Small community banks continue to compete favorably with superregional and major banks. For example, seven small banks began operations in 1995, more than in any other state.
For individuals able to raise $5 million, handle reams of paperwork, deal with investors, and meet with state and federal regulators, just to name a few of the requirements, it might be possible to start up a bank.
Exports from then state, including pulp and paper, chemicals, and electronics, increased twenty-two percent in 1995, compared to a twenty percent gain for the Southeast. The state ranks tenth in the nation in value of exports.
Foreign investments in state businesses exceeded $500 million in 1995 and included outright purchases and facilities expansions. A list of the largest foreign-owned employers is included.
Foreign trade zones are areas where goods can enter the country duty free. Manufacturers use them in making products that they then export, thus receiving substantial savings. Zones in the state are in Wilmington, Morehead City, Durham, and Charlotte.
Banks merge either to avoid or to be ready for a takeover by a larger bank. The recent BB&T-Southern National merger has some in the banking business wondering if this is a prelude to a takeover by an out-of-state bank seeking a base in the state.
Alex Bernhardt, president of Bernhardt Furniture headquartered in Lenoir, is guiding his family's 106 year-old furniture company into the mostly untapped but fertile international marketplace.
Such factors as an economic development policy, a good labor pool, quality medical care, and commitment to public education make Wilkes County attractive to businesses. The widening of Highway 421 and laying of natural gas pipelines add to its appeal.
The North Wilkesboro Motor Speedway is a keystone in Wilkes County's growing tourism business. Other activities that attract tourists include bluegrass performances, bicycle racing, the Brushy Mountain Apple Festival and Stone Mountain State Park.
Because of the large expenses of traditional pension plans, many of the state's small and mid-sized companies are using 401(k)s to help employees in retirement planning.
With 253 auto parts manufacturers in the state, the industry is a growing part of the Tar Heel economy. New plants include ASMO Co. LTD. in Pitt County and Asheboro's Timkin Company.
To raise money, private companies sometimes go public by making initial public offerings (IPOs) of their stock. The state's largest one hundred public companies are profiled.
Profile of Jerry Richardson, chairman and CEO of Flagstar Companies, Inc. and managing partner of Richardson Sports, who is responsible for bringing the Carolina Panthers NFL franchise to Charlotte.
With American Airlines on the verge of closing operations at Raleigh-Durham International Airport, other carriers, such as Air South and Valu Jet Airlines, see RDU as a potential growth area.