Scene of coworkers celebrating a ribbon cutting ceremony.
Jane Wu and team celebrate the opening of AC Hotel by Marriott, a 186 room hotel located in Panorama Tower in Ballantyne.

Shaping Communities the Panorama Way

Jane Wu, founder and president of the real estate development company Panorama Holdings, moved to the United States from her hometown of Chengdu, China in the early 2000s. "I first moved to Ohio, and it was so cold," she recalls. "I wanted to work in investment banking, so Charlotte made sense — and the weather was better!" Jane transferred to UNC Charlotte and fell in love with the Queen City. "Charlotte is a great place for family and a growing career. I started my American life in Charlotte."

After completing her master's degree in mathematical finance, Jane learned the market through different positions at various financial institutions. Her father, a China-based real estate developer, inspired her interest in development and encouraged Jane to start her own company. In 2012, Jane founded Panorama Holdings, a real estate development and investment company that specializes in creating high quality and differentiated communities in fast growing markets around the country.

Since its founding, Panorama Holdings has developed 1.8 million square feet of assets, with a total of $500 million in assets under their management and an additional $1.2 billion in the project pipeline. In Charlotte, the company developed Blu at Northline, a 377-unit apartment complex that was strategically placed on the light rail service line between downtown and UNC Charlotte. Panorama also developed Lumeo at Tryon Park apartments to be transit-service oriented, placing the 314-unit complex next to the University City Boulevard light rail station.

Panorama Tower, one of Jane's newest projects, is in Ballantyne Village near the new TowneBank Ballantyne Financial Center. The mixed-use, 15-story building is one of the tallest developments in the region outside of uptown Charlotte and includes an AC Hotel by Marriott, office space, and a French Japanese fusion restaurant and rooftop bar.

Photo of Jane Wu
Jane Wu, president of Panorama Holdings, founded the company in 2012. Today, the company is one of the fastest growing developers in Charlotte.

As Panorama Holdings continues to grow, the professionals at TowneBank look forward to offering business banking solutions, as well as commercial real estate lending and other support. "Jane has made incredible strides in the real estate industry, and that is one of our focuses here at TowneBank," says Ben Mears, Ballantyne market manager. "We've developed a collaborative relationship and mutual trust that will serve her ongoing and future business endeavors."

"Our team at Panorama Holdings is nimble, and the TowneBank team is too, working outside of the box to meet our needs," says Jane. "Not only do they get the task done, but they offer a warm, caring experience."

You can find information about Panorama Holdings completed and ongoing projects at their website, Panorama-Holdings.com.

"Our team at Panorama Holdings is nimble, and the TowneBank team is too, working outside of the box to meet our needs."
Photo of Ballantyne ribbon cutting ceremony.
John Barton, president of Northwood Office; Doug Russell, president and CEO of Towne Insurance; Ben Mears, senior vice president and market manager; and Bob Aston, TowneBank executive chairman, cut the ribbon marking the opening of the TowneBank Ballantyne Financial Center.

TowneBank Celebrates Grand Opening of Ballantyne Financial Center

May saw the official celebration for the new TowneBank office in Ballantyne. Over 250 guests enjoyed the grand opening festivities at the new TowneBank Ballantyne Financial Center, located on Conlan Circle. The 31,451 square foot building was originally built in 1998 and has been updated to house a range of financial services, including private, commercial, and retail banking, as well as the Charlotte office for Towne Insurance.

In keeping with the bank's tradition of giving back, TowneBank presented charitable donations to two local organizations. Recipients were the Charlotte Community ToolBank, which services community-based organizations by providing tools, equipment, and expertise to empower hands-on volunteerism, and the Ballantyne Rotary Club, which provides community service to international causes such as clean water initiatives, and local causes such as education and literacy.

"TowneBank is committed to serving others and enriching lives in the communities we serve, including right here in Charlotte," says Ben Mears, Ballantyne market manager for TowneBank. "We are proud to support organizations that have an immediate and longstanding impact on the wellbeing of individuals living in Ballantyne and the greater Charlotte area."

People in mingling in front of a building
The new TowneBank Ballantyne Financial Center offers a range of financial services including private, commercial, and retail banking, and is the Charlotte office for Towne Insurance.
Johnny Harris standing on golf green with clubhouse in the distance behind him.
Johnny Harris stands in front of Quail Hollow Club where he serves as president. He is also CEO and chairman of Lincoln Harris Real Estate. Johnny's father, James Harris, founded Quail Hollow in 1959.

Charlotte Golf Course with Long History to Host Presidents Cup

For the first time, the Presidents Cup will travel to Charlotte for the 14th playing in September 2022 at the Quail Hollow Club. The Presidents Cup features world-class team competition with the top 12 players from the U.S. taking on the top 12 from across the globe except for Europe. The U.S. and Europe compete in a similar, but older event, the Ryder Cup. Originally scheduled for 2021, the Presidents Cup was postponed due to the pandemic.

Quail Hollow was founded in April 1959 when James J. Harris hosted a meeting at Morrocroft Farm with twenty-one friends who became the founding members. The golf course officially opened in June of 1961. Over the years, the club has hosted several tournaments including the Kemper Open and the World Seniors Invitational. In 2009, Quail Hollow welcomed their first PGA Tournament with the Wells Fargo Championship, and in 2017 hosted the PGA Championship which will return to Quail Hollow in 2025, making it the first North Carolina course to host multiple PGA Championships.

"The PGA of America is proud to return the PGA Championship to Quail Hollow and the wonderful host city of Charlotte," said PGA president Suzy Whaley. "Quail Hollow's course has a well-earned reputation as a stern test for the world's finest players, but what sets the club apart is its membership and the welcoming atmosphere that they promote. The state of North Carolina's appreciation for the game and major championship golf is remarkable."

The Quail Hollow Course was originally designed by famed golf course architect George Cobb in 1961 with the goal of capturing the beauty as well as the challenging terrain of the Piedmont region. The course has undergone a series of improvements including modifications to several holes by Arnold Palmer in 1986 and a redesign by Tom Fazio in 1997 who also modified several holes in 2016.

The clubhouse opened in 1967 and was renovated in 2000. The building features a grand ballroom, a library, several dining areas, and 15 fireplaces located throughout. Early decorations and furniture were provided by members, and many remain in the club with the idea of creating a feeling of comfort, much like entering an elegant home.

Johnny Harris serves as CEO of Quail Hollow and is the son of the founder. He is also CEO and Chairman of Lincoln Harris Real Estate, with offices in Charlotte and Raleigh. Johnny shares why he is a TowneBank member, "It's obvious to me that people always come first at TowneBank. They want to provide services for us who are members of the TowneBank family. As I've looked at my real estate investment needs and private investments I've made, I've been able to work with my banker Charlie Bartz and the team at TowneBank. We do business with very large financial institutions, but we also love to do business with smaller banks, and in particular TowneBank because the people make such a difference, and they really do care about you."

For more information, visit QuailHollowClub.com and LincolnHarris.com.

Photo of five rescue mission workers.
Since 1938, Charlotte Rescue Mission has been reaching out to the homeless and those battling addiction in the Charlotte region. Today they offer programs for men and women as well as a full-service restaurant and café.

Charlotte Rescue Mission: From Rescue to Recovery

In 2019, Sarah Ann Schultz relocated to Charlotte. While working at a remote coworking space, she started to frequent a café that had really good food and coffee. About a year after Sarah Ann became a regular customer at the Community Matters Café, she realized she wanted to support the mission behind the restaurant and join the organization.

Community Matters Café is a six-month Life Skills program where graduates of Charlotte Rescue Mission's addiction recovery program learn crucial life and employment skills while working in a full-scale restaurant. Working in the Café helps those in recovery transition back into the working world. Approximately 160 people have graduated from the Café since it opened in 2019. One hundred percent of the profit from the Café goes back into the mission.

For the past two years, Sarah Ann Schultz has served as Communications and Marketing Manager for the Charlotte Rescue Mission (CRM). CRM is a unique substance use disorder treatment facility that combines a professional and clinical approach with a faith-based perspective. Their services are provided at no cost to the participant. CRM was ranked the #1 addiction treatment facility in North Carolina by Newsweek in 2021, and they believe incorporating faith and a clinical approach provides the best results and is the reason for their success. CRM reaches the community through churches, partnerships with referral programs, and by working with detox and judicial centers.

CRM offers programs for both men and women. The core program is 120 days with the option to extend into aftercare programs that assist graduates with securing stable employment and finding affordable transitional living accommodations. One of the programs, Recovery Living, offers housing for participants for up to two years after graduating. CRM's mission is to provide support that creates a solid foundation so once participants graduate, they are self-sufficient members of the community.

The COVID-19 pandemic uncovered the need for a new men's facility. In 2021, CRM launched the Miracle at Cedar Street, a capital campaign aiming to raise funds for a new men's campus. The new campus will allow the organization to continue to provide their residential drug and alcohol recovery program, at no cost. The current facility is nearly 100 years old and operates under an outdated building code, does not comply with ADA standards, and has limited options for mitigating the spread of illnesses. The new building will provide a more conducive space for recovery, and it will also allow the Mission to serve more than 100 additional men each year. On May 5th, CRM broke ground on the new men's campus, but the campaign is ongoing, as they continue to work towards their fundraising goal.

Two men standing in front of rescue mission building.
Charlotte Rescue Mission is a safe place to find support and lasting friendships are often formed.

Brian Bara, CRM's CFO, was introduced to TowneBank senior vice president, Will Bishop, by EJ Underwood, CRM's former Director of Principal & Planned Giving. Brian describes their experience with TowneBank as vastly superior. He says, "The direct, personalized service we received from TowneBank was very much welcomed after several prior unsatisfactory banking relationships." CRM maintains five checking accounts with TowneBank, and utilizes Treasury Services such as remote deposit, ACH, wire and expense check monitoring services. Brian says he is grateful for TowneBank's solution oriented approach, "TowneBank configured a great solution to enable CRM to earn interest on its excess funds through the use of a third-party sweep account." He also adds that "TowneBank did an incredible job for both CRM and CRM Social Enterprise to obtain PPP loans when the COVID situation arose. They navigated us through both the initial funding process and the subsequent loan forgiveness process." As a result, Brian says he would "Whole heartedly recommend TowneBank to any organization seeking a banking relationship that has the customer's welfare and service in mind." For more information, visit CharlotteRescueMission.org.

"The direct, personalized service we received from TowneBank was very much welcomed after several prior unsatisfactory banking relationships."
Group of happy people supporting a fundraising event.
Participants in the 24,000 Mile Challenge strike a superhero pose in front of Levine Children's Hospital, one of the beneficiaries of the event.

24 Foundation — Supporting Cancer Navigation and Survivorship

24 Foundation's mission is to inspire and engage communities to make an immediate impact on the lives of those affected by cancer. To date, the organization has raised over $25 million in support of children, adults, and caregivers living through and beyond a cancer diagnosis.

An avid cyclist, Spencer Lueders started the organization in 2002 after he completed a 24-hour bike ride to raise funds to fight cancer. Today, the organization invests in services that help untangle the maze of appointments, tests, and treatments that follow a cancer diagnosis and supports programs that increase the quality of life for survivors. "During that first ride, I talked to so many families who weren't sure what to do following a diagnosis," says Spencer. "24 Foundation is united by a common vision of providing support through cancer navigation and survivorship."

The foundation works with local and national beneficiaries to enhance the quality of life for patients going through treatment and their lifelong path as survivors. Levine Cancer Institute, for example, provides access to world class care to patients throughout the Carolinas through a network of 13 cancer care locations. The 24 Foundation works directly with the center to help fund their Supportive and Integrative Oncology services, as well as Navigation, Survivorship, and Wellness Programs. The foundation also partners locally with Levine Children's Hospital to support their wellness, special needs, and preventive care programs, all of which are designed to promote a high quality of life for survivors. Additional partners and beneficiaries include Be the Match, Claire's Army, and the Hospitality House of Charlotte, among many others.

The foundation's signature event, 24 Hours of Booty, harks back to the initial ride Spencer took more than 20 years ago. This July, hundreds will gather to bike and walk around Charlotte's renowned "Booty Loop" in the Myers Park neighborhood to raise money and awareness. The 24-hour event is a celebration of hope, healing, and coming together, where riders and walkers set their own mileage goals, often pedaling or walking in honor of or in memory of friends and family.

Man standing with a bicycle.
Spencer Lueders, an avid cyclist, founded 24 Foundation after a 24-hour bike ride through Myers Park to raise funds to fight cancer.

This past winter, TowneBank was proud to sponsor the 2nd annual 24,000 Mile Challenge. Held in February, the challenge encouraged participants to take "big steps for small heroes," raising funds for pediatric oncology beneficiaries including LCH, Claire's Army, and the Pinky Swear Foundation. The build-your-own event had 250 of participants who walked, ran, jumped, swam, and biked toward a collective goal of 24,000 miles of moving around Charlotte.

"We were thrilled to partner again with TowneBank as our presenting sponsor and could not be more thankful for their support," says Katherine Murphy, vice president of 24 Foundation. "Through partnerships such as TowneBank, we're able to provide much-needed funding to those who need it most. That impact really hit home when a mother whose child had just come out of surgery for a brain tumor came downstairs and outside to our cheer station during the event and thanked us for all that we were doing. They had seen us from their window decked out in our orange and wanted to share how meaningful it was to see people running, walking, and biking in their honor!"

Learn more about 24 Foundation or register to participate in or volunteer at 24 Hours of Booty at 24Foundation.org.

"Through partnerships such as TowneBank, we're able to provide much-needed funding to those who need it most."
Photorealistic rendering of large university research building.
For 40 years, SPS Corporation has provided vital construction services for facilities like the North Carolina State University Plant Sciences Research building, pictured above.

SPS Corporation

This upcoming November will mark Mike Russo's 22nd year with SPS Corporation. Mike made the move to the Raleigh area in 2001 after working with an internationally known curtain wall company. Looking for a home for his growing family, and following his dream of owning his own company, Mike saw the potential in the Triangle for a Glass Division with SPS, located in Apex. Mike acquired ownership in 2004, becoming president and CEO. While he now possesses majority ownership, he's quick to admit he wouldn't be able to run the company successfully without Chris Craney, his business partner and CFO.

Each SPS staff member takes an active role in all projects and prides themselves on providing customers with confidence and peace of mind throughout the entire building process. This, Mike quickly acknowledges, is due to their values and hard work ethic, which have been able to flourish in the family atmosphere and relaxed office culture they have created.

SPS Corporation has provided their expertise to businesses throughout the Triangle, as well as South Carolina and southern Virginia, and other parts of the southeast since 1990. Specializing in various exterior envelope building products, curtainwall remains their flagship product and service. Constructing the entire envelope of commercial buildings, Curtainwall provides structural safety and interior environmental control, protecting the inside structure from elements such as sun exposure, temperature changes, earthquake, rain, and wind. In June, the SPS family proudly celebrated their 40th anniversary. Staff and vendors had a variety of food trucks to choose from, and took part in their yearly corn hole tournament.

As a result of their relationship with TowneBank, SPS has had the honor to be a supporter of First Tee – Triangle since 2005. As a golfer himself, Mike takes a personal interest in the knowledge that SPS can help empower young athletes through the game of golf. In January 2020, the First Tee organization acquired a new location for their home base, and SPS was honored to offer their services. SPS has committed to donate their time and expertise on glass products needed for the new Northwest Raleigh TriGolf location. Construction is scheduled to start this fall. The SPS family takes great pride in supporting many other philanthropic organizations, such as Make a Wish Foundation, the Cary Chamber of Commerce, and the Triangle Chapter of the American Heart Association.

Photo of Mike Russo.
Mike Russo
Photo of Chris Craney.
Chris Craney

Mike and Brian Reid, president of TowneBank Triangle, have shared a long friendship spanning the past 20 years. In 2006, SPS Corporation joined Paragon Bank, and Brian was assigned as Mike's main contact. When TowneBank acquired Paragon Bank in 2018, Mike had no qualms following Brian to TowneBank because Brian was a trusted partner who provided a "worry-free banking relationship with no issues." Mike says, "True and honest advice is a must when making decisions that not only affect yourself but others. I have confidence that Brian and TowneBank will always refer me to the best option."

Mike has both business and personal accounts with TowneBank, and when asked if he would recommend Towne to others, he says "Absolutely, yes! I highly endorse TowneBank. My entire family banks with them, including my extended family." Mike adds, "I don't think about my banking relationship anymore. TowneBank has given me peace of mind when it comes to both my personal and corporate banking."

A shining example of TowneBank's commitment came when SPS was entering unknown territory during the pandemic. Mike affirms TowneBank was ready to assist. It was a dire time, no one knew how things were going to go and places were shutting down; thankfully, Governor Cooper kept construction as essential. Once PPP loans came out, Brian and his team were sending emails at 2:00 AM to make sure the company received assistance to help with cash flow. Mike says he didn't have to worry about qualification policies or guidelines because the TowneBank team said, "just give us all your info, we'll handle it."

For SPS, the pandemic slowed things down, but it didn't shut things down. The company had a record year in 2020, as far as revenue, and they are expecting another great year in 2022. Mike realizes how fortunate he is to work with both his SPS family and the associates at TowneBank, and he is grateful for both. For more information, visit SPSCorporation.com.

"True and honest advice is a must when making decisions that not only affect yourself but others."
Group of seven people holding a large donation check at a grand opening event.
The Ballantyne Rotary Club constructed several Little Free Libraries in the local community and stocked them with a variety of books.

Ballantyne Rotary Club — Serve to Change Lives

When Ballantyne-area professionals formed a local Rotary club nearly two decades ago, they set out to create community initiatives that truly would address the needs of others and change their lives for the better. Their history now heralds many successful programs, and they continue to pave the way for brighter futures, particularly for school-age children throughout Charlotte. TowneBank was honored to support their efforts with a community impact gift, presented at the Ballantyne Financial Center grand opening on May 10, 2022.

Since 2016, the club has worked with the administration and literacy facilitators at eight area elementary schools to donate over 8,300 books that created or supplemented classroom libraries for new teachers. Club members established a pre-K library at Endhaven Elementary school and provided enough new books for a Title 1 charter elementary school to send home five to six books with each student during the initial stages of COVID-19. As a result, students had reading resources while the school transitioned to virtual status, with Ballantyne Rotary directly impacting a student population where over 75% come from low to moderate income households. Local education initiatives have also included scholarships to Ardrey Kell High School seniors, with all programs combining to reach the families of more than 7,000 students.

The club is expanding its outreach through a recent partnership with the Head Start preschool program at Alliance Center for Education. Many students live in apartments and have limited opportunity to "dig in the dirt." The club installed raised garden beds and provided gardening resources and tools, with a commitment to have club volunteers assist with gardening lessons and plantings. Club members also constructed several Little Free Libraries accessible to both school families and the local community and stocked them with a variety of books, from classic toddler and children's books to those that focus on parenting and embrace cultural diversity.

The board recently approved an initiative to develop a financial literacy program to provide resources and instruction to school families. Learning better money management will enable families to set a foundation for success, as financial decisions affect almost every aspect of one's life. Understanding financial terms, products and services is critical to making informed and effective financial decisions.

TowneBank applauds the continued innovation of the Ballantyne Rotary Club to change the lives of others through service. To learn more, visit BallantyneRotary.org.

Photo of Norm Bryant.

The Gift of Long-Term Care

Nearly half of Americans over 65 need help with one or more activities of daily living. Activities of daily living may include bathing, dressing, eating, toileting, and transferring. Long-term care (LTC) pays for caregivers to provide non-medical assistance. LTC policies can be written with varying designs, but all have one common theme; to help provide the financial resources to pay the cost associated with helping you or a loved one continue to live as vibrant a life as possible.

Without a long-term care policy, you and your family are left to pay for in-home care using your Social Security pension, retirement funds, personal savings and investments, sometimes costing up to $30 an hour. Medicare and health insurance plans do not provide this coverage.

When you're healthy and strong is the time to take charge of your long-term care planning. Gather your medical, insurance, legal, and financial documents, and decide who you want making care decisions for you, where you would like to live, and who you would like to provide care.

Towne Benefits is here to help you think through your priorities, consider your funding options, and encourage a written long-term care plan for you or your loved ones.

If you would like to know more about long-term care, please contact Norm Bryant at 252-317-0921 or NBryant@TowneInsurance.com.

Insurance and investment products offered through Towne Benefits, a subsidiary of TowneBank, are not a deposit, not FDIC-insured, not guaranteed by TowneBank, and may go down in value.

Photo of Doug Bray and Austin Harris.

As part of an ongoing series in TowneToday, the professionals located at Towne Wealth Management are pleased to provide informative articles on a variety of wealth strategy topics. In this issue, The Bray-Harris Group provides tips on how to ensure your legacy can last generations.

Doug Bray, CFP®, CIMA®
Senior Managing Partner,
Towne Wealth Management
Financial Advisor, RJFS
919-264-6872

Austin Harris
Managing Partner,
Towne Wealth Management
Financial Advisor, RJFS
919-500-6842

Tips for creating an inheritance that lasts generations

ESTATE AND GIVING

Preparing your heirs for sudden wealth can help prevent unwise spending.

If you have wealth to transfer, you may worry about the sometimes adverse effect of sudden wealth and the squandering of assets within a generation.

There is a good reason to be concerned: 70% of family money disappears by the second generation, and 90% by the third generation, according to the Williams Group wealth consultancy. The cautionary tales of families like the Vanderbilts also feed into this worry.

The result? Around 60% of parents think their children aren't prepared to receive a large inheritance, a study by U.S. Trust shows.

If you're in this position, you have a number of options to help ensure your legacy lasts.

Consider taking advantage of a trust

Trusts can help eliminate some of the guessing game of where money might end up, while allowing you to dictate how and when your assets are distributed after you die.

For individuals with relatively young heirs, age provisions that dole out trust income to beneficiaries only when they've reached certain ages can be beneficial. A common threshold for distribution is reaching age 25 or 30. Generation-skipping trusts are another helpful vehicle. In some cases, this type of trust can allow you to transfer money tax-free to your grandchildren or great-grandchildren.

Connect through philanthropy

Making charitable giving a family affair can provide opportunities to connect with younger generations and communicate values and ideals. When a philanthropic mission is shared among your family, it provides a forum for communication and sharpened decision-making in a situation where the money is going to others and there is no personal interest at stake. Donor advised funds and private foundations can be effective vehicles for this type of endeavor. Charitable remainder trusts (CRTs) can also help if you wish to give assets to charity in order to leave a smaller inheritance.

Talk to your heirs about your vision

Many squandered inheritances can be traced back to a root cause — poor communication. In nearly 60% of boom-and-bust inheritance cases researched by the Williams Group, trust and communication breakdown among family members played the largest role.

To help prevent a communication breakdown, consider sharing history, values, and a vision for the future of your family. This can be done in person at a family gathering or through a written statement, also known as an ethical will or legacy letter. With a common purpose and shared story, your family stands a better chance of preserving assets for future generations.

Leverage a professional's perspective

The Williams Group research points to failure to properly prepare heirs as another cause of lost inheritance, affecting about 25% of the cases studied. Your financial advisor can play a role in educating you and your family about inheritance, as well as wealth management and its important principles.

Creating a lasting legacy is neither easy nor impossible — the difficulty lies in the details. Finding the tools and resources that will benefit your family and situation can help make the difference between a squandered fortune and an inheritance that lasts generations.

The Raymond James financial advisors at Towne Wealth Management can help you utilize these tips and educate you and your family about helping your legacy last. Please contact any of our financial advisors with questions at 757-638-6850.

Raymond James, TowneBank and Towne Wealth Management are not affiliated with the Williams Group.