SANFORD – Parker Hannifin Corp. has sold its Zenith Pump division, which has plants in Sanford and Aberdeen, to Richmond, Va.-based Colfax Corp. for an undisclosed sum.

SOUTHERN PINES – Washington Mutual Inc., the nation’s largest home loan originator, will close its North Carolina offices, including a loan center on U.S. 15/501 in Southern Pines that opened only a year ago to serve Moore, Lee and Cumberland counties, as part of a plan to focus on its core markets.

CHARLOTTE – Wachovia Corp. (NYSE: WB) reported record earnings in the second-quarter of $1.25 billion, or 95 cents per share, compared with $1.03 billion, or 77 cents per share, in the second quarter of 2003.

ROCKINGHAM – International Speedway Corp. has completed its sale of North Carolina Speedway for $100.4 million to Concord-based Speedway Motorsports Inc.

TRINITY – Sealy Corp. and its Sealy Mattress Co. subsidiary have issued $75 million in senior subordinated pay-in-kind (PIK) notes and $37.5 million of common stock to certain institutional investors in private transactions.

TRINITY – Bedding products manufacturer Sealy Mattress Corp. reported second-quarter losses of $82.2 million on sales of $316.6 million, compared with a loss of $1 million on $269.8 million in sales a year ago.

ROCKINGHAM – The Richmond County Board of Commissioners tonight unanimously approved the sale of 15.74 acres in the Richmond County Industrial Park in Hamlet, clearing the way for the relocation and expansion of Seago Distributing Company.

ASHEBORO – Bruce D. Jones, the president and chief executive of FNB Corp. subsidiary Rowan Bank, has resigned to become regional president of Capitol Bancorp Ltd., a Michigan-based community bank development company.

SANFORD – Progress Energy announced today that its foundation invested $325,000 in education-related initiatives across North Carolina in the second quarter of 2004, including a $15,000 grant to the Lee County Education Foundation.

RALEIGH – Progress Energy (NYSE: PGN) reported second-quarter earnings of $154 million, or 63 cents per share, on $2.43 billion in revenue, compared with the $157 million, 66 cents per share, earned during the same period a year ago on $2.05 billion in revenue.

SANFORD – The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern United States, announced today that net income more than doubled in the third quarter to $13.7 million, compared to $6.1 million for the same period last year.

DUNN – New Century Bancorp (OTC: NCBC), the holding company for New Century Bank and New Century Bank of Fayetteville, reported second-quarter income of $435,000, or 15 cents per share, up 50 percent from the 290,000, or 14 cents per share, earned in the same period a year ago.

SEAGROVE – Moll Industries Inc., a medical devices and components supplier, has signed a five-year agreement to make parts for Aastrom Biosciences Inc.’s stem cell products at its injection-molded plastics plant in Seagrove.

ERWIN – A state judge has sided with Good Hope Hospital in its quest to build a $33 million hospital outside Lillington to replace it 91-year-old facility in Erwin.

ASHEBORO – FNB Corp. (NASDAQ: FNBN), the holding company for First National Bank and Trust Co., Rowan Bank and Dover Mortgage Co., reported second-quarter earnings of $116,000, or 2 cents per share, down 95 percent from the $2.7 million, or 45 cents per share, earned the same period a year ago.

RALEIGH – First Citizens BancShares Inc. (Nasdaq: FCNCA) reported second-quarter earnings of $15.9 million, or $1.52 per share, down 24 percent from the $20.8 million, or $1.98, earned during the same period a year ago.

TROY – The board of directors of First Bancorp (Nasdaq: FBNC), the parent company of First Bank, has approved the repurchase of an additional 250,000 shares of the company’s common stock upon the completion of the current 200,000 share repurchase authorization announced last year.

TROY – First Bancorp (Nasdaq: FBNC) has opened its third branch in Virginia under the First Bank of Virginia franchise.

TROY – First Bancorp (Nasdaq: FBNC), the parent company of First Bank, reported second-quarter earnings of $4.9 million, or 51 cents per share, compared with earnings of $4.8 million, or 50 cents per share, during the same period a year ago.

CARY – Crescent Financial Corp. (Nasdaq: CRFN), parent company of Crescent State Bank, reported second-quarter earnings of $519,000, or 14 cents per share, compared with $374,000, or 12 cents per share, for the same period a year ago.

ASHEBORO – Cooper Tire & Rubber Co. plans to consolidate retread manufacturing at its Asheboro plant to accommodate the production of racing tires at its facility in Athens, Ga., although it’s unclear if the move will add jobs in Randolph County.

RALEIGH – Capital Bank has formed an investment services division through a strategic alliance with Capital Investment Companies, the largest independent financial service and brokerage firm in the Southeast.

RALEIGH – Capital Bank Corp. (Nasdaq: CBKN), the parent company of Capital Bank, reported second-quarter earnings of $891,000, or 13 cents per share, compared to $285,000, or 4 cents per share, in the same period a year ago.

CHARLOTTE – Bank of America has been named the nation’s leading Small Business Administration lender to minorities for the second consecutive year, nearly tripling its overall SBA lending to minorities in 2003.

CHARLOTTE – Bank of America Corp. (NYSE: BAC) reported second-quarter earnings of $3.85 billion, or $1.86 per share, compared to earnings of $2.74 billion, or $1.80 per share, a year ago. The latest results reflect the addition of FleetBoston Financial Corp., which BofA acquired on April 1.

WINSTON-SALEM – BB&T Corp. (NYSE: BBT) reported second-quarter income totaling $400.1 million, or 72 cents per share, a 26.5 percent increase compared with the $316.2 million, or 67 cents per share, earned in the same period a year ago.

SOUTHERN PINES – American Home Mortgage Investment Corp., a mortgage real estate investment trust, has signed a definitive agreement with Washington Mutual Inc. and its subsidiaries to acquire residential mortgage home loan centers and associated satellite offices that Washington Mutual had planned to close.

WASHINGTON – The $416.2 billion 2005 defense appropriations bill passed by Congress on July 22 includes a number of significant contracts for the Sandhills, according to the state’s Congressional delegation.