Business roundup: EnergyUnited grants total more than $352,000
Published 12:00 am Wednesday, December 2, 2009
The EnergyUnited Foundation awarded more than $352,000 in grants in 2008, including $10,000 to the Iredell County chapter of the American Red Cross.
The foundation is funded by voluntary contributions of members to EnergyUnited electric cooperative who allow their bills to be rounded up each month to the next dollar.
H. Wayne Wilkins, EnergyUnited chief executive officer, said requests for help often are the result of personal or family tragedies. Grants include rent or mortgage assistance and help with utility bills. The economic hardships of 2008 led to an increase of requests, notably for assistance with mortgage and rent payments, and heating fuel.
The maximum each individual can contribute yearly is $11.88. Cooperative members’ contributions have allowed the foundation to give $2.99 million in grants since the program’s inception in 1996. The foundation disburses on average $21,000 each month to households needing assistance and has assisted 1,920 individuals, households and nonprofit organizations.
About half of the cooperative’s 119,000 members participate. “At an average of about 50 cents a month, this is something everyone can participate in and really see an impact in their communities,” Wilkins said.
First Bancorp completes stock sale
TROY ó First Bancorp (NASDAQ: FBNC), the parent company of First Bank, has completed the sale of $65 million of preferred stock to the U.S. Treasury Department under the Treasury’s Capital Purchase Program (CPP). The program is designed to attract broad participation by healthy banking institutions to help stabilize the financial system and increase lending for the benefit of the U.S. economy.
The preferred stock issued to the Treasury will pay a dividend of 5 percent for the first five years and 9 percent thereafter. As part of the program, the Treasury also received warrants that give the Treasury the option for the next 10 years to purchase a total of 616,308 shares of First Bancorp common stock at an exercise price of $15.82. First Bancorp’s Form 8-K, which will be filed with the Securities & Exchange Commission, provides a more complete description of the terms of the program.
“We are pleased to have raised this capital,” stated Jerry L. Ocheltree, president and chief executive officer. “Although First Bancorp and First Bank were both classified as ‘well-capitalized’ by all regulatory measures prior to the sale of the preferred stock, the capital markets that we have utilized in the past to help finance our growth have not been available during this economic downturn. This new capital, which is being offered at attractive financial terms, will better allow us to continue to meet the credit needs of the communities we serve.”
Cook named head of hospital foundation
CONCORD ó Adam Cook has been named executive director of the Carolinas Medical Center-NorthEast Foundation.
Cook succeeds Jim Monroe, who has headed the foundation since it was established in 1993. Monroe is retiring Jan. 14. Cook, who has been foundation campaign director since 2004, will assume his new role Jan. 15.
“Adam has demonstrated outstanding leadership as campaign director,” said Dr. Linny Baker, chairman of the foundation. “He has built strong relationships in our community as well as with the foundation board, the medical staff and the employees of Carolinas Medical Center-NorthEast. He also possesses a passion and talent for fundraising. All of these attributes and talents make him highly qualified for this position.”
Cook said he is looking forward to the challenge.
“Our foundation board has created significant relationships and charitable contributions from our community which have improved our healthcare delivery system,” he said.
A graduate of the University of North Carolina at Chapel Hill with a major in communications, Cook lives in Concord with his wife, Amy, a social worker in the hospital’s Case Management Department.
NorthEast Foundation is conducting a three-year campaign to raise $5.5 million to support the Breast Health Program at Carolinas Medical Center-NorthEast. Previous foundation campaigns included raising $9.3 million to create the Jeff Gordon Children’s Hospital at CMC-NorthEast and $9.6 million to construct the building for the Cabarrus College of Health Sciences.