Editorial Results (free)
1. Senate Panel Advances Yellen's Bid to Lead Fed
- Friday, November 22, 2013
WASHINGTON (AP) – A Senate panel on Thursday advanced Janet Yellen's nomination to lead the Federal Reserve, setting up a final vote in the full Senate after lawmakers return from a two-week Thanksgiving break.
2. Leases Push Renaissance Center Near Capacity
- Friday, November 22, 2013
The Renaissance Center office building in East Memphis should be near capacity early next year, following a series of recent lease signings.
Financial Federal signed a lease on Tuesday, Nov. 20, to occupy 27,000 square feet on the first and second floors of the Renaissance Center, 1715 Aaron Brenner Drive. In addition to the new location, the growing financial firm will have signage atop the East Memphis office building along Poplar Avenue east of Interstate 240.
3. ServiceMaster to Spin Off Struggling TruGreen
- Thursday, November 14, 2013
The ServiceMaster Co. plans to spin off its TruGreen lawn care business at the end of 2013 after several years in which the Memphis-based collection of residential- and commercial-services companies has struggled with the right business model for the TruGreen brand.
4. Twitter Just One Symptom of IPO Fever's Return
- Wednesday, November 06, 2013
IPO fever is back.
Five years after the financial crisis dampened enthusiasm for initial public offerings, investors are again eager to buy shares when companies start trading. Twitter is the star this week, but the number of offerings shows that it's not just social-media darlings that are seeking and attracting investors.
5. Buying Yellen
- Friday, October 18, 2013
President Obama recently made it official that Janet Yellen will succeed Ben Bernanke as the head of the Federal Reserve. Janet has spent much of her career as a dedicated and vocal advocate for the unemployed. With participation rates low, and the unemployment rate high, the markets anticipate that Janet will continue, if not augment, Ben Bernanke’s expansionary monetary policies. A renewed enthusiasm for monetary stimulus has had observable market impact.
6. Combined Net Worth of America's Richest Rises
- Tuesday, September 17, 2013
NEW YORK (AP) – Life is good for America's super wealthy.
Forbes on Monday released its annual list of the top 400 richest Americans. While most of the top names and rankings didn't change from a year ago, the majority of the elite club's members saw their fortunes grow over the past year, helped by strong stock and real estate markets.
7. Hospital Operator HCA's Second-Quarter Profit Rises 8.2 Percent
- Friday, August 02, 2013
NASHVILLE (AP) – HCA Holdings Inc.'s second-quarter earnings climbed more than 8 percent, as the largest U.S. hospital chain saw admissions climb at its established locations and reaped more revenue out of each admission.
8. Virginia Company Buys Poplar Avenue Retail Property
- Tuesday, April 30, 2013
7665 Poplar Ave. Germantown, TN 38138
Sale Amount: $2.9 million
Sale Date: April 19, 2013
9. Haslams Try to Halt Fallout From FBI Raid on Pilot
- Thursday, April 25, 2013
NASHVILLE (AP) – Tennessee's Haslam family is furiously trying to control the damage following a federal investigation into the family business that could threaten to unravel decades of growing wealth and influence that spans business, sports and politics in the state and beyond.
10. Report: Richest 7 Percent Got Richer During Recovery
- Wednesday, April 24, 2013
WASHINGTON (AP) – The richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of U.S. households, says a report released Tuesday.
11. Wills Stewarding Growth of East Memphis Land
- Monday, March 18, 2013
For Walter Wills III, taking care of his neighborhood and the surrounding area is one of his life tasks.
Wills & Wills LP has owned much of the land in the Kirby-Quince corridor for more than 40 years. The area is seeing an influx of medical office and retail users in the past few years, and more are expected with a new Regional Medical Center at Memphis outpatient center in the area.
12. Federal Reserve Pays Government $88.9 Billion
- Saturday, January 12, 2013
The Federal Reserve paid the federal government a record $88.9 billion in 2012. The central bank earned the money from the Treasury bonds and mortgage-backed securities it has purchased to drive interest rates lower and boost the economy.
13. Federal Reserve Pays Government $88.9 Billion
- Friday, January 11, 2013
The Federal Reserve paid the federal government a record $88.9 billion in 2012.
The central bank earned the money from the Treasury bonds and mortgage-backed securities it has purchased to drive interest rates lower and boost the economy.
14. Foreign Holdings of US Debt Hit Record $5.48 Trillion
- Tuesday, December 18, 2012
WASHINGTON (AP) – Foreign ownership of U.S. Treasury securities rose to a record level in October, a sign that overseas investors remain confident in U.S. debt despite a potential budget crisis.
15. Hickory Hill Warehouse Sells for $15.7 Million
- Tuesday, December 11, 2012
6380 Holmes Road Memphis, TN 38141
Sale Amount: $15.7 million
Sale Date: Dec. 5, 2012
16. ConAgra Gobbles Up Store Brands With Ralcorp Deal
- Wednesday, November 28, 2012
NEW YORK (AP) – ConAgra Foods is set to become the nation's biggest maker of store brand foods, with its $5 billion purchase of Ralcorp expanding its stake in the fast-growing market for cereals, crackers and other packaged foods sold under private labels.
17. Storm Leads Companies to Postpone Earnings Reports
- Tuesday, October 30, 2012
NEW YORK (AP) – A number of major U.S. companies postponed quarterly earnings reports scheduled for Monday and Tuesday, as Hurricane Sandy barreled into the East Coast and caused the first unplanned shutdown of financial markets since 2001.
18. Holiday Sales Seen Rising 4.1 Percent in 2012
- Wednesday, October 03, 2012
NEW YORK (AP) – Americans are expected to spend more during what's traditionally the busiest shopping season of the year, but they're not exactly ready to shop 'til they drop like they have been in the past two years.
19. Panda to Build Restaurant On Winchester Outparcel
- Monday, September 03, 2012
7525 Winchester Road
Memphis, TN 38125
Permit Cost: $791,345
Project Cost: N/A
20. Cordova Ridge Shops Sells for $2 Million
- Tuesday, August 28, 2012
An affiliate of Dallas-based CWCapital Asset Management LLC has paid $2 million for Cordova Ridge Shops, a retail shopping center at 1204 Houston Levee Road in unincorporated Cordova.
21. Freddie Mac Posts $1.2B Net Income for Q2
- Wednesday, August 08, 2012
WASHINGTON (AP) – Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period.
22. American CEO Bashes US Airways; Calls it Desperate
- Thursday, July 26, 2012
BOSTON (AP) – American Airlines CEO Tom Horton wants to set the record straight: It was he who approached US Airways CEO Doug Parker about the possibility of combining the two airlines, not the other way around.
23. Sears Execs Say Retailer Financially Strong
- Thursday, May 03, 2012
HOFFMAN ESTATES, Ill. (AP) – Sears executives tried Wednesday to ease concerns about the troubled retailer's long-term outlook amid ever-sinking sales, emphasizing the company's financial strength, increased liquidity and prospects to boost operational results.
24. American Makes its Case Against Union Contracts
- Tuesday, April 24, 2012
NEW YORK (AP) – American Airlines argued before a federal bankruptcy judge Monday that its union contracts need to be changed to make the company financially stable.
The airline lost more than $10 billion in the decade leading up to its declaration of bankruptcy in November. During that same period most of its major rivals used the bankruptcy process to cut wages and benefits, which American says has left it saddled with higher labor costs.
25. Govt Loses About $49M on Sale of Small-Bank Stocks
- Friday, March 30, 2012
WASHINGTON (AP) – The government has lost roughly $50 million on its sale of stock in six small banks bailed out in the 2008 financial crisis. But the Treasury Department says the three-year investment was profitable after counting dividends and investments.
26. Privatization Thoughts Highlight Changes
- Monday, February 27, 2012
Here’s a roundup of what some of the city’s banks and bankers, investment professionals, mortgage brokers, asset management firms and other financial services shops have been up to in recent weeks.
27. Sears Adds Ex-Brookstone CEO to Head Merchandising
- Wednesday, January 04, 2012
NEW YORK (AP) – Sears Holdings Corp.'s CEO says he's looking to former Brookstone head Ron Boire as its new chief merchandising officer to help meld the store experience with online and mobile shopping.
28. To be on Safe Side, Diversify
- Thursday, December 15, 2011
Ray’s Take The old adage “don’t put all your eggs in one basket” very much applies to saving and investing. You may think of investment diversification as simply having a variety of mutual funds, but it’s important to consider other factors, too.
29. Fed Says Economy is Healthier; Takes No New Steps
- Wednesday, December 14, 2011
WASHINGTON (AP) – The Federal Reserve on Tuesday portrayed the U.S. economy as slightly healthier and held off on any new steps to boost the economy.
Hiring is picking up and consumers are spending more despite slower growth globally, the Fed said in its latest policy statement.
30. Fed Nearing a Plan to Clarify Direction of Rates
- Tuesday, December 13, 2011
WASHINGTON (AP) – The Federal Reserve under Ben Bernanke has gone further than ever to explain its policies to the public. It's ready to go further still.
A Fed policy meeting Tuesday will likely focus, in part, on an evolving plan to reveal the direction of interest rates more explicitly. The Fed may decide, for example, to regularly update the public on how long it plans to keep short-term rates at record lows.
31. Airlines Hike Fares for 1st Time Since Summer
- Thursday, October 20, 2011
NEW YORK (AP) – Holiday travelers may want to lock in airfares now, because they're going up.
Major airlines are joining in the first widespread airfare increase since early August. The hike was initiated by Delta Air Lines Inc. late Tuesday when it raised fares by $4 to $10 on roundtrip flights across most of its U.S. routes, according to Rick Seaney of Farecompare.com. Soon after, United Continental Holdings Inc. matched the increases.
32. FTN’s Low Says US Economy ‘On the Brink’
- Wednesday, October 19, 2011
Chris Low, chief economist for FTN Financial in New York, compressed several years’ worth of recent economic data and trends into the three-word title of his hour-long presentation Monday at the Racquet Club of Memphis.
33. A Summer Many Investors Would Rather Forget
- Monday, October 03, 2011
NEW YORK (AP) – It was a stomach-churning summer that most investors would like to forget.
The United States lost its top-of-the-line credit rating for the first time. The financial system of Europe seemed ready to collapse. Money managers sifted through data for signs that the economy was about to slide into a new recession.
34. Mortgage Fraud Reports Spike as Lawsuits Pile Up
- Thursday, September 29, 2011
VIENNA, Va. (AP) – The wave of lawsuits and other demands from investors in mortgage-backed securities contributed to a big spike in reports of likely mortgage fraud during the second quarter, according to a Treasury Department report.
35. Stock Buybacks Rise for 8th Consecutive Quarter
- Wednesday, September 21, 2011
BOSTON (AP) – America's biggest corporations rewarded shareholders by spending more money on stock repurchases for the eighth consecutive quarter.
Standard & Poor's Indices on Tuesday said stock repurchases by companies in the S&P 500 index rose 41 percent in the April-June period, growing to more than $109 billion from nearly $78 billion in last year's second quarter. Buybacks rose 22 percent compared with this year's first quarter, when the total was nearly $90 billion.
36. First Horizon, Fitch Say Risk Manageable
- Monday, September 19, 2011
Bryan Jordan, the president and CEO of First Tennessee Bank’s parent company, told his audience at an industry conference a few days ago in New York City that his company has been out of the mortgage business for three years now.
37. Bernanke Offers No Hints of Further Aid to Economy
- Friday, September 09, 2011
WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke said Thursday that he's surprised by how cautious consumers remain more than two years since the recession officially ended. But he offered no hints of further steps the Fed might take to try to boost the weak economy.
38. Fed Says 12 Regions Grew Modestly This Summer
- Thursday, September 08, 2011
WASHINGTON (AP) – Despite the turmoil that shook the financial markets last month, the Federal Reserve says its 12 bank regions grew modestly this summer because consumers spent more in most parts of the country.
39. Feds Sue 17 Major U.S. Banks, Including First Tenn. Parent
- Wednesday, September 07, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed lawsuits seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
40. Feds Sue 17 Major U.S. Banks, including First Tenn. Parent
- Tuesday, September 06, 2011
The federal agency that oversees the government-sponsored mortgage entities Fannie Mae and Freddie Mac has filed suit seeking billions of dollars in compensation from several major U.S. banks, including the parent company of First Tennessee Bank.
41. Wealth Gap Widens Between Whites, Minorities
- Wednesday, July 27, 2011
WASHINGTON (AP) — The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
42. End of the Road
- Monday, July 04, 2011
Not long after the Federal Reserve announced a controversial program in November 2010 to buy $600 billion in U.S. government securities, Tennessee’s junior senator found himself besieged by incredulous voters at a town hall meeting in Memphis.
43. End of the Road
- Friday, July 01, 2011
ot long after the Federal Reserve announced a controversial program in November 2010 to buy $600 billion in U.S. government securities, Tennessee’s junior senator found himself besieged by incredulous voters at a town hall meeting in Memphis.
44. Fed Acknowledges Economy is Growing More Slowly
- Thursday, June 23, 2011
WASHINGTON (AP) – The Federal Reserve acknowledged Wednesday that the economy is growing more slowly than it expected. But it said it will complete its $600 billion Treasury bond buying program by June 30 as planned and announced no further efforts to boost the economy.
45. Bernanke Offers Clues About Steps to Raise Rates
- Thursday, April 28, 2011
WASHINGTON (AP) – At a historic news conference, Federal Reserve Chairman Ben Bernanke offered clues Wednesday about when and how the Fed would begin raising interest rates.
Bernanke said that as long as the Fed continues to say rates will remain at historic lows for "an extended period," rates won't rise until the Fed has met at least twice more. The Fed, which ended a two-day meeting Wednesday, gathers about every six weeks.
46. Spike in Fuel Prices Erasing Airline Profits
- Friday, April 22, 2011
Soaring jet fuel prices are wiping out profits at the nation's biggest airlines.
The world's biggest airline company, United Continental Holdings Inc., said Thursday that it lost $213 million in the first three months of the year after it paid nearly $600 million more for fuel than in the year-ago quarter.
47. ServiceMaster Revenues Increase
- Thursday, March 31, 2011
Hank Mullany’s tenure as CEO of The ServiceMaster Co. begins Friday at the Memphis headquarters of the company that includes Terminix, TruGreen, Merry Maids and other residential and commercial services.
48. SRVS Files Construction Loan for New Headquarters
- Tuesday, March 29, 2011
3971 Knight Arnold Road
Memphis, TN 38118
Loan Amount: $3.3 million
Loan Date: March 22, 2011
Maturity Date: n/a
Borrower: Shelby Residential and Vocational Services Inc.
Lender: First Tennessee Bank NA
49. Treasury: Will Begin Selling Mortgage Securities
- Tuesday, March 22, 2011
WASHINGTON (AP) – The Treasury Department announced Monday that it will begin selling its remaining $142 billion in holdings of mortgage-backed securities purchased during the financial crisis.
50. ‘Big 3’ Reflect Local Banking Scene
- Monday, February 21, 2011
One of the most famous aphorisms about politics is that all of it is local. Bankers and other inhabitants of the finance world know the same often goes for them too.
In the run-up to the recession, financial services firms like Citigroup and Bank of America raced to gobble each other up and built sprawling financial supermarkets.
51. Treasury Announces Bank Warrant Auction
- Tuesday, February 01, 2011
WASHINGTON (AP) – The Treasury Department says this week it will auction off warrants it received from Boston Private Financial Holdings Inc., the latest effort to recoup the costs of the $700 billion financial bailout.
52. Haslam Stresses Transparency in Cabinet Meeting
- Friday, January 21, 2011
NASHVILLE (AP) – Gov. Bill Haslam stressed the themes of transparency, responsiveness and humility at his first full Cabinet meeting Wednesday even as he defended a decision to scrap financial disclosure rules for himself and other top officials.
53. Cypress Realty Holdings Buys Millington Perkins Site
- Tuesday, January 11, 2011
8472 New Wilkinsville Road
Millington, TN 38053
Sale Amount: $1.3 Million
54. Sears Q3 Loss Widens on Poor Appliance, Clothing Sales
- Friday, November 19, 2010
NEW YORK (AP) – Sears Holdings Corp.'s third-quarter loss nearly doubled, dragged down by weak revenue at its long-suffering Sears chain, hurt by poor sales of appliances and clothing.
55. RxBio, ED Labs Use Federal Funds for Drug Development
- Wednesday, November 17, 2010
Sister companies RxBio Inc. and ED Laboratories have been awarded federal funding to support their bioscience research, which includes the development of drugs to protect against the effects of typically lethal radiation following unintended exposure, as in the case of a nuclear attack.
56. Pinnacle Reports $9.4M Profit in Q3
- Wednesday, November 10, 2010
Pinnacle Airlines Corp. on Tuesday reported a net income of $9.4 million during the third quarter excluding special items, a 29 percent increase from the same quarter a year ago.
57. Citi Selling $1.6B Consumer Finance Assets to GE
- Thursday, October 07, 2010
NEW YORK (AP) – Citigroup is selling $1.6 billion in retail sales finance assets to GE Capital as the bank continues to restructure its business to focus on core consumer banking operations.
58. Williams Joins Ronald McDonald House Charities
- Wednesday, September 08, 2010
Keaton Williams has joined Ronald McDonald House Charities of Memphis as special events coordinator.
59. MedVet Memphis Builds New Cordova Facility
- Tuesday, August 31, 2010
555 Trinity Creek Cove
Cordova, TN 38018
Permit Amount: $3 million
Permit Date: Applied August 2010
Completion: May 2011 (open Summer 2011)
Owner: MedVet Memphis LLC
Tenant: MedVet Memphis LLC
Contractor: Grinder, Taber & Grinder Inc.
60. Gill Enterprises Sells Land to CVS for Cordova Pharmacy
- Tuesday, August 03, 2010
786 N. Germantown Parkway
Cordova, TN 38018
Sale Amount: $2.2 Million
Sale Date: July 28, 2010
Buyer: CVS 6628 TN LLC
Seller: Gill Enterprises GP
61. Ohio-Based Company Buys Land Slated for Strayer University Campus
- Tuesday, July 13, 2010
7275 Appling Farms Parkway
Memphis, TN 38133
Sale Amount: $603,788
Sale Date: July 6, 2010
Buyer: Se Testa Memphis LLC
Seller: Belz Investment Co. LP
62. Solar Financing on Tap For Baker Donelson Seminar
- Wednesday, July 07, 2010
Baker, Donelson, Bearman, Caldwell & Berkowitz PC will host a breakfast briefing titled “Private Financing for the Solar Industry” July 14 from 7:30 a.m. to 9:30 a.m.
The briefing will originate from Baker Donelson’s Nashville office at 211 Commerce St., suite 800. Simultaneous video will be broadcast to Baker Donelson’s offices in Memphis, Knoxville, Chattanooga and Johnson City.
63. Americans' Wealth Rises for 4th Straight Quarter
- Friday, June 11, 2010
WASHINGTON (AP) — Americans saw their wealth increase at the start of this year as the economic recovery boosted stock portfolios.
The Federal Reserve reported Thursday that household net worth rose by 2.1 percent in the first three months of this year to $54.6 trillion. It marked the fourth consecutive quarter that Americans' wealth grew.
64. Schwab Settles Mortgage-Backed Securities Suit
- Wednesday, April 21, 2010
SAN FRANCISCO (AP) - Charles Schwab will pay $200 million to resolve a federal class action lawsuit filed by investors who say the financial holding company misled them over the safety of mortgage-backed securities.
65. Memphis Loans Part of Bear Stearns Rescue
- Monday, April 05, 2010
The Federal Reserve bought a piece of commercial loans that financed a handful of properties in Memphis when the central bank swallowed billions of dollars’ worth of new assets during its 2008 rescue of Bear Stearns.
66. Midtown Big-Box Site Not Dead – Yet
- Monday, March 29, 2010
Friday’s foreclosure notice announcing a sale on the courthouse steps of dozens of Midtown properties where a long-awaited mixed-use project has been planned for years is not an automatic death knell for the development.
67. Midtown Big-Box Site Foreclosed
- Friday, March 26, 2010
Dozens of Midtown properties slated for a major mixed-use redevelopment have been foreclosed and will be auctioned off to the highest bidder.
WSG Memphis LLC, the Miami-based firm whose ambitious plans might have landed a Target store at the intersection of Poplar Avenue and Cleveland Street, defaulted on a $14 million loan through Lehman Brothers Holdings Inc. dated April 30, 2007.
68. Slowly, Americans Are Regaining Their Lost Wealth
- Friday, March 12, 2010
WASHINGTON (AP) - Americans are recovering their shrunken wealth – gradually.
Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.
69. McWherter to Use Blind Trust if Elected Governor
- Friday, March 05, 2010
NASHVILLE, Tenn. (AP) - Democrat Mike McWherter said this week he will place all of his investments in a blind trust if he is elected governor in contrast with Republican Bill Haslam’s decision on his holdings in a family-owned chain of truck stops.
70. String of Investment Bubbles Marked 2000-09
- Monday, January 04, 2010
NEW YORK (AP) - A string of exploding investment bubbles that started with the dot-coms and ended with mortgages and oil dominated the years from 2000 to 2009. And it looks like the next decade will be no different.
71. Tunica's New Cash Crop?
- Monday, December 07, 2009
When Xiaolin “Charles” Wang was introduced at an October press conference announcing plans to build a $1 billion hybrid automotive plant in Tunica County, he was described by the emcee as a man who “dreams big and drives fast.”
72. New Owner Hopes to Improve Apartment Complex
- Tuesday, October 06, 2009
Philadelphia-based Resource Real Estate Inc. has pulled the trigger on Shelby County’s third-largest commercial real estate deal of the year, paying $9.5 million for the Wyndridge Apartments in a special warranty deed.
73. Banks Trim Use Of Emergency Fed Programs
- Monday, October 05, 2009
WASHINGTON (AP) – Banks reduced their borrowing from the Federal Reserve’s emergency lending facility over the past week, and cut back on their use of other programs designed to ease the financial crisis.
74. After the Fall: The messy cleanup of Stanford Financial
- Monday, September 28, 2009
R. Allen Stanford, the Texas billionaire now passing time in a Texas jail for his role in what U.S. regulators have called a “massive Ponzi scheme,” once told a roomful of his employees they ought to have three priorities in life.
75. Risk-taking is Back for Banks One Year after Crisis
- Tuesday, September 15, 2009
NEW YORK (AP) - A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
Goldman Sachs, JPMorgan Chase and others – which have received tens of billions of dollars in federal aid – are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.
76. Owners Serious About Kick-Starting Troubled Subdivision
- Monday, September 14, 2009
The Vinings at Germantown, a 63-lot development off Winchester Road, appears poised to close the book on a checkered past that includes several ownership groups and a litany of financial woes.
The 32-acre subdivision seemed doomed from its earliest stages when developer Levitt and Sons filed for bankruptcy in 2007. Then its second owner, The Hyneman Cos. LLC – led by developer William “Rusty” Hyneman – sold the property soon after buying it in December 2007 for a little less than $10 million.
77. Morgan Stanley CEO to Inherit Bank in Transition
- Monday, September 14, 2009
NEW YORK (AP) - Morgan Stanley's incoming CEO will be facing a drastically different landscape on Wall Street from when John Mack took over in 2005.
78. Federal Deficit Hits $1.38 Trillion Through August
- Monday, September 14, 2009
WASHINGTON (AP) - The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year.
The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The Chinese, now the largest foreign owners of U.S. Treasury securities, have expressed concerns about runaway deficits. Treasury Secretary Timothy Geithner and other administration officials have sought to address those concerns by insisting that once the recession is over and the financial system is stabilized, the administration will move forcefully to get the deficits under control.
79. First Horizon CEO Rises Above Market Turbulence
- Monday, August 31, 2009
The logo of First Horizon National Corp. is a small piece of the Tennessee state flag.
It reflects the Volunteer State roots of the financial services giant. And it’s where First Horizon had begun to refocus itself before Bryan Jordan moved into a corner office of the company’s Downtown Memphis headquarters one year ago this week.
80. Banks Trim Borrowing From Emergency Fed Program
- Friday, August 28, 2009
WASHINGTON (AP) – Banks reduced their borrowing from a Federal Reserve emergency lending program for the third straight week, a sign the institutions are having an easier time getting credit from private markets.
81. Bernanke's Tough Task: Withdrawing Emergency Aid
- Friday, August 21, 2009
WASHINGTON (AP) - When the financial system was teetering, Federal Reserve Chairman Ben Bernanke flooded it with trillions of dollars to save the banks and free up credit for consumers and businesses.
82. Finch Appointed to Dean Position At UofM School of Nursing
- Wednesday, August 19, 2009
Dr. Linda Finch has been appointed associate dean and director of undergraduate programs for the Loewenberg School of Nursing at the University of Memphis. Finch was previously an associate professor on the nursing faculty. She has been named an American Nurses Foundation Scholar by the American Nurses Association and is an active member of Sigma Theta Tau International, the honor society for nursing. She also has served on the editorial board of “The Tennessee Nurse.”
83. Citigroup Approves $6B in New Lending Initiatives
- Wednesday, August 12, 2009
NEW YORK (AP) - Citigroup Inc. said Tuesday it approved $6 billion in new lending initiatives during the second quarter as part of its programs supported by government bailout funds.
The New York-based bank said it has now approved $50.8 billion in lending programs tied to receiving money as part of the Troubled Asset Relief Program, or TARP. The program was launched last fall by the U.S. Treasury Department to help stabilize the lending markets at the peak of the credit crisis.
84. AIG Reports Q2 Profit, First Since 2007
- Monday, August 10, 2009
American International Group Inc. reported its first quarterly profit since 2007 on Friday, as the government-controlled insurer saw the value of some of its soured assets recover.
AIG said results at its core insurance operations fell during the second quarter due to the weak economy, a trend reported by other insurers. But investors appeared relieved by the company's report. AIG shares jumped $4.11, or 18.2 percent, to $26.64 in midday trading Friday.
85. Report: Kohlberg Kravis Plans Dollar General IPO
- Thursday, July 30, 2009
NEW YORK (AP) - Private equity firm Kohlberg Kravis Roberts & Co., which operates KKR Financial Holdings LLC, is preparing for an initial public offering of discount retailer Dollar General Corp., according to the Wall Street Journal, which cited people familiar with the matter.
86. CIT Won't Get Bailout, Raising Bankruptcy Prospect
- Friday, July 17, 2009
WASHINGTON (AP) - CIT Group Inc. shares tumbled more than 70 percent Thursday as its inability to get emergency government funding raised expectations that the commercial lender will file for bankruptcy protection.
87. Commercial Real Estate Woes Grow
- Friday, July 10, 2009
WASHINGTON (AP) – Owners of shopping malls, hotels and offices are defaulting on their loans at an alarming rate, and the commercial real estate market is not expected to hit bottom for three more years, industry experts warned Thursday.
88. AIG Moves to Spin Off 2 Units, Reduce Gov't Debt
- Friday, June 26, 2009
NEW YORK (AP) - American International Group Inc. said Thursday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant.
89. Eddie Bauer Files for Bankruptcy Protection
- Thursday, June 18, 2009
NEW YORK (AP) - Struggling mall retailer Eddie Bauer Holdings Inc. filed for Chapter 11 bankruptcy protection on Wednesday but said a bidder already has agreed to keep the majority of its 371 stores open, honor gift cards and hold onto most employees.
90. Fed Lost $5.3B on Bear Stearns, AIG Holdings in Q1
- Thursday, June 11, 2009
WASHINGTON (AP) - The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and insurer American International Group Inc., according to a report issued Wednesday.
91. Geithner Says US Concerned About Deficits
- Tuesday, June 02, 2009
BEIJING (AP) - As the federal budget deficit soars into the stratosphere, Treasury Secretary Timothy Geithner is reassuring the Chinese – the largest holders of U.S. government debt – that the Obama administration is serious about restoring fiscal discipline once the current economic crisis is resolved.
92. Banks Cut Fed Borrowing, Investment Cos. Draw None
- Friday, May 29, 2009
WASHINGTON (AP) - Banks have reduced borrowing from the Federal Reserve's emergency lending program, while investment firms took a pass for the second week in a row, a sign that some credit stresses may be easing.
93. With Liddy Leaving, AIG Revamp Reaches New Phase
- Tuesday, May 26, 2009
NEW YORK (AP) - After creating a plan to radically alter American International Group Inc.'s operations to help repay billions in government loans, chairman and chief executive Edward Liddy is leaving his vision for the insurer in the hands of a whole new set of managers.
94. AIG Sells Japan Headquarters for $1.2 Billion
- Tuesday, May 12, 2009
CHARLOTTE, North Carolina (AP) - Embattled insurer American International Group Inc. said Monday it is selling its Japanese headquarters to Nippon Life Insurance Co. for $1.2 billion in cash.
95. Former Cordova Applebee’s To Be Converted to IHOP
- Tuesday, April 14, 2009
1106 N. Germantown Parkway
Cordova, TN 38016
Sale Amount: $1.3 Million
Sale Date: April 2, 2009
Buyer: Hotcakes Cordova Venture LLC
Seller: Gourmet Systems Inc.
Loan Amount: $1.6 million
Loan Date: April 2, 2009
Maturity Date: Sept. 30, 2014
Lender: Branch Banking and Trust
96. Corbat Named CEO of Citi Holdings Unit
- Tuesday, April 07, 2009
NEW YORK (AP) - Citigroup Inc. on Monday took the "interim" out of Mike Corbat's title as chief executive of Citi Holdings, the business that includes the riskier assets at the big banking company.
97. Refiner Valero to Obtain 7 VeraSun Plants
- Thursday, March 19, 2009
SIOUX FALLS, South Dakota (AP) - Valero Energy will buy seven ethanol plants from VeraSun Energy for $477 million, the largest biofuel buyout in terms of production capacity.
VeraSun, the second largest U.S. ethanol producer, filed for bankruptcy protection in October.
98. Citigroup Nominates New Independent Directors
- Tuesday, March 17, 2009
Citigroup has nominated four new independent directors – including two former bank chief executives and two other financial experts – to stand for election at its annual meeting in April.
The announcement Monday comes as part of a continuing shuffling of the troubled bank’s board. Its shares climbed more than 30 percent.
Investors have long criticized Citigroup’s board for allowing the bank to make so many investments in the risky housing market – actions that have led to the bank reporting five straight quarterly losses.
Richard Parsons, who took over as chairman last month, has said he planned to look for people with proven business judgment and experience in the financial sector to replace retiring directors overseeing the company.
The board currently has 15 directors, three of whom previously announced they will not stand for re-election and two of whom will be of retirement age by the time of the shareholder meeting.
The candidates are Jerry A. Grundhofer, Michael E. O’Neill, Anthony M. Santomero and William S. Thompson Jr.
Grundhofer, 64, is chairman emeritus and former chairman and CEO of U.S. Bancorp; O’Neill, 62, is former chairman and CEO of Bank of Hawaii; Santomero, 62, most recently served as a senior adviser at McKinsey & Co. and is the former president of the Federal Reserve Bank of Philadelphia; and Thompson, 63, is the former CEO of bond investment manager Pimco.
With the election of the four candidates, Citigroup would have 14 board members. The bank says the board also will consider future additions.
Parsons, the former head of Time Warner Inc., is one of the few Citigroup directors with experience in banking and leading a large company. Before joining Time Warner in 1995, Parsons served as chairman and CEO of Dime Bancorp Inc., one of the largest U.S. thrift institutions. Parsons also was an economic adviser on President Barack Obama’s transition team.
The three directors who have already announced they will depart from the board are Roberto Hernandez Ramirez, the chairman of Citi’s Mexican banking operations; Robert Rubin, a former U.S. Treasury secretary who was a longtime Citigroup board member; and Win Bischoff, most recently chairman at Citigroup. Ramirez said he will not stay on the board beyond his current term, while both Rubin and Bischoff have announced their retirement from the bank.
After suffering a loss of $8.29 billion in the fourth quarter, Citigroup announced it would reorganize into two units, Citicorp and Citi Holdings. The first will focus on traditional banking, while the second will hold the company’s riskier assets and tougher-to-manage ventures. In addition to receiving billions in government support, plus federal guarantees to cover losses on risky investments, the New York-based bank has agreed with the Treasury Department on a deal giving the government up to a 36 percent stake....
99. Citigroup Reaches Aid Deal with Government
- Monday, March 02, 2009
WASHINGTON (AP) - The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.
100. JPMorgan Sees Savings of $2B Related to WaMu Deal
- Friday, February 27, 2009
NEW YORK (AP) - JPMorgan Chase & Co. said Thursday it expects to realize about $2 billion in savings related to its acquisition of Washington Mutual Inc., the failed Seattle thrift the bank acquired at the end of September.