Stiff , Carolyn Justice-Hinson) and UWNC President & CEO Brittany Pruitt Fletcher.

PHOTO PROVIDED BY ERA STROTHER President of ERA Strother, Hampton Rutledge (far right) and Shane Cox, Broker In Charge of Sanford Office (far left) pose for a photo with the award winners.

Whose market is it?

BROKER DAVID EVANS DISCUSSES THE CURRENT HOUSING MARKET WHICH SEEMS TO LIVE IN LIMBO BETWEEN A BUYERS AND SELLERS MARKET

As we swing into spring, many people adopt the idea of “spring cleaning.” For some people, that’s cleaning up the house to get it ready to sell, and for others, that’s cleaning up their schedule to make time for touring houses they might settle down in.

David Evans is the Broker at Floyd Properties with over 30 years of experience. He deals primarily with new construction, and he’s eager to see the interests and engagements of buyers in the spring and summer seasons.

“One of the things I think is important, and especially because we have a semi transient community, a lot of soldiers come in and out, and so a lot of times that makes them geared towards maybe new construction…what I see happen a lot of times is, people don’t understand the basics of what makes a good neighborhood,” remarked Evans.

Evans believes that whether it’s new construction or an existing home, buyers should think about neighborhood first.

“...you know how like if you lived in New York, you might say you live in a Soho district, or the art district, Chinatown or Little Italy? Because it identifies you know, this is your identity. ‘This is where I live.’ When we’re building subdivisions, and we’re just kind of going out on a road and you buy some land, it’s not like…‘Okay, this is the identity we live here.’ And a lot of neighborhoods don’t take the time to create an identity…” Evans stated.

This lack of a “cohesive identity” is something Evans finds to be an issue with some neighborhoods, and he believes not all buyers are considering this element when purchasing a home.

Evans gave a run down of the current housing market. It would be hard for buyer interest to match the unexpected boom of purchasers seen during the pandemic, and with the succession of interest rate hikes as well as the increased costs of supplies driving up prices, the market has slowed down significantly since the previous couple of years.

“Not only was it already very expensive to build, now a 2400 square foot house and new construction is

going to cost you somewhere, depending, from $380,000 to $450,000. And now to get that loan, you’re gonna have to get a 6 percent loan,” remarked Evans.

The market during the pandemic was undoubtedly a seller’s market, according to Evans, with individuals offering $20,000 non refundable option money and offering to pay $25,000 over the appraisal so that they could win the bid out of over a dozen offers put down. Evans shared that now they are seeing three to five offers for a house and people are offering roughly $5,000 in option money and offering to pay less over the appraisal if it comes in low. However, Evans shares the market remains very strong and confirms that they have not been having problems with appraisal.

The high costs for homes have driven people to consider buying existing properties over building new homes, and this supply and demand

relationship has had an impact on inventory.

“...roughly 480 homes a month is what we do sell in existing but we’ve only got 420 or 400 active on average. We have less than one month’s inventory for existing homes. And that’s because they can’t afford a new construction house. They’re going to buy an existing home. And we’re still getting multiple offers, which still drives the prices of housing up,” shared Evans.

However, there is soon to be a new wave in the market. Soldiers will get their orders cut this spring, and this will initiate a new season of buying and selling.

Evans shared that roughly 5,000 military personnel will be sent to this area and will be looking to find housing, and roughly another 5,000 will prepare to move out of this area and will be looking to sell.

Evans shared about some of

the hottest areas for new builds. In Cumberland County, Jack Britt is a popular area. Before the Gen X chemical spill, Grays Creek was an up and coming area for new construction, and it remains of interest though some demand has decreased in locations highly affected by Gen X. The northside is starting to be more appealing now that they've got Interstate 295. Additionally, Evans confirmed that Haymount is always steady and strong, but there's not a lot of new development there.

Evans also shared that they’ve got a “new phenomena” in the market as a lot of Raleigh agents have begun showing houses down here. It appears they’re buying some of the high end houses in the area.

Some of Floyd Properties' new builds include homes in Turnberry in Hoke County, homes in Fairfield Farms off of Ramsey Street and plans for development beside FirstHealth.

Evans also shared about some of the efforts made by Greg Floyd, primary designer at Floyd Properties, to help make home buying accessible to his potential clients.

“Greg, he’s working with some mortgage companies to offer buy down rates, maybe for the first two years in the hopes that sometime in the third year, by then, the Feds will have calmed down, …and people can refinance. And so, to try to accommodate these high interest rates, builders are reaching out to mortgage companies to create package deals to help people get better interest rates,” added Evans.

These package deals vary among builders, but can provide assistance with the high costs buyers currently face.

“It’s somewhat of what I call pent up demand, in some sense. People need housing, they can only grit their teeth and resist for so long. And definitely the Federal Reserve raising rates every time they meet makes people very hesitant or confused… It remains to be seen what’s going to happen here in the spring when they really start getting their orders and really start moving,” concluded Evans.

PHOTOS PROVIDED BY FLOYD PROPERTIES

A newly constructed five bedroom four bathroom single family home designed by Floyd Properties in the Turnberry subdivision.

$8.9 billion spent in NC

THE NORTH CAROLINA MILITARY BUSINESS CENTER REPORTS THE STATE TOPPED $8.9 BILLION IN FY2022 IN FEDERAL PRIME CONTRACTS

The North Carolina Military Business Center, a business development and technology transition entity of the State of North Carolina headquartered in Fayetteville NC released the final total of federal and Department of Defense spending in the Fiscal Year 2022.

The NCMBC reports that businesses executed $8.93 billion in federal prime contracts in the state including $5.51 billion in Department of Defense prime contracts.

This is an increase of $1.5 billion with $7.38 billion being reported overall for FY 2021.

According to the NCMBC, businesses in 95 counties performed work for the federal government as prime contractors, while businesses in 77 counties performed work for the Department of Defense as prime contractors.

Businesses in 16 counties performed over $75 million in federal prime contracts. The top three of those counties ranked are:

Durham: $2,702,177,347.62

Cumberland: $1,493,534,188.64

Onslow: $903,204,054.22

According to NCMBC Executive Director Scott Dorney, Cumberland County usually places second to Durham County when it comes to federal spending, a fact that he attributes to the strong market found in the Research Triangle Park such as the Environmental Protection Agency.

“Usually, the top County in our state, when you look at all federal agencies it’s almost always Durham. People are always surprised by that, but you know, RTP is sort of divided between Durham and Wake County, but a lot of RTP is in Durham County. So, we have some major federal contractors in Durham County, like GlaxoSmithKline (GSK), like Cisco and people like that. They're major contractors and they happen to be located in RTP,” shared Dorney.

He also stated that a large amount of federal spending was for pharmaceuticals in 2022, which helped Durham get a larger share of those dollars in part due to the National Institutes of Health (NIH) also being located in RTP, along with the Department of Health and Human Services, both of which are non-DOD agencies.

Dorney shared that GSK was number one in federal contracts, holding the bulk of those federal dollars after a considerable increase in federal prime contracts in FY 2022.

“GlaxoSmithKline did $1.6 billion of that $8.9 billion, and that's very unusual, that really got my attention because in FY 2021, GlaxoSmithKline was number one, but it was only $300 million. So, they did get quite a bit of contracting in FY 2022, and that's what bumped Durham above Cumberland County,” said Dorney.

Dorney shared that while Cumberland County usually ranks number one in Department of Defense spending thanks to Fort Bragg, this year it also placed second to Durham County for FY 2022.

The top three counties for DOD spending are:

Durham: $1,688,839,370.79

Cumberland: $1,126,453,036.00

Onslow: $869,227,279.47

“It was very surprising because Durham actually led the state, not only in all federal, but also in DOD and that's the first time I recall seeing that,” said Dorney. “And really, most of that was pharmaceuticals. So, you think about it, it's not only the Department of Health and Human Services that buys pharmaceuticals, DOD buys a lot of pharmaceuticals medical supplies, medical devices, medical services, out there and actually surpassed Cumberland, which is normally number one for DOD but this year number it’s two, but still, [It’s] over $1 billion dollars.”

Dorney said that even though Cumberland County came in second for FY 2022, there are high hopes it will regain its number one spot in the future as contracts continue to be executed and end.

“Cumberland is consistently over a billion dollars and Durham is generally not, so what more than likely happened was that, and I'll mention GlaxoSmithKline, but there could be other companies in Durham County, who received, say, a three year contract. That is awarded in FY 2022. But it'll actually be executed over three years or four years. So, it's not unusual and it's why we often tell economic developers from these counties, ‘Don’t get too excited about just one year because when you look at FY 2022 your county might look great, but in FY 2023, or FY 2024, it might go down but that doesn’t mean it’s necessarily bad,’” said Dorney.

In the Greater Fayetteville Business Journal coverage area, the counties were ranked according to the amount spent for federal and DOD spending respectively:

Cumberland:

Federal: $1,493,534,188.64

DOD: $1,126,453,036.00

Robeson:

Federal: $38,121,017.56

DOD: $7,508,192.42

Hoke:

Federal: $31,390,938.74

DOD: $27,862,789.28

Moore:

Federal: $20,779,762.98

DOD: $10,992,182.05

Bladen:

Federal: $19,274,050.29

DOD: $19,266,852.96

Harnett:

Federal: $13,524,112.71

DOD: $2,961,816.2

Sampson:

Federal: $3,195.90

DOD: $2,009.00

Overall, Dorney credits the strong federal and DOD spending in the state to the specific industries such as textiles, aerospace and pharmaceuticals, that are currently thriving and source federal and DOD agencies outside of the state as well as in it.

“We have businesses in North Carolina that manufacture or sell products and services that not only DOD but other agencies need. We still have a thriving textile industry in North Carolina, we often think that the textile industry has gone away, but DOD is required by law to buy all uniforms, anything made out of textiles, must be made in America of American materials. So, North Carolina sells a lot of textiles-based products to DOD,” said Dorney. “We have great business capacity in the state. There’s a lot of demand from our bases and from DOD buying offices in other parts of the country. There’s a lot of great business capacity in the state that can do this work. Another thing is that 23 percent of all federal contracts go to small businesses. That’s the federal goal and they exceed it almost every year.”

BIZ LEADS

Reader’s Guide

BizLeads is a collection of information gathered from greater Fayetteville courthouses, state government offices and information websites. The listings are intended to help the business community find new customers and stay on top of happenings with current customers, vendors and competitors.

New Corporations lists firms from the Greater Fayetteville Business Journal region that were recently incorporated in the State of North Carolina.

HARNETT COUNTY

Living Water

Apostolic Church

Cameron

253 Checkmate Ct

Cameron

Agent: Bobby Hoover Thomas

Ivy League

Bulldogges LLC

559 N. Raleigh St

Unit A

Angier

Agent: Jamal Frazer

Jennings Heating and Air LLC

296 Hunting Wood Drive

Angier

Agent: James Ryan

Jennings

Raul V idal

Construction LLC

42 Kams Lane

Angier

Agent: Raul Cesar

Vidal Tavera

JGBeyerESCM PLLC

8436 NC Hwy 27

E

Coats Agent: James

George Beyer

EJ Underground

Constructions LLC

700 N MCKAY

AVE

Dunn

Agent: Juan Eduardo Ruvalcaba

Marin

Kr ystal Renee Artistry LLC

Road

Lillington

Agent: Kimberly M Fonder

DM Digital Marketing Group LLC

44 Supreme Dr Lillington

Agent: Dale Lewis Speicher

Hinton Concrete Inc.

48 Day Trading Ct

Broadway Agent: Krystal Johnson

3FatFools LLC

208 Mineral Spring Ln Fuquay Varina Agent: Porchea Perry

GREEN SUMMER LANDSCAPING LLC

401 LUCAS RD Dunn

Agent: CYNTHIA G GOMEZ

JMAC Logistics LLC

213 Bethea Rd Lillington

Agent: James McLean

The Trendy Closet LLC

555 Hall Road Erwin Agent: Elizabeth McLean

360 awareness assistance group llc

207 fish dr

Angier

Agent: toklrhd llc

HodgeHall LLC

29 Dexterfield Drive

Fuquay-Varina

Agent: Cynthia E. Lee

DK Foods Incorporated

1807 Keith Hills

Car Wash LLC

200 Mimms Rd

Broadway

Agent: Maria Inez

Sanchez-Sanchez

Cher ry Transfer Company LLC

450 Walker Rd.

Bunnlevel

Agent: Nelson Nelson Cherry Jr

Union Church on Nurser y Road

1075 Kramer Road

Lillington

Agent: Crystal Seboe

Reyna Distributing LLC

941 NC 87 N Sanford

TDC Logistics L.L.C.

15688 McDougald Road

Sanford

Agent: Therman Clevon Cox Jr

The JAMES Foundation Inc.

140 Cottage Oaks Way

Angier

Dunn

Agent: Elder Jose

Lopez Yanes

Hand in Hand Realty LLC

150 PINE NEEDLES DR

Lillington

Agent: Shirley

Dancy

Adams Legacy Software LLC

294 Barnes Avenue

Lillington

Agent: Christopher Adams

Lawns & Moore LLC

94 Wordsworth Drive Dunn

705 E Har nett St Dunn

Agent: Walter Junior Hinton

Chad White Trucking LLC

137 Micro Tower Road

Lillington Agent: Chad Steven White

Millennium Ark Health Ser vices PLLC

35 Sedgefield Ln Spring Lake

Agent: Chioma

Ohiri Tawose

Muck Block & Chain llc

207 fish dr

Angier

Agent: Toklrhd LLC

JB Sitework inc.

311 W. Front Street

Lillington Agent: Boris Jovanovic

THESE 2 HANDS LLC

236 Ar lington Drive

Cameron Agent: HAROLD SHELTON III

Matteo LLC

212 Placid Pond Drive

Broadway Agent: Timothy

Dekiste Best Jr

Douglas Detailing

Sign & Sealed Mobile Notary Service LLC

185 Leggett Dr. Cameron

Agent: Ursula D Jordan

Zavaleta Brothers Concrete LLC

1114 Friendly Rd Dunn

Agent: Francisco

Zavaleta Gutierrez

Bunny & Snipettes LLC

835 St. Matthews Rd.

Erwin Agent: Carol K Snipes

Brwn Skyn Gwr l LLC

556 Nor thview Drive

Sanford

Agent: Ana Karen Hernandez

1320 Ministries

7981 Old US

421

Lillington

Agent: Tommie O. Arnold

PAT'S CREW LLC

68 CAPITOL HILL RD

Lillington Agent: PATROCINIO

VENTURA

Iconic Intelligence Group llc

207 fish dr

Angier

Agent: Toklrhd LLC

Agent: Gabriel Paul Reyna

TMGI Group Inc.

1206 Ammons Road

Dunn

Agent: Kyle D Jernigan

BR Signs LLC

150 Sher man Rd

Fuquay Varina

Agent: Brian Paul Robichaud

Renovation Resource LLC

404 Old Mill Rd

Fuquay Varina

Agent: Jonathan

Van Griffin Jr

W ilargo Farms LLC.

132 Cedar Chase Lane

Fuquay Varina

Agent: WILLIS

Adam LECORCHICK

Walt's Lawn Care and Maintenance Service LLC

499 Pinevalley Ln Sanford

Agent: Edward T Walthour

The Grove Boutique LLC

309 Coleridge Drive

Dunn

Agent: Amber Leigh

Groves

Raven Rock Fitness LLC

1471 NC 24

Cameron

Agent: Ashley B Terrell

Agent: Mindy Miazga

VDH Investments Inc

1714 Keith Hills Road

Lillington

Agent: Victoria D Hamid

K&S Powerwashing LLC

672 Bethel Church Rd

Angier

Agent: Sherrial DeSean Merritt

MGC Constr uction LLC

35 Lester St Angier

Agent: Marlen Verenice Peterson

Florez T ire Services

L.L.C.

208B South Clinton Avenue Dunn

Agent: Mario Monica Flores

Bowen Strong Inc.

898 Josey Williams Rd.

Erwin

Agent: Nada Bowen

Werner

ABI LOGISTICS LLC

92 GLENMONT

CREEK PL

Erwin

Agent: ALBERTO ZAZUETA JR

DBC Underground Cable LLC

105 CRESTVIEW DR

Fresh Star t-New

Beginnings Community Services Inc.

3385 BUNNLEVEL-ERWIN RD

Erwin

Agent: Bridget Y McNeill

Universal Transit Logistics LLC

26 Gatewest Dr.

Bunnlevel

Agent: Theodore Jacques Lee

Creating Majik LLC

17 Atlantic Coast St.

Cameron Agent: Devanaire Johnson

Brian and Teresa Chip Distribution LLC

66 GW Oquinn Dr

Lillington Agent: Brian Peters

Calerian Ser vices LLC

96 Bella Vita Way

Angier Agent: Valentine N.L Cato

Everette's Lawn Care LLC

1118 Oak Grove Church Road

Angier Agent: Seth Ashton

Everette

Shroats Insurance Ser vices LLC

421 W ildlife

Lillington Agent: Renee Shroats

Agent: Craig Leon Moore Sr

The Koer ner Store LLC

5706 Piney Grove Road

Angier

Agent: Sanford Koerner

Moving Forward Medical Writing L.L.C.

358 W indy Farm Drive

Fuquay Varina

Agent: Kamisha T

Woolery

Browns Enterprise LLC

149 Kingsbrook Cir

Fuquay Varina

Agent: Dominique J Brown

Express Yourself Poetry LLC

97 Butler Commons Drive

Lillington

Agent: Teresa Ragland McKoy

Clyde S Faircloth Jr LLC

11948 US 421 Nor th Broadway

Agent: Clyde S Faircloth Jr.

M&P Roofing Services LLC.

88 Rainbow Dr Dunn

Agent: Justo

Antonio Martinez Medina

Time for Your Business to Save with Time-of-Use Rates

As a small business, you can save money on your energy bills with PWC’s Time-of-Use billing. Power used during Peak Hours is billed at higher rates (just four hours a day), and power used during Off-Peak Hours is billed at 34% lower rates. During the summer schedule – from April 1 through October 31 – Peak Hours are weekdays from 3:00 pm – 7:00 pm. Some things you can do to shift your usage and conserve power during Peak Hours:

• Use a programmable “smart” thermostat to keep your A/C at the highest comfortable temperature during Peak Hours, and avoid allowing employees to adjust thermostats

• Allow the use of small personal fans or overhead fans to keep comfortable with the thermostat set higher.

• Educate employees on Time-of-Use, encouraging them turn off lighting and equipment they don’t need during Peak Hours, and perform non-urgent, high energy-use tasks before 3:00 pm. or after 7:00 p.m.

• Schedule non-essential equipment to run during Off-Peak Hours. When possible, schedule required equipment to run sequentially (not concurrently) during Peak Hours.

Visit FayPWC.com for tips on ways to put Time of Use Rates to work for you!

faypwc.com/time-of-use-ratesfor-non-residential-customers/ See Business Conservation Resources for more ways to save.

17545

Carolina Hotel reopens

PINEHURST CELEBRATES RENOVATIONS AT THE CAROLINA HOTEL WITH RIBBON CUTTING

Pinehurst Resort staff joined executives, builders and local officials on the new, expanded veranda of The Carolina Hotel on March 24 for a ribbon cutting ceremony to commemorate the completed renovations of the historic hotel’s lobby, coffee shop, porches and guest rooms.

According to a press release from the Resort, the initial work began in November of 2021, and after nearly 18 months, some renovations to the property are continuing, such as the Ryder Cup Lounge which has begun “its complete overhaul.”

“Countless people drive down Carolina Vista with an anticipation of arriving at Pinehurst, which they have been dreaming about, maybe, all their life, and we wanted this wonderful hotel to match the anticipation,” said Pinehurst Resort President Tom Pashley in a press release. “Our people always do a great job welcoming guests, but I think now the work that’s been done has taken that to the next level.”

With Village of Pinehurst Mayor John Strickland, Dwane Parsons of Parsons Construction and Randy Holmes of Glave & Holmes Archi-

tecture on hand among many others, Pinehurst Resort Director of Lodging Matt Chriscoe joined Pashley and members of Pinehurst’s staff to cut the ribbon and officially note the completion of the first stage of renovations.

According to the release, those renovations have transformed the hotel’s public spaces into a more modern and inviting experience for guests while still maintaining some features from the past such as the arched windows framing the exterior.

The lobby features new furnishings, comfortable seating areas and “brighter, modern” lighting fixtures and also includes updated check-in and concierge desks, making the process of arrival and departure more efficient for guests.

The Coffee House has also undergone a complete transformation. The updated space features an expanded open design with a wide selection of coffee, tea and snacks.

The Carolina’s guest rooms enjoy an equally expansive renewal, with the refreshed rooms being brighter and featuring all new fixtures, finishes and custom-built furniture. The completed rooms have been reconfigured with expanded bathrooms as lighting and

soundproofing have also been improved.

According to Pashley, the renovations are now currently in the middle of phase two, which will include 120 more rooms in need of renovation which will be done in phases of 60 at a time. Those redesigns are expected to be completed by Spring of 2024.

“We’re incredibly proud of the renovations that have taken place, but we continue to progress,” said Pashley in a press release. “It never stops. As

(Pinehurst CEO) Bob Dedman says, ‘Always Pinehurst, always better,’ so we are always working on something here to take our guests’ experience to the next level. It’s a great work of bricks and mortar, but it’s our people and the way they make you feel that has always made Pinehurst truly special, and nothing has changed with the way you are greeted and welcomed at Pinehurst. The building now matches the people.”

PHOTO PROVIDED BY MATT GIBSON/PINEHURST RESORT

Village of Pinehurst Mayor John Strickland, Dwane Parsons of Parsons Construction and Randy Holmes of Glave & Holmes Architecture and hundreds of Pinehurst Resort staff celebrate the renovations with a ribbon cutting ceremony.

PHOTO PROVIDED BY MATT GIBSON/PINEHURST RESORT

The newly renovated lobby of The Carolina Hotel features new furnishings, comfortable seating areas and brighter, modern lighting fixtures.

Data, to include asset information, is from the National Credit Union Administration Data Summary. Included credit unions have local offices and North Carolina headquarters.

Blue Diamond facility, sold NC WELDING,

LLC PURCHASES 17.21 ACRES FOR $375,000 AS PART OF ROSEBORO EXPANSION

North Carolina Welding, LLC has purchased 17.21 acres from Sampson County as part of their expansion in Roseboro, NC.

According to Economic Development Director Stephen Barrington the property, known to locals as the former Blue Diamond facility, sold for $375,000.

This price allowed the County to recover its costs in the property including site acquisition, due diligence, and clean-up that came before and from purchasing the property in July of 2021.

According to a press release from

the County, the primary goal for the purchase was to prepare the site for business and industrial use.

Sampson County Manager, Ed Causey, commended the Board of Commissioners for their foresight when they approved the acquisition in Spring 2021 stating in a press release: “Sampson County Board of Commissioners saw an opportunity to spur non-residential development in the western part of the county. This win demonstrates the Board of Commissioners were on target with their vision.”

The full property measuring 20.5-acres is located on NC Highway

bizfayetteville.com

24, only a short 15-minute commute to Interstate 95.

“We are very pleased that NC Welding has chosen to expand in the Roseboro community. The company has quickly become ‘good neighbors,’ and we look forward to working with them for a long time,” shared Town of Roseboro Mayor Alice Butler in a press release.

According to a press release, NC Welding’s niche is tearing down, repurposing, and reselling bleachers across the country.

Their clients are major race car tracks, colleges and universities, and more.

First-Citizens Bank takes over

FIRST-CITIZENS BANK & TRUST COMPANY TO ASSUME ALL DEPOSITS AND LOANS OF SILICON VALLEY BRIDGE BANK, N.A., FROM THE FDIC

First-Citizens Bank & Trust Company, a subsidiary of Raleigh-headquartered First Citizens BancShares, Inc. announced on Monday, March 27 that it has entered into an agreement with the Federal Deposit Insurance Corporation to purchase out of FDIC receivership substantially all loans and certain other assets, and assume all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. The transaction is structured as a whole bank purchase with loss share coverage. First Citizens was selected to complete this transaction through a competitive bidding process.

Current CEO and chairman Frank B. Holding Jr. lived and worked in Fayetteville early in his career at First Citizens Bank as a city executive. He’s been the CEO since 2008.

Holding, Jr. said in a press release: “First Citizens has a reputation for financial strength, exceptional customer service and prudent lending that spans 125 years. We

have partnered with the FDIC to successfully complete more FDIC-assisted transactions since 2009 than any other bank, and we appreciate the confidence the FDIC has placed in us once again. We look forward to building relationships with our new customers and positioning our company for continued success as we affirm our commitment to support the integrity of our nation's banking system.”

As part of the agreement, First Citizens Bank will assume Silicon Valley Bridge Bank, N.A. assets of $110 billion, deposits of $56 billion and loans of $72 billion, based on latest information provided by the FDIC.

First Citizens Bank will additionally receive an available line of credit from the FDIC for contingent liquidity purposes. First Citizens Bank has entered into a loss share agreement with the FDIC to provide further downside protection against potential credit losses. First Citizens Bank will not acquire any of the assets, common stock, preferred stock,

debt or assume any other obligations of SVB Financial Group, the former holding company of Silicon Valley Bank.

As of March 27, the 17 legacy Silicon Valley Bridge Bank, N.A. branches began operating as Silicon Valley Bank, a division of First Citizens Bank.

There was no immediate change to customers’ current accounts, and they were able to continue to access their accounts through their current websites, mobile apps and branch locations. They can also continue to use their checks and cards and will still have ATM and online access to their accounts. Loan custom-

ers should continue making loan payments as usual. Customers will be notified of any future account changes in advance.

“First Citizens has a proud history of growing organically and through strategic acquisitions that build our core capabilities in a careful and deliberate manner,” said Holding in a press release. “This transaction leverages our solid foundation to add significant scale, geographic diversity, compelling digital capabilities and most importantly, meaningful solutions for customers throughout their lifecycle. Specifically, we are committed to building on and preserving the strong relationships that legacy SVB’s Global Fund Banking business has with private equity and venture capital firms. This transaction also will accelerate our expansion in California and introduce wealth capabilities in the Northeast. SVB’s Private Wealth business is a natural fit for our high-touch and sophisticated level of high-net-worth customer service and approach.”

PHOTO PULLED FROM SAMPSON COUNTY GIS DATA VIEWER

Photo of the full 20.5 acres of property.