Top Headlines: FM Coal files for bankruptcy, Automobiles top Alabama export list

Who’s watching the banks?
When SunTrust and BB&T banks merged to form Truist, which has operations across Alabama, it opted for state rather than federal regulators, so will be supervised by North Carolina. Next biggest, Regions, works with state regulators but also the Federal Reserve System. — Charlotte Observer 

FM Coal files for bankruptcy
Jasper-based FM Coal LLC filed Tuesday for Chapter 11 bankruptcy protection in Birmingham. The firm owned mines in Wyoming and its largest unsecured creditor is the Payment Protection Program. — Wall Street Journal

Two named to Higher Education Commission
Gov. Kay Ivey has appointed Ann Forbes Sirmon of Mobile and Paul Kennedy of Jasper to the Alabama Commission on Higher Education. — Alabama News Network

No Surprise. Automobiles top Alabama export list
USA Today has compiled a list of each state’s top exports. In Alabama, automobiles rank first with $6.7 billion worth of exports in 2019 — nearly a third of all the state’s exports. — USA Today

United announces major layoffs
United Airlines has joined competitors American and Delta in announcing massive layoffs due to a COVID-19-caused decline in travel.  United announced Wednesday it would lay off more than 16,000 employees, cutting its workforce by about a quarter. All three airlines serve multiple Alabama airports. — Alabama Public Radio 

- Sponsor -

Motion Industries growing
Birmingham’s Motion Industries, which distributed maintenance, repair and operation parts, has acquired Applied Machine and Motion Control Inc., based in Kentucky. — Modern Distribution Magazine

The latest Alabama business news delivered to your inbox