Bank of America tests reward program based on spending history

BofA tests reward program based on spending history

Bank of America will begin testing a program that will give cash discounts to debit- and credit-card users who take advantage of deals offered them based on their spending history.

Known as BankAmeriDeals, the program hopes to “deepen relationships” with customers and help the bank acquire new ones, spokeswoman Tara Burke said.

The bank will determine deals for customers based on their spending history. It will let customers know what deals are available to them through its online banking site, and through text and mobile alerts.

The customer will then pay full price at the participating retailer, and get a percentage of what they spent in cash at the end of the month.

Bank of America will not share customer data with the company, Burke said.

The trial starts with bank employees in the Carolinas and Nevada today. It will be available to all employees by late February, Burke said. It is unclear when it will be made available for nonemployees. Andrew Dunn

Loss at Bank of Commerce

Charlotte-based Bank of Commerce said it lost $847,000 in the fourth quarter – its third consecutive quarterly loss – as the bank continued to set aside money to cover loan losses.

The loss compares with a $1.3 million loss in the same time period the prior year, and a $737,000 loss last quarter.

In 2011, the bank’s assets shrank 15 percent as it took losses on foreclosed properties, charged off bad loans and put aside money to cover loan losses. Bank of Commerce’s full-year loss was $1.8 million, compared with $1 million in 2010.

“In 2011 we continued to work diligently on improving asset quality by charging down balances on loans where repayment may be partially or fully dependent on the sale of real estate,” CEO Wes Sturges said in a statement. “We remain well-capitalized and are positioned to serve the borrowing needs of our small-business customer in 2012. ” Andrew Dunn

60 to be laid off in Hickory

HBF, formerly known as Hickory Business Furniture, will lay off 60 workers in Hickory, the company said in a notice to state officials.

The layoffs, which will begin in April, affect workers who make conferencing products and casegoods, which include cabinets and bookshelves.

Of the workers, 22 were given early-retirement packages and 10 were temporary, said Gary Carlson, a vice president at parent company HNI Corp. The company will be offering severance packages. It announced the layoffs well ahead of time to give workers time to prepare, he said.

The closing allows the business to consolidate production with another manufacturing facility in New York.

About 160 employees will be left in the Hickory location, Carlson said, primarily manufacturing seats and upholstery. Andrew Dunn

More Charlotte apartments

Orlando-based Global Growth Trust Inc., a real estate investment trust, has entered into a joint venture with an affiliate of Woodfield Investments LLC to buy 13 acres in Charlotte. The groups plan to develop a $30 million, 297-unit, garden-style apartment community.

The joint venture expects to purchase the land within 30 days. It hasn’t disclosed the exact location, but in a release it praised the southwest corridor’s large amount of workers and proximity to other employment centers.

This would be Global Growth’s second multifamily partnership with Woodfield Investments. Last May, the two companies announced a partnership to build a new 258-unit multifamily development in Mount Pleasant, S.C. Kerry Singe