Business Notebook

Olson to lead BlueCross affiliate TCC of S.C.

BlueCross BlueShield of South Carolina has named Donald Olson the executive vice president and chief operating officer of TCC of South Carolina, one of the S.C. BlueCross group’s more than 45 affiliates. TCC is a full-service third-party administrator in Charleston that serves group health insurance plans. Founded in 1972, the company was the first third-party administrator in South Carolina and one of the first in the Southeast. With more than 30 years in health insurance, Olson has held a variety of leadership positions in sales and marketing. Olson received his bachelor’s degree in political science from Holy Cross and his master’s degree in health care administration from George Washington University.

Coatings facility to open in Pageland, create 13 jobs

Southern Paint and Powder Coating Inc. will locate its new facility in Chesterfield County. The $845,000 investment is expected to create 13 jobs. The company will establish a new coatings facility at 608 Usher St. in Pageland. The family owned business, which opened in 1968 in North Carolina, specializes in the application of liquid paint and powder coatings for OEM manufacturers in the truck, construction and school bus markets. The company expects to begin operations in the fall. Hiring will begin this summer. Contact Ben Jordan at SPPC@perigee.net.

Grubb & Ellis real estate firm files for bankruptcy

LOS ANGELES Grubb & Ellis Co. said Tuesday it has sought bankruptcy protection as part of a deal to sell most of its assets to the parent of rival commercial real estate services company Newmark Knight Frank. The proposed sale to BGC Partners Inc. comes as Grubb & Ellis struggles with mounting debt after posting operating losses for several years following the real estate downturn. The deal will require court approval as part of Grubb & Ellis’ Chapter 11 bankruptcy process. The Santa Ana-based company filed for bankruptcy protection Monday in the Southern District of New York. In the filing, it listed $150 million in assets and $167 million in debt as of the end of last year. The company also said it had more than 5,000 creditors.

Banks relax standards for people to get credit cards

NEW YORK More people opened new credit card accounts last year, as the banking industry began to loosen standards it tightened during the recession. The number of new cards issued to consumers rose 14 percent in 2011 to about 42.3 million, according to data provided by TransUnion. And about a quarter of those cards – roughly 10.7 million – went to people with less-than-stellar credit histories, TransUnion said. The credit reporting agency said the increased lending to people with lower credit scores doesn’t mean the climate has shifted back to where it was in 2006 and 2007. But the combination of tight competition for top-rated consumers with improvement in the economy is encouraging banks to take a closer look at lending to consumers who made a few mistakes in the past.

Kristy Eppley Rupon and The Associated Press contributed.