Greater Fayetteville Business Journal - August 9, 2024 issue
After much speculation from community sources, a new job creating juggernaut has been confirmed to be coming to Cumberland County.
American Titanium Metal, LLC, operating under the name “Project Aero” announced in late July that they will be building a manufacturing plant to produce aerospace-grade titanium domestically and investing $867.8 million in Fayetteville, NC. Project Aero addresses a substantial manufacturing supply chain need of
Summer In The Country
>> By Stephanie Meador
Residentials along the river
MAJOR MIXED-USE DEVELOPMENT PLANNED FOR LILLINGTON
Real estate development company Greenfield Communities has big plans for Lillington.
Development is set to begin in the first quarter of 2025 on a mixed-use community called Capeton. This community is situated on approximately 840 acres and runs along the Cape Fear River.
After their first development in Harnett County, a large residential community called Serenity, garnered a positive response from the community, Greenfield Communities didn’t hesitate to seize the opportunity to develop on another piece of land in the fast-growing county.
“When the opportunity came up for this land, and we walked it, and–especially along the Cape Fear River–it is the most majestic property I think I’ve ever walked, and we just knew we wanted to create something wonderful for the town of Lillington,” shared Greenfield Communities Vice President of Marketing Dawn Forrest.
Capeton will include approximately 2,250 residential units consisting of single-family homes, townhomes, cottages, multi-family and active adult living. Plans call for a grocery store-anchored shopping center and office park.
The name Capeton was derived from the “Cape” of Cape Fear River and the “ton” of Lillington.
Forrest shared that they are currently working on development approvals with the Town, the County and the State of North Carolina. Behind the scenes, Greenfield’s
commercial broker, Jim Broemer, is preparing to market Capeton’s retail section to local and regional businesses, with the goal of commencing development on the commercial section as closely aligned with housing construction as possible.
Forrest shared that, during the first phase, Greenfield will construct their first amenity at the same time as builders begin constructing homes so that future homeowners can enjoy it right away.
The first amenity will be a family friendly splash park with an open-air clubhouse. In future phases Greenfield will add “The Fieldhouse,” a sports center offering a location for recreational sports leagues, as well as pickleball, a fitness center, swimming pool and an air-conditioned clubhouse. A third amenity will be specifically designed for the active adult
community component.
“One of the amenities that we’re most excited about at Capeton is the Fieldhouse, which is essentially a covered sports arena that also can be used for more formal events and gatherings,” shared Forrest. “So, say that Campbell University wants to host a banquet one Fall evening; this would be a great venue for it. Or imagine a couple getting married at the riverfront amphitheater and then holding their reception at the Fieldhouse. While not fully enclosed, it will be designed to accommodate both private events, wedding receptions and similar public gatherings.”
Forrest shared that they’re hoping to deliver lots to builders by the second quarter of 2026. If lots are delivered by the summer of 2026, then they’ll have homeowners in before the end of that year.
A wide variety of home choices will be built throughout Capeton, including single-family, cottages, townhomes, multi-family apartments and active adult homes. Though it is hard to predict house prices this far in advance, Forrest shared that offering different types of housing provides people of varying income levels the
opportunity to find an option within their budget in this new community.
“There’s just so many components to getting a community of this scale off the ground – from erosion control to amenity design, from coordinating with NCDOT on entrance designs to rolling out architectural theming. And we’re so grateful for the Staff at the Town of Lillington. They’ve been amazing to work with, and Greenfield could not be more excited to bring to life such an amazing community that we hope will play a part in showcasing the beauty of the Cape Fear River and the charm of Lillington,” remarked Forrest.
There’ll be a 2.5-mile riverfront greenway nature trail, a riverfront amphitheater and future planned riverfront retail.
Capeton is sure to offer residents a beautiful blend of natural scenery, beautiful homes, and business and retail amenities.
To follow along with the community’s development and learn more about the many offerings of Capeton visit www.CapetonNC.com.
PHOTO PROVIDED BY GREENFIELD COMMUNITIES
Capeton will include approximately 2,250 residential units consisting of single-family homes, townhomes, cottages, multi-family and active adult living. Plans call for a grocery store-anchored shopping center and office park.
PHOTO PROVIDED BY GREENFIELD COMMUNITIES
The Capeton community is situated on approximately 840 acres and runs along the Cape Fear River.
The Greater Fayetteville Business Journal is published twice a month throughout Fayetteville and the Cumberland County region. News related to the region’s business sector is posted daily at bizfayetteville.com.
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A few years ago there was a hit TV series called The Big Bang Theory that aired on CBS for 12 seasons and a total of 279 episodes. In that series there is a character named Sheldon who I’ll choose to describe as… quirky. In one of the episodes, he is forced to take a vacation by his employer which all of his coworkers celebrate and he complains about.
I remember watching that episode and thinking to myself ‘Who in their right mind would be upset about having to take a vacation?’
Hello 2012 me, 2024 me has some notes for you.
Yes, it is at the encouragement of my family that I will be taking some time off in mid August. Just a week, nothing too crazy. However, I
have worked myself to the point of absolute exhaustion before (I have a nice little dent in my car as a lovely souvenir of that time in my life) and I can say that it is a blessing and a privilege to be able to take time off at all, never mind due to the request of your loved ones for your physical and mental health.
I think I knew it was time for a break on Monday when Japan’s Nikkei 225 stock index saw its worst single-day decline since 1987 and all I could think was; ‘ Yeah, alright.”
The signs are there.
That being said, I’ve promised them I will take advantage of this break and use it as such and not just secretly work from my phone. But, there’s no time like the present to head to the beach! And with summer winding down (hopefully cooling down as well), maybe I’ll be
able to survive being outdoors for more than 26 minute increments at a time!
In the meantime, I hope you enjoy this issue featuring an upcoming residential development coming to Lillington, NC, a feature on Cumberland County’s summer internship, (Gen Z is coming for you employers, those students were a HOOT!) and the newest information on the Methodist University Cape Fear Valley Health School of Medicine coming to the campus of Cape Fear Valley Medical Center!
Happy reading!
HOSPITALITY
>> By Eddie Velazquez
Bringing the culture to you
PREPARATIONS HAVE BEGUN FOR THE 46TH ANNUAL INTERNATIONAL FOLK FESTIVAL; VENDOR SPOTS NOW OPEN FOR 2024
The International Folk Festival, a staple of life in Fayetteville, is returning to Festival Park and part of Hay Street stronger than ever for its 46th iteration.
The festival will bring back its traditional and well-attended parade of nations, which showcases the heritage of the city’s residents, and features 30 arts and crafts and food vendors, a children’s play area and several performing artists. The IFF will run from Sept. 27-29.
The parade was canceled last year due to inclement weather, something organizers with the Arts Council of Fayetteville say they hope doesn’t happen again.
The purpose of the festival is to bring together members of the city’s different cultural communities behind one idea: we are all residents of Fayetteville. This notion brings together more than 30+ cultural groups who are represented in the parade of nations, as well as in the festival’s international cafe.
“I’ve known of the festival since I was in middle school/early high school when I was growing up around here,” said Miles McKeller-Smith, the council’s director of public relations. “It has always been a great chance to go and explore different cultures. You may come here for the food and just end up finding different performances that you’ll love. For me, it has always been a chance to really immerse myself in a culture that may not be mine.”
Beyond that, the festival is about sharing and understanding, McKeller-Smith said.
“You have folks who have a chance to really demonstrate something about their culture and really just be able to feel that sense of pride,” McKeller-Smith said. “But also, more importantly, like, share it with somebody who maybe knows a little bit and can deepen their knowledge.”
The cafe showcases family-style recipes from vendors representing their international heritage.
“If you’re looking for good authentic food, if you want family recipe-type food, come out to the International Folk Festival,” said Carly Cox, a communications and outreach assistant at the Arts Council. “You will see aunts and grandmothers in
the back prepping food, while the younger generation is the one that is handling customer service. It still has that touch of home.”
Event attendees will be able to purchase a sampling voucher that will allow them to sample smaller dishes at participating stands.
“It is such a good way for you to get a little sampling of every single place that you can,” Cox said. “It is a really good way to taste your way around the world.”
This year the festival will also feature more than 30 arts and crafts vendors.
“We’ve got everything from jewelry, to rocks, body butters, candles,” Cox said. “We have a vendor this year who makes different kinds of glass items with pressed flowers on them.”
One of the exciting vendors this year is Jhase Made lemonade, a mother and son-operated Lemonade stand, Cox said.
“Jhase, the little boy, came up with this idea. It's an adorable food truck,” she said. “But they're lemonades made with natural products, like locally sourced honeys, different teas and stuff like that.”
The new play area for children, Cox said, will be particularly exciting to Jhase.
“I was talking to his mom and she specifically mentioned wanting to be by the kid’s area because Jhase loves to go play with his friends,” Cox said.
For Cox, opportunities for fun at the festival are about being inclusive and providing something for everyone. Part of that is what has made vendors extremely loyal over the years, she said.
Half of the vendors, Cox noted, have applied to be at the festival every year for the last five years.
“We have vendors that have been very loyal year after year,” she said. The festival’s website states that it typically hosts anywhere from 50,000 to 75,000 attendees. Organizers said they expect attendance numbers this year to remain in that ballpark -around 50,000 to 65,000 visitors are expected to return for the festival this September.
Cox said she is confident that newcomers and regular attendees alike should be able to fully take in the festival from the outset.
“Just watching everybody with such pride and such love for their homelands and their culture going down Hay Street, and then segueing straight into Festival Park where you are immediately met with the smells of delicious food… I knew then I understood why people loved the festival,” Cox said.
Vendor applications are now open with deadlines to apply ranging from Aug. 31Sept. 19. Interested vendors can learn more by going online to www.wearethearts.com/iff.
PHOTOS TAKEN BY PRIME ONE MEDIA. PHOTOS PROVIDED BY FAYETTEVILLE-CUMBERLAND ARTS COUNCIL
The Parade of Nations is one of the festival’s key feature events and showcases the rich cultural heritage and diversity found in the Cumberland County & NC Region.
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From AERO, page 1
the United States’ aerospace industry – namely, the availability of aerospace-grade titanium.
Titanium can be combined with many other metals, such as aluminum, vanadium and iron. Titanium alloys are valued by aircraft manufacturers, as well as across many industries due to their low density, high strength, corrosion resistance and ability to withstand extremes of temperature. The company’s project in Fayetteville will establish approximately a 500,000-square-foot facility and campus that is purpose-built to melt, roll and finish titanium.
“With 20 plus years at U.S. Steel and 13 years at Nucor Corporation, developing five greenfield steel mill projects, I am proud to lead the construction of such a mission-critical project,” said LeRoy Prichard, President of Capital Projects for Project Aero.
In May 2024, the City of Fayetteville and Cumberland County approved incentive packages designed to support the project, provided the company achieves required performance benchmarks.
“We are thrilled that Project Aero has chosen Cumberland County for their new state-of-the-art facility, and we look forward to welcoming them to our community,” said County Chairman Glenn Adams. “When we, as the Board, consider which projects to recruit into our community, we are always mindful of the impact on our residents and the opportunities they will provide. We want everyone to know that Cumberland County is open for business and hope this will spur continued economic growth.”
According to the Economic Development Partnership of North Caro-
“This project highlights our potential in the aerospace and advanced manufacturing sectors, making Fayetteville poised for tremendous growth and increased prosperity.”
Mayor Mitch Colvin CITY OF FAYETTEVILLE
lina (EDPNC), American Titanium Metal joins more than 450 aerospace manufacturing suppliers that have a presence in North Carolina, which is a top state for aerospace manufacturing attractiveness in the country.
“It has been a pleasure working with North Carolina’s Department of Commerce, the Fayetteville Cumberland Economic Development Corporation, Cumberland County,
the City of Fayetteville, Fayetteville PWC and Piedmont Natural Gas,” said Teresa McBride, Chairman of the company. “Aerospace has continuously pushed the boundaries of human potential and plays a pivotal role in our nation's economic growth while bridging distances, transforming economies and securing our future.”
The new site is expected to create 304 jobs. The average salary for American Titanium Metal’s new positions will be $123,473, which exceeds Cumberland County’s average wage of $45,951 although wages will vary based on position. According to the North Carolina Department of Commerce, Project Aero will bring an annual payroll impact to the community of more than $37 million per year.
“This project highlights our potential in the aerospace and advanced manufacturing sectors, making Fayetteville poised for tremendous growth and increased prosperity,” said City of Fayetteville Mayor Mitch Colvin. “This historic investment will create several hundred high-paying jobs, with average salaries nearly double the national
average and significantly higher than the average salary in North Carolina. We are excited to welcome this transformational project to Fayetteville and look forward to the future opportunities it will bring."
Project Aero’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee on July 23. Over the course of the 12year term of this grant, the project is estimated to grow the state’s economy by $1 billion.
Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $8,026,000, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.
The project's projected return on investment of public dollars is 102 per cent, meaning for every dollar of potential cost, the state receives $2.02 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.
“We’re excited to welcome these new jobs and this significant capital investment into Cumberland,” said N.C. Senator Tom McInnis. “Project Aero’s decision to locate operations in our region shows people around the world that we’re the perfect location for tomorrow’s global industries.”
Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Department of Transportation, N.C. Commerce’s Divisions of Workforce Solutions and Rural Economic Development, Piedmont Natural Gas, the Fayetteville Public Works Commission (PWC), the City of Fayetteville, Cumberland County, and the Fayetteville Cumberland County Economic Development Corporation.
PHOTO PROVIDED BY FCEDC
American Titanium Metal, LLC, operating under the name “Project Aero” will be building a manufacturing plant to produce aerospace-grade titanium domestically.
ACHIEVERS
Bradley Strickland named Lumberton market leader for Lumbee Guaranty Bank
Lumbee Guaranty Bank is pleased to announce that Bradley Strickland has been promoted to Vice President and Market Leader for the bank's Lumberton market. In his new role, Strickland is responsible for all business development activities involving the bank's three Lumberton branches. He is based out of the Fayetteville Road branch.
“I want to congratulate Bradley. A valuable member of our team, he joined us in 2007 and has spent his entire banking career with Lumbee Guaranty Bank. Under his leadership, we look forward to expanding and enhancing our services for new and existing customers in Lumberton," said Kyle R. Chavis, Chief Executive Officer in a press release.
Strickland earned his Bachelor of Science in Business Administration, with a concentration in Management, from The University of North Carolina at Pembroke. He also just completed his third year of coursework through the North Carolina School of Banking. Strickland lives in Lumberton with his wife, Brittaney. They have three children, Kyland, Grayson and Parker.
FSU’s Broadwell college of
business and
Economics
named to the Princeton Review List of “Best Business Schools For 2024”
Fayetteville State University’s Broadwell College of Business and Economics (BCBE) is an outstanding business school, according to The Princeton Review. The education services company has named the school's online MBA program to its list of Top 50 Online MBA Programs for 2024.
The BCBE’s Online MBA Program ranked No. 4 in North Carolina and No. 40 nationally on the list. The Princeton Review recognized the program’s unbeatable combination of affordability, distinguished faculty and specialized curriculum focusing on high-demand business areas.
“I am proud of the continued rec-
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.”
ognition of the Broadwell College by the Princeton Review, ranking us as a top-tier graduate program in North Carolina and across the nation,” said BCBE Dean Ulysses Taylor, J.D. in a press release. “Our MBA program is a premier graduate program delivering high-quality education making our students vastly sought after for their credentials, knowledge and record of success.”
“All of the business schools on our lists for 2024—our list of the best online MBAs as well as our list of the best on-campus MBAs—deliver exceptional MBA programs,” said Rob Franek, The Princeton Review’s Editor-in-Chief in a press release. “We commend and recommend them highly to prospective b-school applicants.”
The Broadwell College of Business and Economics (BCBE) is accredited by the Association to Advance Collegiate Schools of Business (AACSB). AACSB is one of the most prestigious and rigorous accrediting bodies for business programs in higher education.
The Princeton Review editors weigh more than 60 data points in their selections of schools for their Best Business Schools lists. The selection and ranking of the online MBA programs for 2024 considered data from The Princeton Review’s 2024 surveys of administrators at 165 schools offering online MBAs as well as its surveys of 10,700 students enrolled in the online MBA programs.
Moore County Chamber’s Director of Membership Development completes first year at Institute for Organization Management
Institute for Organization Management, the professional development program of the U.S. Chamber of Commerce, is pleased to announce that Jonathon Lewis, Director of Membership Development of the Moore County Chamber of Commerce, has recently completed his first year in the program.
“Institute graduates are recognized across the country as leaders in their industries and organizations,” said Raymond P. Towle, IOM, CAE, the U.S. Chamber’s vice president of Institute for Organization Management in a press release. “These individuals have the knowledge, skills and dedication necessary to achieve professional and organizational success in the dynamic association and chamber industries.”
Since its commencement in 1921, the Institute program has been educating tens of thousands of associations, chambers and other nonprofit leaders on how to build stronger organizations, better serve their members and become strong business advocates.
The institute’s curriculum consists of four week long sessions at four different university locations throughout the country. Through a combination of required courses and electives in areas such as leadership, advocacy, marketing, finance and membership, Institute participants can enhance their
own organizational management skills and add new fuel to their organizations, making them run more efficiently and effectively.
GSA unveils list of OASIS Plus Small Business Contract awardees; Fayetteville area businesses awarded
The General Services Administration (GSA) has released the list of 1,383 awardees under the small business set-aside track of the One Acquisition Solution for Integrated Services Plus contract program.
GSA said on Tuesday, July 30, it plans to issue formal awards and notices to proceed for the OASIS+ Small Business contract by mid-August.
Under the total small business setaside track, contracts will be awarded across seven domains.
According to the agency, there are 829 small business awardees that are authorized to participate in the management and advisory services domain; 816 in the technical and engineering services category; 241 in the intelligence services domain; 219 in research and development services; 160 in logistics services; 141 in facilities services; and 87 in environmental services.
Several Fayetteville businesses were awarded contracts across multiple domains including:
• Phoenix Global Support, awarded in the Intelligence Services Domain
• Strategic Solutions Unlimited, awarded in the Facilities Domain
• Walsingham Group, Inc., awarded in the Management and Advisory Domain, Technical and Engineering Domain, Intelligence Services Domain, Facilities Domain and Logistics Domain
GSA’s Office of Professional Services and Human Capital Categories moved to award OASIS+ Small Business first as the legacy contract is set to expire in December and
Strickland
Lewis
From ACHIEVERS, page 8
provide federal ordering contracting officers access to the new contract to meet mission support requirements in fiscal year 2025.
In May, PSHC launched the first phase of its new website and draft ordering guide for the OASIS+ contract program.
The open on-ramping process for the OASIS+ contract program is expected to occur in FY 2025.
OASIS+ is a suite of six multiple-award, indefinite-delivery/ indefinite-quantity contracts with a five-year base period and a five-year option term and is designed to help federal agencies meet their procurement requirements for services-based solutions.
One Acquisition Solution for Integrated Services Plus (OASIS+) is a suite of governmentwide, multiaward contracts designed to support federal agencies’ procurement requirements for services-based solutions.
City of Fayetteville wins award for Watershed Master Planning Program
The City of Fayetteville has been awarded the 2024 Association of State Floodplain Managers (ASFPM) James Lee Witt Local Award for Excellence for its Watershed Master Planning Program. The award was announced at the ASFPM 2024 National Conference in Salt Lake City, Utah, on June 27.
This distinguished award recognized Fayetteville's significant contribution to the organization’s vision of an adaptable nation resilient to flooding and prepared for tomorrow’s changing climate. Due to the city's strategic planning laying the groundwork for successful grant opportunities, the Russell-Person Street Bridge and Stream Enhancement project received a $20 million Building Resilient Infrastructure and Communities (BRIC) grant in 2023.
“It is truly an honor to receive this award,” said Alicia Lanier, Stormwater Project Manager for the City of Fayetteville in a press release. “Five years ago, our city leaders embarked on a $13 million Watershed Master Plan program to better understand the magnitude and severity of flooding across the city and proactively develop flood mitigation projects. This award recognizes that achievement and
underscores the city’s commitment to innovative and effective floodplain management strategies that protect its residents and enhance community resilience.”
ASFPM is a professional association dedicated to reducing flood losses in the United States. It works to promote policies and practices that minimize flood risks and enhance the resilience of communities nationwide.
Child Advocacy Center in Fayetteville announces hiring of new executive director
As of June 10, 2024, the Child Advocacy Center (CAC) in Fayetteville welcomed a new executive director, JOHN F. WEBSTER, to their nonprofit organization’s team–replacing its interim ED, Roberta Humphries.
Webster received his Bachelor of Arts in Government and Secondary Education from Campbell University before beginning his career as a social worker at Harnett County Department of Social Services, soon moving into a position as a child protective services investigator. His career path led him to a supervisory position in child protective services for Wake County Human Services.
Webster then took a position at the administrative office of the courts’ guardian ad litem program, where he served as a program supervisor of a three-county judicial district. He was serving as the child welfare program manager of permanency planning and adoptions for Johnston County Department of Social Services when he applied for and accepted the position at the CAC.
Webster’s professional training and experience includes interaction management, family/custody mediation and facilitation, recruitment/ marketing, supervision for managers and professionals and forensic interviewing.
When asked about assuming the role of ED for the CAC, Webster
ACHIEVERS
stated in a release:
“I am truly honored to be named to this position and I feel it is a position that will be a good match for me, as my experience has offered me unique vantage points in the child welfare arena–having worked at two DSS agencies, as well as for the guardian ad litem program. I’m looking forward to making lots of solid connections in the Cumberland County area and helping to lead the CAC as it continues to grow in the years to come.”.
According to the CAC board of directors’ chairperson, Nadine Miller-Bernard, Webster’s extensive experience in social services management impressed the board and made their decision to hire him that much easier.
“Webster is an experienced leader who possesses the skill and passion to advance our mission to support the children and families served at the Child Advocacy Center,” Miller-Bernard shared in a press release.
Webster
Merger complete
DOGWOOD STATE BANK COMPLETES COMMUNITY FIRST BANK ACQUISITION; REPORTS HIGHER SECOND QUARTER 2024 EARNINGS
Dogwood State Bank (OTCQX: DSBX) (“Dogwood”) announced on Tuesday, July 30, its financial results for the three and six months ended June 30, 2024 as it prepares to close its previously announced acquisition of Community First Bancorporation and Community First Bank, Inc. (“Community First”) on Thursday, Aug. 1, 2024.
SECOND QUARTER 2024
FINANCIAL HIGHLIGHTS INCLUDE:
• Net income grew to $2.7 million in Q2 2024 from $1.8 million in Q1 2024 and $2.0 million in Q2 2023. Dogwood incurred merger and acquisition expenses of $562 thousand in Q2 2024 and $958 thousand in Q1 2024 related to the acquisition of Community First.
• Net income, after adjusting for merger and acquisition expenses (non-GAAP), improved to $3.1 million in Q2 2024 from $2.6 million in Q1 2024 and $2.0 million in Q2 2023.
• Net interest margin increased to 3.53% in Q2 2024 from 3.41% in Q1 2024 and 3.50% in Q2 2023.
• SBA lending income rose to $2.7 million in Q2 2024 from $2.2 million in Q1 2024 and $2.2 million in Q2 2023.
• Loans held for investment grew by $87.8 million in Q2 2024 and by $240.5 million over the past 12 months.
• Deposits grew by $35.3 million in Q2 2024 and by $185.6 million over the past 12 months.
“This week marks a pivotal moment as we prepare for the successful completion of our acquisition of Community First,” commented Chief Executive Officer Steve Jones in a
press release. “We look forward to welcoming our new customers, employees and shareholders to the Dogwood family. We believe this strategic transaction will position Dogwood for enhanced earnings growth and longterm value creation.”
Mr. Jones continued, “Our second quarter results reflect Dogwood's strong operating momentum heading into the Community First acquisition. We achieved robust loan and core deposit growth, meaningfully expanded our net interest margin and grew SBA lending income on a higher volume of SBA loan sales and improved secondary market premiums.”
As of June 30, 2024, on a pro forma basis reflecting the acquisition of Community First, Dogwood had approximately $2.2 billion in assets, $1.7 billion in loans and $1.8 billion in deposits. In Q2 2024, the Bank incurred pre-tax merger and acquisition expenses of $562 thousand. For the first half of 2024, merger and acquisition expenses totaled $1.5 million.
The merger was completed on Aug. 1, 2024 with the company expressing excitement on their website stating:
This marks an exciting new chapter for both organizations. Together, we’re building a stronger, brighter future for our communities.”
— Steve Jones, CEO, Dogwood State Bank “
On Jan. 31, 2024, Dogwood entered into a merger agreement to acquire Community First in an all-stock transaction. Under the terms of the merger agreement, each outstanding share of Community First common stock will be exchanged for 0.5875 shares of Dogwood voting common stock, and each outstanding share of Community First preferred stock will be exchanged for 64.7719 shares of Dogwood voting common stock. A total of 3.4 million shares of Dogwood voting common stock will be issued in the acquisition of Community First.
“On Aug. 1, we officially reached legal closure for the acquisition of Dogwood State Bank and Community First Bank. We are thrilled to welcome the Community First Bank customers and employees to Dogwood State Bank as we officially become one! This marks an exciting new chapter for both organizations. Together, we’re building a stronger, brighter future for our communities.”
Dogwood State Bank is a North Carolina state-chartered community bank headquartered in Raleigh with approximately $1.45 billion in total assets. The organization provides a wide range of banking products and services through its online offerings and branch offices throughout North Carolina.
GRAPHIC PROVIDED BY DOGWOOD STATE BANK
Dogwood State Bank completed the long anticipated merger with Community First Bank on Aug. 1, 2024.
BUSINESS EDUCATION
Igniting the future workforce
CUMBERLAND COUNTY’S 2024 INTERNSHIP PROGRAM IGNITES THE PASSION FOR FUTURE CAREERS IN AREA STUDENTS
The inaugural cohort of the Cumberland County summer internship program left county leaders with one main takeaway: The program is a success, but they will continue to focus on ways to show the strengths of county departments and on bonding activities.
The program, dubbed “Ignite: Fueling Passion, Fostering Growth,” started on July 8 and will end on Aug. 16. Enrollment in the project was open to high school juniors and seniors, as well as college students in Cumberland County. The 36 interns that make up the initial cohort are being paid $15 per hour and work about 20 hours at the following departments:
HUMAN RESOURCES
JUSTICE SERVICES
THE LIBRARY SYSTEM
DEPARTMENT OF PLANNING
SOCIAL SERVICES
COMMUNITY DEVELOPMENT
OFFICE OF BUDGET
EMPLOYEE WELLNESS
Next year, the county plans to also include its public information office and the department of public health.
“We want them to experience local government and each of our departments,” said Dominique Hall, Cumberland County’s director of human resources. “What is unique about this program is that it provides students with extra opportunities to interact with our department heads, our local officials and they get to tour the departments as well.”
Hall noted that the name for the program truly reflects its intended outcome: to spark interest and curiosity in local students.
“We’re trying to instill in them a passion for local government and for Cumberland County,” Hall said.
To further foster that level of interest, student workers have designated “ignite days” when they tour county facilities and departments. The latest one took place on Aug. 2, when students learned about opera-
tions at the county’s department of animal services.
“They get to interact with each other and grow together as a cohort, all the while they are also learning about our county departments,”
Hall said of “ignite” days.
Hall said that beyond the work and fresh perspective on county government, student workers can also gain mentorship opportunities and training in leadership skills.
For college students, the internship can also yield professional networking and post-internship opportunities.
Hall said that the idea came from Cumberland County Board of Commissioners Chairman Glenn Adams.
“The chairman is very interested in our youth and giving them the opportunity to learn about local government,” Hall said, noting that recent hiring challenges for local and state governments across the country have prompted local leaders to get innovative with recruiting and employee retention strategies.
A 2023 report from American
City and County, a publication serving local leaders from around the U.S., showed that according to more than half of the 250 state and local government human resources managers, their full-time workforce had increased over the past year.
At least 27% of them reported that their workforce stayed the same, 17% said it had decreased.
About 13% of respondents of the survey said employees are accelerating their retirement plans, while 30% of them reported that current staff members are prepared for retirement.
“It was more common for organizations to report an increase in people leaving than a decrease,” the report stated.
Hall said the program could help with potential recruitment woes.
“You have all these recruitment issues going on, so we want to start showing our youth what local government is,” Hall said. “They get to see it, from the aspect of: ‘Hey this is not just a career where you can just earn money.’ You’re actually looking out for your family
members, you’re working for your friends, you’re actually doing this for your community.”
For Hall, working in local government has been empowering.
“I love local government and it is a way for me to give back to my community,” she shared, adding that so far local officials have enjoyed the program.
“We had our first meet and greet, which includes our orientation and we had our department managers and the board of commissioners there,” Hall said. “Everybody was like ‘this is awesome, I cannot wait to see how we grow it.”
In one word, Hall described the program as exciting.
“Everybody has been excited. The work that the interns are producing is phenomenal,” she said. “We’ve just been in awe at the things that they are able to do and how quickly they can do it. It gets us to see what the future of Cumberland County could look like, how these students are actually impacting it now, and how they can continue to impact the county in the future.”
The way to grow the program is to offer even more opportunities, Hall said. For instance, the program could expand to work closely with Cumberland County school districts to offer internship programs yearround.
“We also want to increase the number of departments we have participating in the program and increase the number of ‘ignite’ days,” she noted. “Maybe the students also create community projects too. Really, I think the sky’s the limit.”
PHOTO PROVIDED BY GFBJ
HR Interns Christian Dewitt (left) and Carlos Callender (right) host a peer presentation at the Ignite Day held on Aug. 2. The presentation helped other interns address potential HR scenarios in the workplace.
A golden opportunity
METHODIST UNIVERSITY SHARES PLANS FOR $8 MILLION AWARDED FOR SCHOOL OF MEDICINE
Through the generosity of the Golden LEAF Foundation, Thursday, Aug. 1, was yet another milestone day for the future of the Methodist University Cape Fear Valley Health School of Medicine and the future of health care in Fayetteville, Cumberland County and the entire Southeastern North Carolina region.
Golden LEAF, established in 1999 to administer a portion of tobacco settlement agreement monies back into North Carolina's rural and economically distressed communities, announced it has awarded $8 million to the new school of medicine (SOM).
“Research has shown that resident doctors trained in rural areas are more likely to practice in rural areas,” said Golden LEAF Board Chair Ralph Strayhorn in a press release. “The funding to Methodist University will not only help build hundreds of jobs throughout Southeastern North Carolina, but also increase the number of physicians serving the region. This project will substantially move the needle for rural healthcare in North Carolina.”
“Golden LEAF is excited to be a partner on such a transformative project to address critical healthcare needs in North Carolina’s rural communities,” said Golden LEAF President, Chief Executive Officer Scott T. Hamilton in a press release. “This partnership between Methodist University and Cape Fear Valley Health System will have generational impacts through the creation of high-quality jobs while addressing the critical shortage of medical professionals in Southeastern North Carolina.”
The SOM – which has a goal of welcoming its first cohort of students in 2026 – is expected to create more than 250 new jobs and graduate more than 100 doctors each year.
“When Methodist University and Cape Fear Valley Health System announced the creation of a new medical school in Fayetteville in February 2023, our vision was to serve Southeastern North Carolina through the education of the next generation of physicians, and to stimulate economic growth and job creation in the region,” said Dr. Hershey Bell,
the founding dean of the school, in a press release. “We are extremely grateful for the award announced today by the Golden LEAF Foundation to help fund the educational program at the medical school. Our students, faculty and leadership will all benefit from the resources that will be made available because of this wonderful offering and gifts from others in the community who have supported, and continue to support, our efforts.”
Golden LEAF funds will be used for instructional equipment.
access to cutting-edge technology in a brand-new facility. The new medical school will provide students with the opportunity to work alongside experienced faculty and health care professionals, gaining valuable, real-world experience that will prepare them for their future careers.
“We are deeply grateful to the Golden LEAF Foundation for their generous support,” said Mike Nagowski, CEO of the Cape Fear Valley Health System in a press release. “This award will enhance our medical school’s educational resources, benefiting our students, faculty and the entire Southeastern North Carolina community.”
The mission of the SOM is to prepare graduates to be socially accountable, community-engaged, evidence-based, compassionate, equity-focused physician leaders who will contribute to mitigating health disparities and improving health outcomes in Southeastern North Carolina or wherever they may practice. Key values include Humility, Justice, Equity, Diversity and Inclusion, Community Engagement, Social Accountability and Interprofessional Collaboration.
— Dr. Suzanne Blum Malley, Provost at MU “
....graduates will be well prepared to deliver innovative, communityresponsive healthcare and will contribute to improved health outcomes and job growth throughout the region.”
“I am deeply grateful to the Golden LEAF Board of Directors for this exceptionally generous award for the Methodist University Cape Fear Valley Health School of Medicine,” said MU President Stanley T. Wearden in a press release. “This award, one of the largest in the history of Methodist University, is a gratifying recognition of the value that the new school of medicine will bring to this region of North Carolina, both in terms of new job creation and in terms of improved healthcare. We are honored by the Golden LEAF Board of Directors’ confidence in our ability to administer these funds judiciously and effectively to provide worldclass medical education, which will improve the economic and physical health of the Cape Fear region.”
The new Methodist University Cape Fear Valley Health School of Medicine is to be located on the Cape Fear Valley Medical Center in Fayetteville, combining the expertise and resources of both institutions to provide students with unparalleled educational and clinical experiences. It will create opportunities for students to learn in a collaborative and innovative environment, with
“We are grateful to the Golden LEAF Foundation for this significant investment in our new medical education program leading to the doctor of medicine (MD) degree,” said Dr. Suzanne Blum Malley, Provost at MU in a press release. “Methodist University Cape Fear Valley Health School of Medicine graduates will be well prepared to deliver innovative, community-responsive healthcare and will contribute to improved health outcomes and job growth throughout the region.”
Methodist University is accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) and will submit its new program substantive change to SACSCOC before Jan. 1, 2025. The Methodist University Cape Fear Valley Health School of Medicine is also currently an applicant program with the Liaison Commission on Medical Education (LCME). MU will not publish admission requirements nor consider any applicants to the program until it receives those approvals.
PHOTO PROVIDED BY MU
Exterior rendering of the Methodist University Cape Fear Valley Health School of Medicine.
Regional REALTOR® Rally returns
LONGLEAF PINE REALTORS® ANNOUNCE THE 31ST REGIONAL REALTOR® RALLY COMING IN SEPT. 2024
The Longleaf Pine REALTORS® Association is thrilled to announce the 31st Regional REALTOR® Rally, taking place on Tuesday, Sept. 17, 2024, from 9:00 a.m. to 5:00 p.m. at the Crown Complex. This premier event, dedicated to empowering real estate professionals, promises a full day of insightful sessions, networking opportunities, and valuable resources designed to elevate the success of its attendees.
The Regional REALTOR® Rally will feature renowned speakers Sean Carpenter and Jake Dixon, who will share their expertise on critical topics such as generating leads, building a scalable business and implementing effective tools and techniques for real estate success. The event’s comprehensive program includes:
SEAN CARPENTER: “26 Ways to Get
Leads, Listings, Buyers & Referrals” and “The REALTORS® Toolbox: Tools, Tips & Techniques for Building Your Real Estate Business”
JAKE DIXON: “Agent Wheel & 90 Day Game Plan: Assess the Health
& Viability of Your Business” and “13 Steps to Build a Scalable Business”
In addition to these educational sessions, attendees will have the opportunity to explore exhibits,
network with peers and enjoy a social hour, making this event an unparalleled platform for professional growth and community engagement.
“The Regional REALTOR® Rally is an essential event for any real estate professional looking to stay ahead in the industry,” said Megan Gerber, President of Longleaf Pine REALTORS® Association in a press release. “We are excited to offer our members access to such a wealth of knowledge and resources, all aimed at fostering their success.”
Tickets for the event are available in advance for $25. Attendees are encouraged to secure their tickets early for this special rate.
For more information and to purchase tickets, visit www.longleafpinerealtors. com/2024/07/01/31st-regional-realtor-rally.
PHOTOS PROVIDED BY LONGLEAF PINE REALTORS® ASSOCIATION
The Regional REALTOR® Rally will feature renowned speakers Sean Carpenter (right) and Jake Dixon (left), who will share their expertise on critical topics for real estate success.
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.
CUMBERLAND COUNTY
Amazing Grazers LLC
4109 Knollwood Drive
Fayetteville Agent: Kinnon R Tatum II
Sweet Embrace LLC
3980 Rebel Road
Linden Agent: Donna H Yeager
Select RV Service
L.L.C.
1833 Notre Dame Pl
Fayetteville Agent: Gregory Raymond Koonce
Super Truck Freight Dispatch LLC
4413 BENT
GRASS DRIVE
FAYETTEVILLE Agent: Linda J Lantzy
K.I.M.S - Keeping it Medical Services PLLC. 867 Bedrock Dr