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Trump calls on Federal Reserve governor to resign after official accuses her of mortgage fraud

SUMMARY:

  • calls for Fed governor ‘s
  • Cook accused of claiming two homes as primary residences
  • Dispute heightens Trump’s bid to influence central bank

(AP) — President Donald Trump on Wednesday called on Federal Reserve governor Lisa Cook to resign after a member of his administration accused Cook of committing mortgage fraud, the latest example of the ‘s efforts to gain control over the central bank.

Bill Pulte, director of the agency that oversees mortgage giants and , urged the Justice Department to investigate Cook, who was appointed to the Fed’s governing board by former president Joe in 2022. She was reappointed the following year to a term that lasts until 2038, the longest remaining term among the seven governors.

Pulte, in a letter to Attorney General , alleged that Cook claimed two homes as her principal residences in 2021 to fraudulently obtain better mortgage lending terms. On June 18 of that year she purchased a home in Ann Arbor, Michigan, and then two weeks later bought a condo in Atlanta, the letter said.

Pulte also charged that Cook has listed her condo in Atlanta for rent. Mortgages for homes used as principal residences typically carry lower interest rates than properties that are purchased to rent, the letter said.

The Federal Reserve declined to comment on the accusation. A Justice Department spokesperson also declined to comment.

The allegation represents another front in the Trump administration’s attack on the Fed, which has yet to cut its key interest rate as Trump has demanded. If Cook were to step down, then the White House could nominate a replacement. And Trump has said he would only appoint who would support lower rates.

The more members of the Fed’s governing board that Trump can appoint, the more control he will be able to assert over the Fed, which has long been considered independent from day-to-day politics.

Trump will be able to replace Chair Jerome Powell in May 2026, when Powell’s term expires. Yet 12 members of the Fed’s interest-rate setting committee have a vote on whether to raise or lower interest rates, so even replacing the Chair doesn’t guarantee that Fed policy will shift the way Trump wants.

Yet appointing more board members would give Trump more power over the institution. All seven members of the Fed’s governing board are able to vote on rate decisions. The other five voters include the president of the Fed’s New York branch and a rotating group of four of the presidents of the Fed’s other 11 regional branches.

Trump appointed two members of the Fed’s board in his first term, Christopher Waller and Michelle Bowman. Both dissented July 30 from the central bank’s decision to keep its rate unchanged, in favor of a rate cut.

Another Fed governor, Adriana Kugler, stepped down unexpectedly Aug. 1, and Trump has appointed one of his economic advisers, Stephen Miran, to fill out the remainder of her term until January.

If Trump is able to replace Cook, the first Black woman to serve on the Fed’s board, as well as Kugler, that would give him a clear majority on the board of governors. If Powell leaves the board when his term as chair ends next May, then Trump will be able to fill a fifth spot. However, Powell could stay on the board until early 2028 after finishing his term as chair.

The presidents of the regional Federal Reserve banks are selected by the boards of directors of those banks, but are subject to the approval of the Fed’s board of governors. The terms of all 12 of the regional Fed presidents end next February.

Trump has for months demanded that the Federal Reserve reduce the short-term interest rate it controls, which currently stands at about 4.3%. He has also repeatedly insulted Powell, who has said that the Fed would like to see more evidence of how the economy evolves in response to Trump’s sweeping tariffs before making any moves. Powell has also said the duties threaten to raise inflation and slow growth.

Trump says that a lower rate would reduce the government’s borrowing costs on $37 trillion in debt and boost the housing market by reducing mortgage rates. Yet mortgage borrowing costs do not always follow the Fed’s rate decisions.

The Trump administration has made similar claims of mortgage fraud against Democrats that Trump has attacked, including California Sen. Adam Schiff and New York Attorney General Letitia James.

Trump administration eyes 10% stake in Intel amid US chip push

SUMMARY:

  • Trump seeks 10% U.S. stake in through grant conversion
  • Move aims to boost domestic chip production, curb reliance
  • Intel struggles with losses as rivals and AMD surge

SAN FRANCISCO (AP) — wants the U.S. to own a piece of Intel, less than two weeks after demanding the Silicon Valley pioneer dump the that was hired to turn around the slumping chipmaker. If the goal is realized, the investment would deepen the ‘s involvement in the computer industry as the president ramps up the pressure for more U.S. companies to manufacture products domestically instead of relying on overseas suppliers.

What’s happening?

The Trump administration is in talks to secure a 10% stake in Intel in exchange for converting government grants that were pledged to Intel under President Joe . If the deal is completed, the U.S. government would become one of Intel’s largest shareholders and blur the traditional lines separating the public sector and private sector in a country that remains the world’s largest economy.

Why would Trump do this?

In his second term, Trump has been leveraging his power to reprogram the operations of major computer chip companies. The administration is requiring Nvidia and Advanced Micro Devices, two companies whose chips are helping to power the craze around , to pay a 15% commission on their sales of chips in China in exchange for export licenses.

Trump’s interest in Intel is also being driven by his desire to boost chip production in the U.S., which has been a focal point of the trade war that he has been waging throughout the world. By lessening the country’s dependence on chips manufactured overseas, the president believes the U.S. will be better positioned to maintain its technological lead on China in the race to create artificial intelligence.

Didn’t Trump want Intel’s CEO to quit?

That’s what the president said August 7 in an unequivocal post calling for Intel CEO Lip-Bu Tan to resign less than five months after the Santa Clara, California, company hired him. The demand was triggered by reports raising national security concerns about Tan’s past investments in Chinese tech companies while he was a venture capitalist. But Trump backed off after Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story.”

Why would Intel do a deal?

The company isn’t commenting about the possibility of the U.S. government becoming a major shareholder, but Intel may have little choice because it is currently dealing from a position of weakness. After enjoying decades of growth while its processors powered the personal computer boom, the company fell into a slump after missing the shift to the mobile computing era unleashed by the iPhone’s 2007 debut.

Intel has fallen even farther behind in recent years during an artificial intelligence craze that has been a boon for Nvidia and AMD. The company lost nearly $19 billion last year and another $3.7 billion in the first six months of this year, prompting Tan to undertake a cost-cutting spree. By the end of this year, Tan expects Intel to have about 75,000 workers, a 25% reduction from the end of last year.

Would this deal be unusual?

Although rare, it’s not unprecedented for the U.S. government to become a significant shareholder in a prominent company. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy. The government ended up with a roughly $10 billion loss after it sold its stock in GM.

Would the government run Intel?

U.S. Commerce Secretary Howard Lutnick told CNBC during a Tuesday interview that the government has no intention of meddling in Intel’s business, and will have its hands tied by holding non-voting shares in the company. But some analysts wonder if the Trump administration’s financial ties to Intel might prod more companies looking to curry favor with the president to increase their orders for the company’s chips.

What government grants does Intel receive?

Intel was among the biggest beneficiaries of the Biden administration’s CHIPS and Science Act, but it hasn’t been able to revive its fortunes while falling behind on projects spawned by the program.

The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a “giveaway” that would better serve U.S. taxpayers if it’s turned into Intel stock. “We think America should get the benefit of the bargain,” Lutnick told CNBC. “It’s obvious that it’s the right move to make.”

Lowe’s to buy Foundation Building Materials for $8.8 billion

SUMMARY:

  • Lowe’s to acquire in $8.8B deal, closing in Q4
  • Move boosts Lowe’s presence in professional builder market
  • Rival expanding through GMS and SRS

is buying , a distributor of drywall, insulation and other products, for approximately $8.8 billion as the retailer intensifies its focus on .

FBM also provides metal framing, ceiling systems, commercial doors and hardware and other products that serve large residential and commercial professionals in both new and repair and remodel applications. It has more than 370 locations in the United States and Canada serving 40,000 professional customers.

The is part of Lowe’s move to provide more options for professional builders. The Mooresville, -based company recently closed on its $1.3 billion acquisition of Artisan Design Group, a provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to home builders and property managers.

Rival Home Depot has been making similar moves. In June the home improvement retailer announced that it was buying specialty building products distributor GMS for $4.3 billion.

GMS Inc. of Tucker, Georgia, is a distributor of specialty building products like drywall, steel framing and other supplies used in both residential and commercial projects.

Home Depot’s acquisition of GMS came after it purchased SRS Distribution, a materials provider for professionals, last year for more than $18 billion including debt. SRS provides materials for professionals like roofers, landscapers and pool contractors.

Neil Saunders, managing director of GlobalData, said that the professional builder market provides a growth opportunity to both Home Depot and Lowe’s as there’s a lot of spending in the segment.

“Pro is basically the new battleground for home improvement,” he said. “Naturally, with two big giants in the arena, there are likely to be some bruising battles ahead. However, at this stage, we believe the market is big enough and fragmented enough to allow both players to extract some wins.”

Lowe’s deal for FBM is expected to close in the fourth quarter.

Aside from the acquisition, Lowe’s reported its fiscal second-quarter financial results on Wednesday. The company posted an adjusted profit of $4.33 per share, which topped the $4.23 per share that analysts polled by Zacks Investment Research expected.

Revenue totaled $23.96 billion in the period, which met Wall Street’s expectations.

Lowe’s raised its full-year sales outlook to a range of $84.5 billion to $85.5 billion. It previous predicted sales would be between $83.5 billion and $84.5 billion for the year.

The company’s stock rose more than 3% before the market open.

Target taps longtime executive as new CEO amid sales slump

SUMMARY:

  • COO Michael Fiddelke named , replacing Brian Cornell after 11 years
  • Retailer faces weak sales, messy stores and market share losses to and TJ Maxx
  • Analysts question whether insider pick can reverse Target’s sales struggles

NEW YORK (AP) — Target is counting on a company veteran to revive its magic as it struggles to compete with rivals like Walmart.

The Minneapolis-based retailer said Wednesday that Chief Operating Officer Michael Fiddelke, who has been with Target for 20 years, will become CEO Feb. 1.

He succeeds Brian Cornell, who helped reenergize the company when he took the helm in 2014 but has struggled to turn around weak sales in a more competitive landscape since the COVID pandemic.

Fiddelke has overhauled Target’s supply network and expanded the company’s stores and digital services while cutting costs. In May, the company announced that he would lead a new office focused on faster decision-making to help accelerate sales growth.

Fiddelke is taking over at time when Target’s sales are in a funk, its stores are messy and understocked, and it’s losing market share to rivals.

He said he’s stepping into the role with three urgent priorities: reclaiming the company’s merchandising authority; improving the shopping experience by making sure shelves are consistently stocked and stores are clean; and investing in at the company’s stores and in its supply network.

“When we’re leading with swagger in our merchandising authority, when we have swagger in our marketing, and we’re setting the trend for retail, those are some of the moments I think that Target has been at its highest in my 20 years,” he said.

The change in leadership was announced Wednesday at the same time that Target reported another quarter of sluggish results.

The announcement surprised some analysts who expected Target to pick an outsider to turn things around. Neil Saunders, a managing director at GlobalData Retail, said he had mixed feelings.

“While we think Fiddelke is talented and has a somewhat different take on things compared to current CEO Brian Cornell, this is an internal appointment that does not necessarily remedy the problems of entrenched groupthink and the inward-looking mindset that have plagued Target for years,” he said.

Target reported a 21% drop in net income in the quarter ended Aug. 2. Sales were down slightly and the company reported a 1.9% dip in comparable sales — those from established physical stores and online channels. Target has seen flat or declining comparable sales in eight out of the past 10 quarters including the latest period.

Target, which has about 1,980 U.S. stores, has been the focus of consumer boycotts since late January, when it joined rival Walmart and a number of other prominent American brands in scaling back corporate diversity, equity and inclusion initiatives.

Target’s sales also have languished as customers defect to Walmart and off-price department store chains like TJ Maxx in search of lower prices. But many analysts think Target is stumbling because consumers no longer consider it the place to go for affordable but stylish products, a niche that long ago earned the retailer the jokingly posh nickname “Tarzhay.”

In fact, out of 35 merchandise categories that Target tracks, it gained or maintained market share in only 14 during the first half of the company’s fiscal year, Fiddelke said.

Meanwhile, Walmart gained market share among households with incomes over $100,000 as U.S. inflation caused consumer prices to rise rapidly. Lower-income shoppers have driven customer growth at Target, suggesting it may have lost appeal with wealthier customers, according to market research firm Consumer Edge.

“It’s probably not the best sign, especially because higher-income consumers continue to hold up a little bit better” during times of economic uncertainty, said Consumer Edge Head of Insights Michael Gunther.

In March, members of Target’s executive team told investors they planned to regain the chain’s reputation for selling stylish goods at budget prices by expanding Target’s lineup of store label brands and shortening the time it took to get new items from the idea stage to store shelves. The moves would help the company stay close to trends, executives said.

“In a world where we operate today, our guests are looking for Tarzhay,” Cornell told investors. “Consumers coined that term decades ago to define how we elevate the everything everyday to something special, how we had unexpected fun in the shopping that would be otherwise routine.”

Before joining Target in 2014, Cornell, 66, spent more than 30 years in leadership positions at retail and consumer-product companies, including as chief marketing officer at Safeway Inc. and CEO at Michaels, Walmart’s Sam’s Club and PepsiCo America Foods. In September 2022, the board extended his contract for three more years and eliminated a policy requiring its chief executives to retire at age 65. When Fiddelke takes over, Cornell will transition to be executive chair of the board.

When he got to Target, the company was facing a different set of challenges.

Cornell replaced former CEO Gregg Steinhafel, who stepped down nearly five months after Target disclosed a huge data breach in which hackers stole millions of customers’ credit- and debit-card records. The theft badly damaged the chain’s reputation and profits.

Cornell reenergized sales by having his team rev up Target’s store brands. It now has 40 private label brands in its portfolio. And even before the pandemic, Cornell spearheaded the company’s mission to transform its stores into delivery hubs to cut down on costs and speed up deliveries.

Target’s 2017 of Shipt helped bolster the discounter’s same-day, store-based fulfillment services. Cornell also focused on making its stores better tailored to the local community

The coronavirus pandemic delivered outsized sales for Target as well as its peers as stayed home and bought pajamas, furnishings and kitchen items. And it continued to see a surge in sales as shoppers emerged from their homes and went to stores. But the spending sprees eventually subsided.

As inflation started to spike, Target reported a 52% drop in profits during its 2022 first quarter compared with a year earlier. Purchases of big TVs and appliances that Americans loaded up on during the pandemic faded, leaving the retailer with excess inventory that had to be sold off.

In July 2023, as shoppers feeling pinched by inflation curtailed their spending, Target said its comparable sales declined for the first time in six years.

Moreover, Target started losing its edge as an authority on style by focusing too much on home furnishings basics, and not enough trendy items, Fiddelke said.

A customer backlash over the annual line of LGBTQ+ Pride merchandise  carried that year further cut into sales.

Although Walmart retreated from its diversity initiatives first, Target has been the focus of more concerted consumer boycotts. Organizers have said they viewed Target’s action as a greater betrayal because the company previously had held itself out as a champion of inclusion.

Home Depot Q2 sales rise but miss Wall Street forecast

Summary

  • Q2 revenue rose to $45.28B, below $45.41B forecast
  • Comparable store sales rose 1% overall, 1.4% in U.S.
  • Consumers shift toward smaller projects
  • Company warns of modest price hikes from rising

‘s sales improved during its fiscal second quarter as consumers remained focused on smaller projects amid cost concerns and economic uncertainty, but its performance missed Wall Street’s expectations.

The Atlanta-based company also said shoppers should expect modest price increases in some categories as a result of rising tariff costs, though they won’t be broad-based. Company executives told analysts during the earnings call after the results were released that more than 50% of its products are sourced domestically and wouldn’t be subject to any tariffs.

In May, Home Depot said it didn’t expect to raise prices because of tariffs, saying it had spent years diversifying the sources for the goods on its shelves.

But Billy Bastek, executive vice president of merchandising at Home Depot, told analysts on Tuesday that tariff rates are significantly higher than they were when it released earnings results in May.

“Our customers tend to shop for the entire project, ” Bestek said. “And you think about a small flooring project, tile grout, bath tub and vanity and a bath project. And so we’re laser focused on protecting the cost of the entire project.”

Revenue for the three months ended August 3 climbed to $45.28 billion from $43.18 billion, but fell short of the $45.41 billion that analysts polled by FactSet were looking for.

Sales at stores open at least a year, a key indicator of a retailer’s health, rose 1%. In the U.S., comparable store sales increased 1.4%.

Home Depot’s stock surged more than 3% in Tuesday afternoon trading.

Neil Saunders, managing director of GlobalData, said that Home Depot saw consumers concentrating on smaller projects and gardening during the quarter.

“As the largest improvement player, Home Depot is getting the lion’s share of this growth and remains the number one destination for consumers due to strong customer service, a comprehensive range, and sharp pricing,” he said. “The latter factor will serve it well as consumers become more price conscious.”

Customer transactions declined less than 1% in the quarter. The amount shoppers spent rose to $90.01 per average receipt from $88.90 in the prior-year period.

“Our second quarter results were in line with our expectations,” Chair and Ted Decker said in a statement. “The momentum that began in the back half of last year continued throughout the first half as customers engaged more broadly in smaller home improvement projects.”

Home improvement retailers like Home Depot have been dealing with homeowners putting off bigger projects because of increased borrowing costs and lingering concerns about inflation.

The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows.

Sales of previously occupied homes have slumped as elevated mortgage rates and rising prices discourage home shoppers.

Sales of such homes in the U.S. slid in June to the slowest pace since last September as mortgage rates remained high and the national median sales price climbed to an all-time high of $435,300.

Home sales fell last year to their lowest level in nearly 30 years.

Home Depot earned $4.55 billion, or $4.58 per share, for the second quarter. A year ago, the Atlanta-based company earned $4.56 billion, or $4.60 per share.

Removing certain items, earnings were $4.68 per share. Wall Street was looking for earnings of $4.72 per share.

The company reaffirmed its fiscal 2025 forecast for total sales growth of about 2.8%. It still expects adjusted earnings to decline about 2% from $15.24 per share a year earlier.

FTC alleges Maryland reseller marked up tickets, including for Taylor Swift concerts

Summary

  •  filed suit against a Pikesville-based ticket reseller in Maryland .
  • Company allegedly resold nearly 400,000 tickets using fake IP addresses and other methods.
  • FTC claims violations of the Better Online Ticket Sales (BOTS) Act.
  • Resellers say they do not use bots and do not violate ‘s rules.

The Federal Trade Commission on Monday sued a Pikesville-based ticket reseller, alleging it illegally bought and marked up nearly 400,000 event tickets, including to concerts on Taylor Swift’s Eras Tour.

The FTC alleges that Key Investment Group, the company’s principals and related businesses used thousands of Ticketmaster accounts and credit card numbers, fake and proxy IP addresses, and other methods to buy at least 379,776 tickets in about a year.

It alleges that they bought $57 million worth of tickets in just over a year and sold “a portion” of them for $64 million, in violation of the Better Online Ticket Sales Act, or BOTS Act, which seeks to prevent resellers from using bots to circumvent ticket platforms’ security measures.

The trade regulator sued in Maryland , naming as defendants Key Investment Group, TotalTickets.com, Totally Tix, Front Rose Tix, WLK Investments, Key Investment Group Yair Rozmaryn, CFO Elan Rozmaryn and chief strategy officer Taylor Kurth.

“Defendants’ actions have injured consumers, who otherwise may have been able to purchase those tickets in the first instance from Ticketmaster at a lower price,” the lawsuit states.

“Today’s action puts brokers on notice that the -Vance FTC will police operations that unlawfully circumvent ticket sellers’ purchase limits, ensuring that consumers have an opportunity to buy tickets at fair prices,” FTC Chairman Andrew Ferguson stated in a news release.

Ferguson noted an executive order by that seeks to ban  in the  industry.

Ticketmaster did not respond to a request for comment.

Bezalel Stern, a partner at Manatt, Phelps & Phillips in , D.C., is representing Key Investment Group, the Rozmaryns and Kurth. Stern did not answer a phone call on Tuesday.

Among the allegations is that from March to August 2023, the defendants purchased 2,280 tickets to 38 Taylor Swift concerts. They paid $744,970 and resold the tickets for $1,961,9801.

A month ago, Key Investment Group preemptively sued Ferguson and other members of the FTC in an attempt to challenge the BOTS Act as applied. The lawsuit seeks declaratory judgment and injunctive relief, arguing that the BOTS Act is unconstitutionally vague as applied to the company.

“In order for their business model to make sense, Plaintiffs — and the rest of the legitimate secondary-ticket market — use multiple accounts to secure tickets,” the complaint states.

“Many other companies, businesses, and individuals also use multiple accounts to secure tickets. Defendants’ position is that any individual or company who uses more than one account to purchase tickets from a primary ticket seller, such as Ticketmaster, violates the BOTS Act.”

The complaint states that the ticket resellers do not use bots and do not violate Ticketmaster’s rules. It says Ticketmaster does not “enforce posted event ticket purchasing limits” or “maintain the integrity of posted online ticket purchasing order rules.”

“A violation of the BOTS Act requires the use of bots,” it adds. “Plaintiffs do not use bots.”

U.Va. medical school names interim dean

The and leadership last week announced will soon be its interim of the U.Va. School of .

He is succeeding , who is leaving as dean effective Sept. 3. Kibbe is the sole finalist for the presidency of the University of Texas Health Science Center at Houston, also known as UTHealth Houston. Last year, Kibbe and then- Health CEO Dr. K. Craig Kent were the subjects of a no confidence vote by 128 UVA Health physicians, who called for the two leaders’ resignations. Kent resigned in February, following a closed-session meeting of the U.Va. Board of Visitors.

U.Va. also announced that Dr. Howard Goodkin, former chair of U.Va.’s neurology department, will serve as Derdeyn’s senior adviser for a period of six months.

Derdeyn received his undergraduate and medical degrees from U.Va. After serving in various clinical and leadership roles at University of Iowa Healthcare and Washington University School of Medicine/Barnes Jewish Hospital, he returned to his alma mater in January 2024 as chair of radiology and medical imaging.

“I will work to build trust, listen to all voices and ensure diverse perspectives are represented in our decisions,” Derdeyn said in a statement addressed to his colleagues. “ Our success depends on harnessing the strengths of every department and discipline. We face real challenges in the months ahead — recruitment, funding pressures, and the need to maintain momentum in a time of change — but I believe our extraordinary and our dedication to all our missions will carry us forward. Together, we can strengthen our foundation today and position ourselves for lasting success.”

The -based enrolls 156 students each year.

Virginia Chamber appoints interim CEO

The Board of Directors announced on Tuesday that it has appointed former chamber executive as interim president and , effective Sept. 2.

The announcement comes after former chamber President and CEO Cathie J. Vick resigned unexpectedly after only four months on the job.

Martin will lead the chamber — Virginia’s largest business advocacy organization with more than 30,000 members — while its board conducts a nationwide search for a permanent president and CEO. Additionally, Martin will assume the role of executive vice president of public policy and relations, overseeing the chamber’s policy and advocacy agenda.

“Keith is a proven leader with deep relationships across the business community, policymakers, and chambers throughout Virginia,” said board chair Linda Stanley in a statement, adding that the chamber’s board has “full confidence” in Martin’s ability to guide the chamber during the transition.

Martin has more than 20 years of experience in public policy and business advocacy, including a previous tenure working for the from 2011 to 2024 as executive vice president of public policy and general counsel, as well as executive director of the Virginia Chamber Foundation. According to his LinkedIn profile, he is currently director of government relations for Appalachian Power and previously served as a policy director for the Virginia Department of Transportation.

The chamber said Martin helped shape the chamber’s public policy recommendations, including significant contributions to three editions of Blueprint Virginia, the state’s comprehensive business plan. He also successfully managed the chamber’s legislative agenda through multiple General Assembly sessions.

“I am honored to return to the Virginia Chamber and to serve in this leadership role during such a critical time,” said Martin in a statement. “I look forward to working with the board, [the chamber] team and our members to advance the chamber’s mission and strengthen Virginia’s position as the best state for business.”

Martin has a law degree from Thomas Cooley Law School and both bachelor’s and master’s degrees from .

TowneBank to acquire N.C. bank for $476M

  • to acquire in $475 million deal, closing early 2026
  • Combined assets to reach around $22 billion
  • TowneBank’s workforce will grow from 2,800 to about 3,000 employees

-based TowneBank announced Tuesday that it has signed an agreement to acquire -based Dogwood State Bank for about $475 million.

The move, approved by the boards of both companies, will expand TowneBank’s presence down the fast-growing Interstate 85 corridor from Richmond, Greenville, North Carolina and the upstate region of South Carolina. The transaction is expected to close in early 2026, pending regulatory approval and the approval of Dogwood’s shareholders.

Meanwhile, TowneBank is expected to close its $203 million acquisition of Old Point National Bank of Phoebus and its parent company, Old Point Financial Corp., on Sept. 1. With that purchase and the Dogwood , the combined bank’s total assets will reach close to $22 billion, loans of roughly $16 billion and deposits of about $19 billion.

Dogwood Steve Jones will join TowneBank as president of its North Carolina and South Carolina operations, and be a member of the TowneBank corporate management team.

“It has been my pleasure to know Steve for a number of years and we have always admired the great job he and his team have done building Dogwood State Bank. We are excited to have Steve and his talented teammates join hands and hearts with our Towne family to take our Main Street Bank forward in the fast-growing North Carolina and South Carolina markets,” TowneBank Executive Chairman G. Robert Aston Jr. said in a statement.

Aston told the acquisition will increase TowneBank’s number of employees from about 2,800 to around 3,000. He said most of Dogwood’s employees will still be employed after the merger, although said there would be some consolidation, including 10% or less of the Dogwood workforce.

Jones said Dogwood State Bank’s director, Robin Perkins, will join the TowneBank corporate board of directors after the merger is completed.

“Today marks an exciting new chapter for our company,” Jones said in a statement. “After thoughtful consideration, we have agreed to join forces with TowneBank, whose vision and values align closely with our own. This partnership will bring new opportunities for our customers, employees, and shareholders, while building to the legacy we’ve created at Dogwood.”

Under the terms of the merger agreement, TowneBank states that common shareholders of Dogwood will receive a fixed exchange ratio of 0.700 shares of TowneBank common stock for each outstanding share of Dogwood common stock. This implies a deal value per share of $25.04 or approximately $476.2 million based on TowneBank’s 15-day average closing stock price of $35.77 on Aug. 18.

Founded in 1999, TowneBank has 58 locations across Central and Eastern Virginia and North Carolina. It had total assets of $17.25 billion as of Dec. 31, 2024.

Dogwood State Bank is a state-chartered community bank headquartered in Raleigh, North Carolina, with approximately $2.4 billion in total assets as of June 30. Dogwood has 17 branch offices in North Carolina, South Carolina and Eastern Tennessee.

Nexstar Media Group buying Tegna in deal worth $6.2 billion


Summary

  • Group to acquire for $6.2 billion
  • Deal includes $22 cash per share for Tegna stockholders
  • Merger expands Nexstar’s 200+ stations across 116 markets
  • Nexstar also operates The CW and NewsNation networks

Nexstar Media Group is buying Tysons-based broadcast rival Tegna for $6.2 billion, which will help strengthen its local news offerings.

The transaction, if approved, will bring together two major players in U.S. and the country’s local news landscape. Nexstar oversees more than 200 owned and partner stations in 116 markets nationwide today and also runs networks like The CW and NewsNation. Meanwhile, Tegna, which was formed in 2015  when Gannett Co. spun off its and digital business, owns 64 television news stations across 51 markets.

“The initiatives being pursued by the offer local broadcasters the opportunity to expand reach, level the playing field, and compete more effectively with the Big Tech and legacy Big Media companies that have unchecked reach and vast financial resources,” Nexstar Chairman and Perry Sook said in a statement on Tuesday. “We believe Tegna represents the best option for Nexstar to act on this opportunity.”

Nexstar said Tuesday that the deal will also help it give advertisers a bigger variety of local and national broadcast and digital advertising options.

Nexstar will pay $22 in cash for each share of Tegna’s outstanding stock.

The deal could potentially help kick off even further consolidation in America’s broadcast industry. Nexstar, founded in 1996, has itself grow substantially with acquisitions over the latest two decades, becoming the biggest operator of local TV stations in the U.S. after it purchased Tribune Media back in 2019.

Nexstar’s purchase of Tegna also arrives amid wider regulatory shifts. Brendan Carr, the -appointed chairman the Federal Communications Commission, which will need to give the transaction the green light, has long advocated for loosening industry restrictions. On Aug. 7, the FCC announced that it would be repealing 98 broadcast rules and requirements that it identified as “obsolete, outdated, or unnecessary.”

Some of those rules date back nearly 50 years, the FCC said, and apply to “old that is no longer used.” Carr maintained that such provisions no longer serve public interest.

In late July, the U.S. Court of Appeals for the Eighth Circuit also vacated the FCC’s “top four” rule, which has long prohibited ownership of more than one of the top four stations in a single market. The ruling is still subject to a monthslong assessment by the FCC, but could significantly clear the way for future mergers in the industry.

In company earnings calls held in early August, before Tegna and Nexstar publicly confirmed merger talks, both Tegna CEO Michael Steib and Nexstar’s Sook pointed directly to this ruling, and applauded Carr’s deregulation agenda as a whole.

“We believe that deregulation is necessary, important and coming,” Steib said in Tegna’s Aug. 7 call, noting that local broadcasters are “up against big tech competitors who have absolutely no encumbrances in how they compete.”

Beyond their core broadcast TV businesses, both Nexstar and Tegna also boast digital news, mobile app and streaming offerings, all of which have played key roles for the industry as consumers change the way they consume news and other .

Broadcast TV has been hit particularly hard by “cord-cutting,” with more and more households trading their cable or satellite subscriptions into content they can get via the internet.

The deal is expected to close by the second half of 2026. It still needs approval from Tegna shareholders.

Shares of Nexstar jumped 7.6% in premarket trading, and Tegna’s rose 4.3%.