TODAY'S HEADLINES | MAY 14, 2012

USC Alumni Center planned at Lincoln, Senate streets

The Alumni Association is proposing to buy the former Damon’s sports bar property and build an Alumni Center on the site. The proposal includes enclosed passages between the adjacent parking garage, the Alumni Center and the Convention Center. The plan is set for first reading approval by city council on Tuesday.

Park Sterling to acquire N.C.-based bank

Charlotte-based Park Sterling Corp. is buying Citizens South Banking Corp., based in Gastonia, N.C., for $77.8 million. The acquisition will give Park Sterling additional branches in South Carolina, as well as in North Georgia. The combined company will rank as the largest community bank in the Charlotte-Gastonia-Rock Hill MSA.

Frontier to expand Horry County operations

The expansion by the telephone, television and Internet services provider is expected to generate 110 jobs. Frontier Communications will invest in renovating its Myrtle Beach facility to accommodate a call center. The company also will continue to upgrade network infrastructure across South Carolina.

S.C. Farm Bureau credit rating downgraded

A.M. Best Co. downgraded the issuer credit ratings to “bbb” from “bbb+” and affirmed the financial strength rating of “B++” of South Carolina Farm Bureau. The company is in the process of merging with three other mutual companies.

S.C. diamond maker launches public offering

Scio Diamond Technology Corp. is seeking $5.5 million to support diamond production at its new facility in Greenville. The company developed a chemical deposition process to produce single-crystal diamonds similar to those found in the Earth.

Grubb & Ellis WRS changes affiliation

The local Grubb & Ellis WRS office in Charleston changed branding affiliation and names to become Avison Young. Rebranding with Avison Young was a strategic affiliation. The company said plans to expand to Columbia and Greenville are under way.

American Revolution expert to become USC professor

Abner Linwood Holton III has been named the Peter and Bonnie McCausland Professor of History at the University of South Carolina. He is recognized by historians as one of the leading scholars on the American Revolution. He will join USC's faculty this fall.

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