The Wachovia Corporation developed from a small bank in Salem, North Carolina to become the fourth-largest bank holding company in the United States. Before Wells Fargo acquired Wachovia in 2008, it was the largest bank in the South, and it had the most extensive trust corporation, or financial service that assists with corporate wealth management, between Baltimore and New Orleans.
Subject: Business and Industry
Like the Wachovia Corporation and several other American banks, Branch Banking and Trust Company (BB&T) started as a simple, private bank. As mergers and takeovers occurred throughout the years, BB&T made strides in the banking realm of North Carolina and eventually the American South. With over 1,800 branches and 30,000 employees in 12 states and Washington, D.C., the BB&T Corporation, stationed in Winston-Salem, N.C., ranks as the eleventh largest banking corporation in the United States as of March 31, 2011.
An industrialist who later entered into the political arena as a friend of farmers, Thomas Michael Holt served North Carolina as its 47th governor. His administration is known for supporting higher education and returning elective control to localities.
Known as the “longest continuous railroad bridge in the world,” the Norfolk and Southern Railroad Bridge cost $1 million to build and spanned 28,000 feet across the Albemarle Sound.
Waste Industries USA, Inc. is based out of Raleigh, North Carolina and is one of the fastest growing waste and recycling service companies in the Southeast. Lonnie C. Poole Jr., a graduate from NC State University, founded the company in 1970.
The Piedmont & Northern (P&N) Railway fueled the growth of North Carolina’s textile industry. Running from Spartanburg to Greenwood in South Carolina and from Gastonia to Charlotte in North Carolina, the P&N shipped cotton, textiles, and other goods throughout the Piedmont region. But an ambitious plan to make the railroad a regional powerhouse was foiled by the federal government.
A state legislator named Frank Grist shepherded a law through the state legislature in 1924 which applied state-level penalties to anyone who sold literature in North Carolina which had been banned by the U.S. Post Office Department pursuant to federal law. A magazine published by the famous editor H. L. Mencken potentially ran afoul of this statute, which was on the books until 1971.
Gilbert S. Waters built one of the first buggymobiles. Born in 1869, Waters grew up in New Bern around the buggy industry and worked in the family business, G. H. Waters Buggy and Carriage Factory.
The Cotton Textile Institute (CTI) played a key role in implementing the New Deal in North Carolina. CTI, a national organization of textile manufacturers, was headquartered in Charlotte and included prominent North Carolina industrialists such as Charles Cannon and Ben Gossett.
To showcase African American agricultural and educational achievement, the North Carolina Industrial Association (NCIA) hosted the African American Industrial fair. Developed in 1879 through the efforts of Charles N. Hunter and twenty-two African American businessmen, the North Carolina Industrial Association fostered better race relations among blacks and whites in Raleigh for a week of festivities.