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Editorial Results (free)

1. The Week Ahead: Nov. 16, 2015 -

How was your weekend, Memphis? Here’s our weekly rundown of local happenings you need to know about, from a Stax lecture on music and the Vietnam War to Hillary Clinton’s visit…

2. Mixed-Use Midtown Market on Tap for Long-Vacant Corner -

Rumors and speculation have long run rampant about potential development at the southwest corner of Union Avenue and McLean Boulevard, one of Memphis’ busiest intersections.

Some of the speculation involved keeping the eight-story hotel, which was built in the late 1960s, as the central feature of whatever came next. In other scenarios it would be demolished.

3. Grocery, Apartments to Rise at McLean-Union Corner -

Belz Enterprises and Harbour Retail Partners of Marietta, Ga., have a plan to demolish the empty eight-story Artisan Hotel on the southwest corner of Union Avenue and McLean Boulevard.

The project would replace the blighted building with a $43 million mixed-use “Midtown Market” anchored by a “national gourmet grocery store." It also would include 188 apartments: 47 studios; 94 one-bedroom units; and 47 two-bedroom units.

4. Banks with Memphis Ties On List of ‘Best to Work For’ -

Financial industry publication American Banker has named Pinnacle Financial Partners the No. 3 best bank to work for in the country.

Nashville-based Pinnacle is set to close in the third quarter on its merger with Memphis-based Magna Bank. This is the third year in a row Pinnacle has earned a spot in the magazine’s top three.

5. Banks with Memphis Ties On List of ‘Best to Work For’ -

Financial industry publication American Banker has named Pinnacle Financial Partners the No. 3 best bank to work for in the country.

Nashville-based Pinnacle is set to close in the third quarter on its merger with Memphis-based Magna Bank. This is the third year in a row Pinnacle has earned a spot in the magazine’s top three.

6. Five Memphis Tigers Claim Scholar-Athlete Awards -

Five University of Memphis student-athletes claimed Scholar-Athlete Sport Excellence Awards for their efforts on the field and in the classroom during the 2014-15 season, the American Athletic Conference has announced.

7. First Tennessee Promotes Walker to Lead Diversity Efforts -

First Tennessee Bank has made a key executive promotion to help enhance the myriad diversity and inclusion efforts within the bank, among its customers and in the communities it serves.

8. Daniel Allen Joins Red Door As Financial Adviser -

Daniel Allen has joined Red Door Wealth Management as vice president, financial adviser, marking Red Door’s first hire of a financial adviser since its inception in 2010. In his new role, Allen helps develop client relationships and financial strategies that solve complex financial issues and create value for clients.

9. Methodist Healthcare Buys Office Building From Belz -

5865 Shelby Oaks Circle
Memphis, TN 38134
Sale Amount: $4 million

Sale Date: June 30, 2015
Buyer: Methodist Le Bonheur Healthcare
Seller: Belz Investco GP and Bico Associates GP
Details: Belz Enterprises and a partner have sold a Memphis office building to Methodist Le Bonheur Healthcare for $4 million.

10. Ikea Seeks $16 Million Permit For First Memphis Store -

Future Ikea Store
On 42 Acres In Cordova
Permit Cost: $16 million

Application Date: July 2015
Owner/Tenant: Ikea
Details: Ikea is moving forward with its massive retail store in Cordova.

11. Pinnacle Financial Partners Adds to Memphis Team -

The team launching Nashville-based Pinnacle Financial Partners’ expansion into the Memphis market is getting bigger.

The bank has added another three in Memphis, bringing the total so far to 11. The new additions – Rick Neal, Richard Harris and Nicole Pickens – come from Trustmark Bank, Paragon Bank and First Tennessee, respectively.

12. Building the Bank of the Future -

When Triumph Bank holds the grand opening ceremony June 16 for its sleek, ultramodern-looking branch in Germantown, at 7550 West Farmington Blvd., it will be the culmination of a wholesale shift in the banking industry that Triumph CEO Will Chase has been thinking about for years.

13. Quarterly Economic Data Shows Improvement -

Based on several metrics related to the local economy in the first quarter, there would appear to be plenty of data to back up the optimism real estate professionals like Tommie Criswell, broker-manager for Crye-Leike’s East Memphis office, say they feel at the moment.

14. Events -

Five and Five Workshop (A Wake-Up Call for Business Owners) will be held Tuesday, April 28, from 7 a.m. to 11 a.m. at The Crescent Club, 6075 Poplar Ave., suite 909. Business coach and author Bridget DiCello and business attorney Alan Crone will present “The Five Most Common Mistakes Business Owners Make (and how to avoid them)” and “The Five Things Every Small Business Owner Should Have (but generally doesn’t).” Cost is $75. RSVP to fiveandfive@levelnineservices.com or 901-410-5154.

15. Events -

The Orpheum Theatre will present Tyler Perry in his new play, “Madea on the Run,” Friday, April 24, through Sunday, April 26, at the Orpheum, 203 S. Main St. Tickets start at $42.50. Visit orpheum-memphis.com or call 901-525-3000.

16. Hitting the Accelerator -

Five years after the Great Recession rocked the nation and nearly destroyed auto manufacturing in Tennessee, the Midstate’s industry is booming again.

Nissan’s growth is no small part of that, largely because of the company’s confidence in the state of Tennessee and Gov. Bill Haslam, according to José Muñoz, executive vice president of Nissan Motor Co. and chairman of Nissan North America, which is headquartered in Franklin.

17. McNeill Seeks Permits for Germantown Medical Offices -

1432 Kimbrough Road and 1468 Kimbrough Road
Germantown, TN 38138
Project Cost: $2.6 million

18. Memphis Banks Expanding Without Actually Moving -

In banking, growth and expansion don’t have to mean scouting other cities and markets for ideal spots on which to set up new brick-and-mortar locations.

Such locations, in fact, are particularly costly propositions at a time when customers are visiting the drive-thrus and bank tellers at such locations increasingly less as mobile options proliferate. But just because a bank’s physical location doesn’t expand outside of its core market, it doesn’t mean the bank’s deal flow is confined to the same area.

19. Competition Calls -

Economic development and the quality of jobs coming to Shelby County are the dominant issues as county elected leaders begin a new four-year term of office this month.

And there are plenty of indications the local strategy is about to change, or at least shift, in response to the resurgence in manufacturing and distribution in North Mississippi.

20. Shelby County Mortgage Market Dips in July -

Kathee Villar, a loan officer with Community Mortgage Corp., has worked for the lender for 23 years, and when you’re in that kind of place for that length of time, certain patterns start to repeat themselves.

21. June Mortgage Total Improves 17 Percent -

June 2014 was a better month for mortgage activity than the same month in 2013.

Total volume rose 17 percent to almost $175 million last month, up from almost $149 million a year ago, according to Chandler Reports.

22. Magna Bank Hires Three -

Magna Bank has made three customer-facing hires, including the addition of a new vice president.

Jodi Scruggs, who has more than 12 years of banking experience, has been tapped as vice president and private banking officer, and as such, she’ll work to build relationships with new and existing Magna clients, among other things.

23. Magna Bank Hires Three -

Magna Bank has made three customer-facing hires, including the addition of a new vice president.

Jodi Scruggs, who has more than 12 years of banking experience, has been tapped as vice president and private banking officer, and as such, she’ll work to build relationships with new and existing Magna clients, among other things.

24. Industrial Portfolio Sells for $43 Million -

4550 Swinnea Road6005 Freeport Ave., 3399 E. Raines Road
Memphis, TN
Sale Amounts: $10.1 million; $14.8 million; $18 million

25. Shelby County Mortgages Jump 12 Percent in February -

The latest monthly totals for Shelby County’s mortgage market show homebuying improved somewhat last month, with total mortgage volume up 12 percent compared to February 2013, according to real estate information company Chandler Reports,www.chandlerreports.com.

26. Mortgage Market Grows 3 Percent in 2013 -

The mortgage market in Shelby County ended 2013 with a modest improvement over 2012, with signs pointing to more advances in 2014.

Banks and mortgage lenders made 8,298 purchase mortgages in Shelby County during 2013, a 3 percent improvement from the 8,027 mortgages during 2012, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

27. Bright Spot -

The Memphis multifamily market turned in a strong performance during 2013, with enhanced investor interest and new units under construction.

Blake Pera, senior vice president of CB Richard Ellis Memphis’ multifamily division, classified the multifamily market in 2013 as healthy and continuing to improve.

28. Methodist Pays $22.5 Million for Germantown Facility -

7945 Wolf River Blvd.
Germantown, TN 38138
Sale Amount: $22.5 million

29. Building Permit Filed for Volvo of Memphis -

7910 Trinity Road
Cordova, TN 38018
Permit Cost: $2.3 million

Project Cost: $3.5 million
Permit Date: Applied August 2013
Completion: Summer 2014
Owner: Wenco Properties LLC
Tenant: Volvo of Memphis
Architect: Fleming Associates Architects PC
Contractor: Grinder, Taber & Grinder
Details: The ownership group of Volvo of Memphis has filed a $2.3 million building permit for the company’s new dealership at 7910 Trinity Road in Cordova.

30. Ady Joins Ballet Memphis as Ballet Master -

James Ady has joined Ballet Memphis as ballet master. In his new role, Ady will teach morning technique classes, assist with community outreach programs, and rehearse and coach dancers for upcoming performances.

31. Jamesbridge Apartments Sell for $3.6 Million -

3689 James Road Memphis, TN 38128

Sale Amount: $3.6 million

Sale Date: June 6, 2013

32. Mortgage Activity Sees Small Increase -

Mortgage activity was a bit lackluster in Shelby County last month compared to the same time in 2012, judging by the latest data.

Looking forward, though, bankers say the demand is there, the busy season for lenders is well underway and that the purchase mortgage business is at times far outpacing demand for refinances.

33. Magna Bank Executives Garner Distinctions -

Three Magna Bank employees from the bank’s mortgage division have garnered some new distinctions recently.

34. Magna Bank Executives Garner Distinctions -

Three Magna Bank employees from the bank’s mortgage division have garnered some new distinctions recently.

35. Construction Lending Still Facing Tepid Improvement -

As the economy starts to rebound, local lenders like Magna Bank, First Tennessee Bank and Renasant Bank are seeing moderate improvement in activity for new commercial and residential construction projects, and competition is intensifying to land deals.

36. Mortgages Near $107 Million in April -

From where he sits, Renaissance Realty’s Jeff Jenkins is optimistic that 2013 will be a fruitful one for the local real estate industry.

37. Magna Intent on Raising Profile, Enhancing Services -

This year is turning out to be a big one for Magna Bank as it rolls out new products and services, adds key personnel and boosts its profile across the Mid-South.

38. Keller Named President of Nonprofit Meritan -

Melanie A. Keller has been named president of Meritan Inc. Keller, who joined the nonprofit social services agency in 2006, previously served as its executive vice president. In her new role, she is responsible for oversight of more than 500 employees and contractors as well as the agency’s $21 million annual budget. Keller also manages its quality improvement and strategic planning efforts.

39. Blazing a Trail -

Susan Stephenson is one of the most accomplished and highly visible women in the Memphis business community. She is the co-founder of Independent Bank, the city’s second-largest bank as ranked by assets and one that largely steered clear of the mortgage mess that dogged competitors during the financial bust.

40. Mortgage Gains Point to Solid 2013 -

Shelby County’s mortgage market made decent strides during the past 12 months, posting gains over 2011 and foreshadowing a healthy 2013.

Banks and mortgage lenders made 8,028 purchase mortgages in Shelby County during 2012, a 17 percent improvement from the 6,862 mortgages during 2011, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

41. Banks Showcase Artwork, Local Artists -

Since December, Paragon National Bank has been showcasing art pieces from Dogwood Elementary School students at its Saddle Creek bank branch at 7600 Poplar Ave.

42. Hickory Hill Warehouse Sells for $15.7 Million -

6380 Holmes Road Memphis, TN 38141

Sale Amount: $15.7 million

Sale Date: Dec. 5, 2012

43. Village of Sycamore Ridge Owner Files $4.3 Million Loan -

The owner of the Village of Sycamore Ridge – a 114-unit apartment community at 1945 Sycamore View Road near Bartlett – has filed a $4.3 million multifamily deed of trust, absolute assignment of leases and rents and security agreement (including fixture filing) on the property.

44. Storage Facility Owner Files $2 Million Loan -

Storage Towne of America LLC has filed a $2 million loan on its 66,802-square-foot storage facility at 5900 Stage Road in Bartlett.

45. Magna Bank on Track for Record 2012 -

Several banking industry leaders who have spoken with The Daily News in recent days have said banking in Memphis is seeing a lot of institutions simply taking market share from each other, as opposed to organic growth in the marketplace.

46. Baker Donelson Awards Diversity Scholarships -

The law firm of Baker, Donelson, Bearman, Caldwell & Berkowitz PC has announced the 2012 recipients of the firm’s diversity scholarship.

They are Stephanie deJesus, Willie Santana and LaToyia Slay.

47. Song and Dance -

Collectively, Sue Stinson Turner, Lisa Reid and Amy Linthicum have more than a century’s worth of experience in the real estate and banking industries.

48. Q2 Mortgages up 14 Percent -

Shelby County’s mortgage market is continuing to turn a corner, with more buyers during the second quarter signing on the dotted line and bankers handing over a shiny new set of keys.

During the second three months of 2012, banks and mortgage lenders in Shelby County made 2,149 purchase mortgages, up 14 percent from the 1,878 mortgages during Q2 2011, according to real estate information company Chandler Reports, www.chandlerreports.com.

49. Greer Elected Vice Pres. Of West Tennessee TAJ -

Thomas Greer, partner in Bailey & Greer PLLC, has been elected vice president of the West Tennessee grand division of the Tennessee Association for Justice.

50. MEPPI Files $155M Permit App For Rivergate Plant, Office -

2865 Riverport Road
Memphis, TN 38109

Permit Cost: $155 million

Permit Date: Applied June 2012

51. Dodd-Frank Could Have ‘Dire Impact’ On Economy -

As banks nationwide are feeling the pressure of regulatory change like the Dodd-Frank Wall Street Reform and Consumer Protection Act, commercial real estate lending standards by community banks will likely remain stringent for the foreseeable future.

52. $7.5 Million Permit App Filed for Fieldstone Apts. -

7986 Tournament Drive
Memphis, TN 38125

Permit Cost: $7.5 million

Permit Date: Applied May 2012

Owner: Fieldstone Apartments III Co.

Contractor: Patton & Taylor Construction Co.

53. CRE Lending Sees Slight Improvement -

The commercial lending landscape in the Memphis area continues to grind its way through an extended period of gradual improvement that began roughly two years ago after a dismal 2009.

“Loans for A- and B-class commercial properties are back. The owners have plenty of choices now,” said Frank Stallworth, president of Magna Bank’s commercial and multifamily division. “There’s no question that values have declined compared to 2007, but for the most part those values have stabilized. 2011 was better than 2010, 2012 is shaping up better than last year, and we expect 2013 to better than 2012 as it relates to occupancies as well as stabilizing and possibly increasing rents in the various sectors of commercial real estate.”

54. Youth Villages 5K Preps for 30th Birthday Bash -

Despite the ups and downs of the residential real estate market over the last three decades, one of the constants for the Memphis Area Association of Realtors is the support of the annual Youth Villages Inc. 5K.

55. Q1 Mortgages Up 12 Percent -

As the new year got under way, it didn’t look like Shelby County’s mortgage market was going to be ringing in 2012 with a bang.

By the end of January, the market was in pretty much the same place as it was one year earlier, with total mortgage volume barely budging (to $67 million, barely up from January 2011’s mortgage volume of $65.3 million).

56. CK’s Moves Into Jackson as Part of Expansion -

A longtime Memphis diner chain is expanding its presence into the Jackson, Tenn., market.

CK’s Coffee Shop has signed a five-year lease for 1,390 square feet of the existing 4,900-square-foot Old Medina Market Gas Station at 2800 Old Medina Road.

57. Q4 Mortgages Remain Unchanged -

The last three months of 2011 followed the same pattern of mortgage activity that occurred throughout all of 2011. To use an airline metaphor, the local industry still had ice on its wings during the fourth quarter.

58. Shelby Co. Mortgages Fall 8 Pct. -

It’s still very much a buyer’s market for prospective homebuyers in Shelby County – there’s just not enough of those buyers.

Banks and mortgage lenders made 6,866 purchase mortgages in Shelby County during 2011. That total for the year was down 8 percent from the 7,491 mortgages during 2010, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com. (Data for this report included purchase mortgages only, not refinances.)

59. Lofty Heights -

The Mid-South apartment market is riding high after a strong 2011.

Last year saw increasing occupancies and rents, as well as a shift from investors and lenders back to more stable properties, all of which followed a 2010 that was dominated by activity involving distressed product.

60. Holmes Road Acreage, Lots Sell for $1.6M in Foreclosure -

Property on Holmes Road
Memphis, TN 38109

Sale Amount: $1.6 million

Sale Date: Nov. 18, 2011

Buyer: Renasant Bank

61. September Mortgages Drop 3.2 Percent -

The housing market saw a little bit of a pickup in the third quarter compared to Q3 2010 – but the same didn’t hold true for the month of September.

Banks and lenders made 564 mortgages in Shelby County in September 2011, down from 583 in September 2010 – a 3.2 percent drop. That resulted in total mortgage volume for September dropping to $84.7 million from $88.4 million in September 2010. And the average mortgage amount dropped from $151,557 to $150,188.

62. Magna Bank Repays TARP Money -

Another Memphis bank is TARP-less.

Magna Bank has redeemed the shares Uncle Sam bought from the bank a few years ago as the economy was in danger of becoming completely unmoored and an industry-wide rescue of the banking sector became necessary.

63. MC Ionic Solutions US Begins Work on Fite Rd. Site -

2665 Fite Road
Memphis, TN 38127
Permit Amount: $1.3 million

Permit Date: Applied July 2011

64. Local Companies Working to Navigate Economic Straits -

The financial services business seems like a tough one to be in these days.

Investors have for the last few weeks treated bank stocks like the piñata of Wall Street. Bankers, attorneys and investment professionals have boiled a massive government overhaul of the country’s financial regulations down to clipped phrases like “finreg” and “Dodd-Frank” that they speak of often with a grumble or a shaking of the head.

65. FDIC: Banks Inch to Profitability -

In the first three months of 2011, Tennessee’s banking industry shed workers, got smaller and reported surging profits.

That’s according to newly released figures from the Federal Deposit Insurance Corp., which show that almost 60 percent, or 107, of Tennessee’s 190 federally insured banks reported a pickup in earnings in the first quarter.

66. Lenders See Mortgage Counts Drop -

As far as mortgage activity is concerned, the local housing market was still stuck in reverse during the first quarter of 2011.

Total purchase mortgage activity in Shelby County between Jan. 1 and March 31 was down about 10 percent when compared to Q1 2010, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com (Data for this report included purchase mortgages only, not refinances.)

67. Recovery Roadblock -

As the housing market inches closer to correction, the potential elimination of government-controlled housing institutions Fannie Mae and Freddie Mac could bring the recovery to a screeching halt.

In 2008, Fannie Mae and Freddie Mac were pushed to the verge of collapse, partially because both failed to charge enough for the guarantees they sold to protect lenders and investors, which for decades were fully backed by the government.

68. Red Door Hits First Year by Exceeding Goals -

Red Door Wealth Management, a financial advisory business that has an alliance with local accounting firm Cannon Wright Blount PLLC, just wrapped up its first year in existence this month.

69. Renovations Begin at Pinnacle Headquarters -

40 S. Main St.
Memphis, TN 38103
Permit Amount: $8.7 Million

Project Cost: $8.7 million
Permit Date: Applied February 2011
Owner: Memphis Commerce Square Partners
Tenant: Pinnacle Airlines Corp.
Contractor: Grinder, Taber & Grinder Inc.

70. ‘Big 3’ Reflect Local Banking Scene -

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.

71. Mortgages Drop 11 Percent in 2010 -

Banks and mortgage lenders made 7,493 purchase mortgages in Shelby County during 2010, a year in which the housing market saw the expiration of a homebuyer tax credit but was helped by continued record-low rates.

72. Most Local Banks on Right Track, Fed Shows -

Most Memphis-based banks are back in the black and are meeting at least the minimum standard to be considered adequately capitalized, according to preliminary third quarter data from the Federal Reserve Bank of St. Louis.

73. Lending Landscape Remains Bleak -

Commercial and residential construction lenders continue to see slow activity from developers, making it unlikely much dirt will get pushed on new projects in the next several months.

“We are seeing softness in the commercial market in almost all sectors,” said Rick Hall, executive vice president at Renasant Bank. “Not many projects have been presented, and demand is low for new loans.”

74. Magna Releases Grim Q2 Update -

Executives at Memphis’ third-largest local bank clearly have been spending a lot of time thinking about the future.

Among the highlights at Magna Bank in the second quarter, Magna added mobile banking capability for its debit card customers.

75. Banking Shows Quarterly Improvement -

Tennessee’s banking industry is coming back to life, with robust profit and balance sheet improvement to show for it.

Roughly one-third of Tennessee’s 191 federally insured banks (57 banks) were in the red or reported flat earnings in the second quarter, according to new figures from the Federal Deposit Insurance Corp.

76. Youth Isn’t a Hurdle for Red Door Founder Phillips -

The scant number of years John Phillips V has under his belt relative to others in his chosen industry is not lost on him.

77. Magna Bank Forecloses on Three Fletcher Hollow Lots -

Magna Bank has foreclosed on three lots in Fletcher Hollow Planned Development after McLemore Homes LLC failed to pay construction loans, according to two first-run foreclosure notices in the Foreclosures section of today’s Daily News.

78. Brighter Future -

The financial services industry in Memphis is apparently back to thinking about tomorrow, rather than simply making it through today.

Firms are hiring again, deepening their bench strength in key areas, recommitting to a focus on customer relationships – and, in some cases, once more turning a tidy profit.

79. Low Rates Spark Mortgage Activity -

Mortgage rates that have fallen to the lowest levels on record are bringing with them a sound loan officers in Memphis no doubt like to hear – the incessant ring of the telephone.

A robust jump in second quarter local mortgage activity coincided with a dramatic plunge in mortgage rates, as rates on 30-year fixed mortgages that already were at historic lows dropped even further during the past several weeks.

80. Magna Strikes Balance With Conservative Approach -

In baseball terms, Magna Bank’s just-released annual report depicts a bank that stepped to the plate in 2009 after several innings of bad omens and knocked a few solid base hits.

81. Mortgage Numbers Drop In February -

Like anyone in the real estate business, mortgage bankers have April 30 circled on their calendars.

That’s when the federal homebuyers tax credit is set to expire, bringing an end to the program that gives cash for a home purchase.

82. Little Guys, Big Guys -

No one would mistake a local institution like Tri-State Bank for one of Wall Street’s mighty titans of finance, whose recent woes brought the U.S. and world economies to their knees.

83. Slow Road to Rebound -

Don’t bother listening for the sound of champagne corks popping.

Instead of celebrating the end of 2009’s financial turmoil, many bankers and industry professionals in the Memphis area are greeting the arrival of a new year with a sigh of relief. And they’re recommitting themselves to game plans cobbled together either last year or back in 2008 to put their institutions on firmer footing.

84. In-Rel Buys Former Comcast Building, Renames it “Quince Centre” -

6555 Quince Road
Memphis, TN 38119
Sale Amount: $5 million
Sale Date: Dec. 7, 2009

Buyer: 6555 Quince Building Owner LLC
Seller: BACM 2000-2 Quince Road LLC
Loan Amount: $3.1 million
Loan Date: Dec 7, 2009
Maturity Date: N/A
Lender: Insbank

85. Mixed Signals Remain for Local Banking Industry -

The old proverb about the fear of dismounting a tiger – once you’re riding one, you can’t hop off without becoming easy prey for the beast – seems applicable to the banking industry at the moment.

The tiger it’s riding is an economy marked by delinquent mortgages, companies shedding jobs and unpaid consumer loans stacking up as borrowers fall further behind. As a result of that upheaval, the U.S. government has basically turned into a vast holding company sitting on giant stakes in automakers and hundreds of banks.

86. Magna Bank Reports Stronger Numbers in Q3 -

It was only a few months ago that Kirk Bailey, chairman, president and CEO of Memphis-based Magna Bank, told shareholders the previous year had been nothing short of cataclysmic for the financial industry.

87. Experts: Mortgage Numbers Still Down, But Rebounding -

It’s hard to find a mortgage banker who doesn’t appreciate the $8,000 first-time homebuyers federal tax credit. The program, set to expire Nov. 30 unless Congress extends it, has provided a spark for the industry as hundreds of thousands of buyers are taking advantage of it.

88. Hyneman Sells Lakeland Outparcel To California Investors -

2957 Canada Road
Lakeland, TN 38002
Sale Amount: $2 Million

Sale Date: June 19, 2009
Buyer: Debbie Ann Martinez and Michael Amerio, as trustees of the Debbie Ann Martinez 2003 Trust (50 percent); and Dawn Lizabeth Bubion and Michael Amerio, as trustees of the Dawn Lizabeth Bubion 2003 Trust (50 percent)
Seller: Corner Shops LLC

89. General Motors' Purchasing Chief Steps Down -

DETROIT (AP) - General Motors Corp.'s top purchasing executive abruptly stepped down Friday to pursue what the company said were other career opportunities.

90. AP Source: GM to Sell Hummer to Chinese Company -

DETROIT (AP) - General Motors Corp. took a key step toward its downsizing on Tuesday, striking a tentative deal to sell its Hummer brand to a Chinese manufacturer, while also revealing that it has potential buyers for its Saturn and Saab brands.

91. Magna Shareholders Take Stock, Look Ahead -

In one sense, Magna Bank’s annual meeting of shareholders Monday was about taking care of business.

Shareholders ratified the bank’s choice of independent auditors, approved a slate of directors and gave a thumbs up to an advisory “say on pay” proposal regarding executive compensation.

92. Magna Limits Banking to Memphis -

Memphis-based Magna Bank has reached a deal to sell for an undisclosed sum its one bank branch outside the city to Brentwood, Tenn.-based Reliant Bank.

93. Mortgage Business in LaBarreare’s Blood -

When she was a student at the University of Tennessee at Martin, Meribeth LaBarreare wanted to be a teacher, so she pursued an undergraduate degree in education.

Soon after graduating, however, LaBarreare realized teaching wasn’t for her. With her career plans in the air, she began taking assignments from a temporary placement agency in Nashville, which sent her to a mortgage company to do data entry.

94. Year of ‘Havoc’ For Residential Real Estate -

The housing market is in desperate need of a shot in the arm, but only time will tell if the $787 billion economic stimulus bill signed into law this week by President Barack Obama will have a positive impact on real estate.

95. Home Sales Down 24 Percent From Last Year -

The housing slump showed no signs of abating in November, as all indicators in the residential market trended downward yet again.

There were 960 home sales in Shelby County during November, a 24 percent decline from 1,265 sales in November 2007 and a 25 percent decline from 1,269 sales in October, according to the latest data from real estate information company Chandler Reports, www.chandlerreports.com.

96. October Mortgages Plummet 33 Percent -

Although his term as president of the Memphis Mortgage Bankers Association (MMBA) extends two more months through the end of 2008, Chris Bowers can begin to reflect on what has been a tumultuous year in his profession.

97. Mortgage Activity Down 35 Percent in Q3 -

Of all the industries affected by the economic downturn – and there are many – the mortgage business has perhaps taken the biggest hit.

Banks and mortgage companies are reeling from a perfect storm of housing crisis, credit crunch and dwindling consumer confidence, and the numbers prove it with each monthly or quarterly cycle.

98. Maple Grove Development Emerges as Safe Bet for Builders -

Construction loans are few and far between these days as builders cope with the housing downturn by financing – and therefore starting – fewer homes.

But some companies are finding ways to buck that trend by targeting the right developments. McLemore Homes LLC, for example, recently took out a $1 million construction loan from Magna Bank to build homes on five lots in Maple Grove planned development Phase II in Arlington, according to The Daily News Online, www.memphisdailynews.com.

99. Racquet Club’s New Owners To Make Improvements -

5111 Sanderlin Ave.
Memphis, TN 38117
Sale Amount: $4.4 Million

Sale Date: Aug. 29, 2008
Buyer: Tennis Club of Memphis LLC
Seller: Racquet Club Inc.
Loan Amount: $3 million
Loan Date: Aug. 29, 2008
Maturity Date: N/A
Lender: Regions Bank

100. June Commercial Sales Down 31 Percent -

New month, same story for Shelby County’s commercial real estate market.

Following a recent trend, June’s sales total was salvaged by a high-profile, high-dollar multifamily transaction that kept the commercial numbers afloat while other property types foundered.