Carolina Commerce taps BofA veteran as CEO
Carolina Commerce Bank said Thursday that Michael Mayer, a longtime veteran of Bank of America Corp., will be its new chief executive officer.
The Gastonia bank was formerly led by Stephen Campbell, who founded it in 2004. Campbell announced in February that he would resign, saying he thought it “far more enjoyable to create an organization than it is to operate it on a day-to-day basis.”
Mayer, the new CEO, also has experience with startup banks. After 24 years at Bank of America, he opened the Charlotte office of Raleigh-based Paragon Commercial Bank in 2006. He then left to work on founding Colony Signature Bank, a proposed startup that later withdrew its charter application.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
Mayer is former chairman of the board at the Charlotte Regional Partnership, an executive committee member of the board at the Charlotte Chamber of Commerce and a director of the UNC Charlotte Athletic Foundation.
Carolina Commerce Bank also named Blaise Bettendorf its chief financial officer.
Check consolidation to cost Charlotte 78 jobs
As consumers increasingly choose electronic payments over checks, the Federal Reserve on Thursday said it will further consolidate check processing to just one location in Cleveland instead of four spots around the country.
As part of the move, the Fed also will locate check adjustment operations solely in Cleveland, instead of at three previously announced sites in Charlotte, Jacksonville, Fla., and Portland, Ore. The decision means the loss of 78 jobs in Charlotte next year, Fed spokesman Dave Fettig said. The Charlotte Fed branch is already slated to lose 53 check-processing positions next year as part of an earlier restructuring. Check adjustment is the back-office function of correcting check-processing issues.
Thursday's announcement means the loss of a 750 positions nationwide, with some coming through attrition, the Fed said. Some employees may be able to relocate; others will be offered severance, extended medical coverage and career transition assistance.
The Charlotte Federal Reserve branch currently has about 370 employees. It's part of the Federal Reserve Bank of Richmond, Va., which covers five states from Maryland to South Carolina.
Fifth Third will open branch in Kannapolis
Fifth Third Bancorp will open a new branch on Monday in Kannapolis. The branch, at 606 S. Main St., will replace the branch at 234 Dale Earnhardt Blvd., which will close Friday.