Editorial Results (free)
1. Magna Bank Reports 2014 Earnings
- Wednesday, February 25, 2015
Magna Bank earned net income of $5.1 million for the year ended Dec. 31 – the highest annual earnings since the company was founded in 1999, the bank announced this week.
2. Shelby County Mortgage Market Dips Slightly in January
- Wednesday, February 11, 2015
Even though total mortgage volume in Shelby County dipped slightly in January, Magna Bank – among the top lenders for the month – actually grew its volume in during the month.
3. Election Year Marks Passing of Generations
- Monday, December 22, 2014
There were more than a few indications of the passing of political generations in Memphis this past year.
Political leaders left the scene to return to life out of office, got elected to other offices and, in some cases, passed away.
4. November Mortgage Volume Drops 14 Percent
- Thursday, December 11, 2014
Looking at results from last month might suggest mortgage industry professionals are in the midst of a yearend slowdown, with phones not ringing quite as much as a result of interested buyers at the moment.
5. Memphis Banks Expanding Without Actually Moving
- Saturday, September 13, 2014
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.
6. Shelby County Mortgage Market Sees Modest Gain
- Tuesday, July 15, 2014
Shelby County mortgage lenders share a few common trends at the moment, as the area’s mortgage market begins to shake off the wintry chill of the first quarter.
Many of them report robust purchase mortgage activity, as refinances plummet to small fractions of their business. As a result of the demand, many of those lenders also have been adding mortgage officers to their ranks and plan to continue doing so.
7. Mobile Services Increasingly Expected of Banks
- Thursday, July 03, 2014
The mobile race is on among Memphis financial institutions, with banks rolling out apps that allow banking on the go and a full range of capabilities that translate the brick-and-mortar banking experience to small digital screens.
8. Shelby County Mortgages Jump 12 Percent in February
- Wednesday, March 12, 2014
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.
9. Wharton Names Eight to Pre-K Trust Fund Board
- Tuesday, September 24, 2013
Memphis Mayor A C Wharton Jr. nominated eight people Monday, Sept. 23, to serve on the board of a pre-kindergarten trust fund that would be established if city voters approve a half-cent sales tax hike in November.
10. Magna Intent on Raising Profile, Enhancing Services
- Saturday, April 27, 2013
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.
11. Capital Requirement
- Saturday, April 27, 2013
In early April, U.S. Sen. Bob Corker, R-Tenn., joined a handful of other senators in drafting a letter in part about new rules of the road governing bank capital requirements.
That letter was sent to Federal Reserve Gov. Daniel Tarullo, Comptroller of the Currency Thomas Curry and Federal Deposit Insurance Corp. Chairman Martin Gruenberg.
12. Shelby County Mortgage Market Up 2 Percent
- Tuesday, April 16, 2013
Someone let out a cheer earlier this month at the Memphis Area Association of Realtors 2013 Residential Real Estate Summit as MAAR President Regina Hubbard gave her optimistic forecast for the local housing market.
13. Banks Showcase Artwork, Local Artists
- Monday, January 07, 2013
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.
14. Bank Profits Shrink in Third Quarter
- Monday, November 26, 2012
Memphis-area banks on the whole were a lot less profitable at the end of the third quarter than they were during the same period in 2011.
The two dozen or so banks in the Memphis market reported a little more than $12 million in year-to-date net income at the end of the third quarter, according to data from the Federal Reserve Bank of St. Louis. That’s a big drop from the $136.3 million in year-to-date net income the same banks collectively reported in the third quarter of 2011.
15. Magna Bank on Track for Record 2012
- Monday, November 19, 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.
16. Shelby County Mortgages Up in October
- Wednesday, November 14, 2012
The Federal Reserve has signaled its intent to buy mortgage-backed securities for much of the near future to try and goose the economy, which means mortgage rates are liable to keep skating along the bottom, as they are now.
17. Magna Bank Hits Five-Year Mark
- Tuesday, August 21, 2012
This month, Magna Bank is marking its fifth year in existence as a full-service community bank, one born in 2007 amid the calm just before the calamitous storm of 2008 that brought sweeping changes to banking and finance.
18. Regions Rolls Out New Product Offerings
- Monday, April 02, 2012
Regions Financial Corp., the parent of the bank that has the second largest share of customer deposits in Memphis, has now finished a companywide rollout of a new suite of products to a new set of customers.
19. 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.
20. Magna Bank Moves to Become Private
- Monday, February 06, 2012
Magna Bank is taking steps to become a private banking company.
The Memphis-based bank, which is currently a public company and as such makes certain quarterly and annual financial information publicly available, has scheduled a special meeting of its stockholders for March 26. On the agenda is approval that’s being sought from shareholders to reclassify certain shares of the bank’s common stock and to convert from a federal savings bank to a state banking corporation.
21. Shelby Co. Mortgages Fall 8 Pct.
- Monday, January 16, 2012
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.)
22. Community Banks Resist Fees For Debit Cards
- Monday, October 10, 2011
Community banks have always possessed a certain charm among American financial institutions, one embodied by personal touches, friendly service and fewer headaches and hassles than their bigger brethren.
23. Magna Bank Positions for Solid 2011 Despite ’10 Loss
- Monday, March 21, 2011
Memphis’ third-largest locally based financial institution closed the books on 2010 by reporting a loss but also touting investments made across the board in the bank as well as hinting at an expansion of its branch network.
24. Red Door Hits First Year by Exceeding Goals
- Friday, March 04, 2011
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.
25. Magna Bank CEO Appointed to New Fed Council
- Monday, January 24, 2011
Magna Bank chairman, president and CEO Kirk Bailey has been appointed for a one-year term to a new Community Depository Institutions Advisory Council working with the St. Louis branch of the Federal Reserve.
26. Mortgages Drop 11 Percent in 2010
- Tuesday, January 11, 2011
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.
27. Kitchens Unlimited’s Kassen Wins TriStar Award
- Wednesday, December 29, 2010
Karen Kassen of Kitchens Unlimited has won a TriStar Award for Residential-Singular Space in the 2010 Tennessee American Society of Interior Designers Design Competition.
Work Experience: I began working at Kitchens Unlimited as an intern in 1992, and purchased the business with my family in 1998. So, I have worked at the same firm for the last 18 years.
Family: Husband, Joe, who is involved in our business. Two sons: Hays, 11, and Wynn, 8.
Why did you pursue a career in kitchen design? Although I began school in architecture, a kitchen designer friend got me interested in the specialization. While kitchen design involves a very technical side of interior design, I still get to work with finishes, materials, decorative arts and architectural planning. It is the best of both worlds.
What does winning the TriStar Award from ASID mean to you? I was very proud to share this award with a talented interior designer, Julia Finnell. She and I collaborated with an involved and passionate client to create a winning kitchen in a home that had been contemplated for years. There is no better confirmation than having someone in your profession praise your work for being the best.
What do you consider your greatest professional accomplishments? I am the only designer in Memphis to achieve the certification of Master Kitchen and Bath Designer, and one of only three people in the state of Tennessee. Last year, I was selected by National Kitchen and Bath Association and HGTV to be featured with one of my kitchen projects in a short story commercial that aired on HGTV and DIY network.
What do you most enjoy about your work? I get to be creative every day. I love that designing a kitchen or bathroom can be so impactful on the lives of my clients. It’s so rewarding to see a project transform from a sketch to real working and functioning space. Best of all, I enjoy the collaboration of working on projects with other designers, architects and my colleagues.
28. Magna Releases Grim Q2 Update
- Monday, September 13, 2010
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.
29. Banking Shows Quarterly Improvement
- Tuesday, September 07, 2010
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.
30. Youth Isn’t a Hurdle for Red Door Founder Phillips
- Friday, August 27, 2010
The scant number of years John Phillips V has under his belt relative to others in his chosen industry is not lost on him.
31. Bankers Await Post-Overhaul Futures
- Friday, July 23, 2010
That’s what bank heads and financial analysts are asking themselves in the wake of President Barack Obama’s signing Wednesday of a historic reshaping of the government’s financial industry rulebook.
32. Brighter Future
- Friday, July 23, 2010
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.
33. Magna Looks to Growth Opportunities
- Wednesday, June 09, 2010
Magna Bank is like many price-conscious shoppers these days – on the hunt for a bargain.
The third-largest bank in Memphis, the community lender emerged from the recession in relatively good shape and saw its loans, deposits and assets all grow in the first quarter.
34. Magna CEO Says Expect Bank Consolidation
- Tuesday, May 11, 2010
Magna Bank's chairman, president and CEO told attendees at the bank's annual meeting Monday the Memphis banking market ought to expect some consolidation soon. Too many banks are fighting for slices of the same customer pie, said Kirk Bailey, Magna's top executive. And there are likely to be consolidation announcements possibly this year, with the actual mergers taking place in 2011. "And Magna is planning to be part of those discussions," said Bailey, whose bank is the third-largest based in Memphis.
35. Magna Strikes Balance With Conservative Approach
- Wednesday, April 14, 2010
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.
36. Little Guys, Big Guys
- Monday, February 22, 2010
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.
37. Banks Find Time Right to Repay TARP
- Monday, February 01, 2010
President Barack Obama made an effort to show his disdain for the taxpayer-funded bank bailout during his State of the Union address Wednesday night, likening its popularity to that of a root canal.
38. TARP paybacks spell end for Wall Street, Washington marriage
- Friday, January 08, 2010
About 230 miles separate the centers of political and financial power in the United States.
But in 2010, Wall Street and Washington will remain as interlocked as they’ve been for the past two years, ever since the federal government first began using the public credit card to shore up the wobbly financial marketplace.
39. Slow Road to Rebound
- Friday, January 08, 2010
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.
40. Magna Bank Reports Stronger Numbers in Q3
- Wednesday, November 25, 2009
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.
41. Local Banks Hanker To Repay TARP Money
- Monday, June 15, 2009
Wall Street megabanks poised to repay the government’s bailout money aren’t the only ones eager to disentangle themselves from the grip of Uncle Sam.
Smaller banks on the local level also are intent to pay back loans they got last fall through the Troubled Asset Relief Program. And some of them want to dispose of those government IOUs soon – by the end of the year, if possible.
42. Magna Shareholders Take Stock, Look Ahead
- Wednesday, May 13, 2009
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.
43. Magna Limits Banking to Memphis
- Thursday, April 30, 2009
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.
44. Community Bankers Express Frustration With TARP
- Monday, April 13, 2009
James Lambright, the chief investment officer of the federal government’s Troubled Asset Relief Program, received a call earlier this year from Gary Crittenden, the former chief financial officer for Citigroup Inc.
45. TARP’s Effectiveness Remains to Be Seen
- Monday, April 06, 2009
If you’re having trouble deciding what to make of the federal government’s rescue plan for the financial system thus far – and whether mailing billions of dollars to U.S. banks has served its purpose of kick-starting loan activity – you’re not alone.
46. Bailey Considers Another Run At County Commission
- Wednesday, March 11, 2009
Former Shelby County Board of Commissioners member Walter Bailey, the longest-serving member when he left his seat in 2006, is thinking about mounting a bid to return to the county’s legislative body.
47. Latest Numbers Show Withering Mortgage Rates
- Monday, March 09, 2009
With the housing market still under pressure as home prices fall and fewer new borrowers take the plunge, the number of home loans as well as the total mortgage volume in Shelby County took another nosedive in February.
48. Bailout Questions Remain in ’09
- Wednesday, January 07, 2009
Back in October, U.S. Sen. Bob Corker, R-Tenn., stood before an audience of bankers, civic leaders and businesspeople at the University of Memphis and defended his vote for the Emergency Economic Stabilization Act of 2008.
49. Banking Uncertainty Could Hinge on Low Loan Demand
- Monday, January 05, 2009
Kirk Bailey, chairman and CEO of Magna Bank, met with senior staff last week and encouraged them to develop a plan for the bank that includes offering more loans to credit-worthy borrowers.
50. Caraway Named ‘Rising Star’ By Midsouth Superlawyers
- Wednesday, December 10, 2008
Kirk Caraway of Allen, Summers, Simpson, Lillie & Gresham PLLC has been selected as a “Rising Star” in the field of Labor and Employment Litigation by Law & Politics Midsouth Superlawyers publication for 2008.
51. 1st Trust BankPlans Name Change
- Wednesday, April 18, 2007
Memphis-based 1st Trust Bank will change its name to Magna Bank, pending approval from shareholders at a May 14 meeting at the East Memphis Hilton Hotel. A week later, Magna will unveil its new logo and signage.
52. Menkel Concentrates on Customer Service in New Role at First Trust
- Friday, February 03, 2006
William C. "Bill" Menkel, who has been in the local banking business for 25 years, recently joined Memphis-based First Trust Bank for Savings as president, and last month also assumed CEO duties.
"I have the opportunity here to put together a team that really focuses on the customers and the stockholders. And that team really makes this a great place to work," Menkel said.
53. Filings Remain Steady in Local Courts
- Tuesday, September 20, 2005
For the most part, it was business as usual for area courts during the past year. There were a few exceptions - some high-profile cases here and there and an upcoming change in state law that will impact local court clerks.
54. Archived Article: Standout
- Friday, September 24, 2004
Tommy Farnsworth standout
Farnsworth Balances Service on Several Fronts
The Daily News
When the phone call came, Tommy Farnsworth III did the only thing that seemed natural he took it.
On the line was Kirk Bailey, presiden...
55. Archived Article: Nba (lead)
- Monday, February 25, 2002
NBA all the way Commission considers alternate counsel for arena By MARY DANDO The Daily News A recommendation that independent consultants be hired to advise the county commission on financial and legal issues surrounding the Downtown NBA arena pro...
56. Archived Article: 1st Trust Opens
- Thursday, January 28, 1999
1st Trust Bank for Savings 1st Trust Bank for Savings opens in East Memphis The organizers of 1st Trust Bank for Savings opened its first office in Memphis Wednesday at 6525 Quail Hollow Road. The organizers of 1st Trust Bank for Savings include Har...
57. Archived Article: Bondsigning
- Monday, September 30, 1996
09/30 notes BoltonKirk.gs Delegation signs $70 million bond issue, seeks funding By GABRIELLE C.L. SONGE The Daily News A delegation of top-level Shelby County officials hit the Big Apple at the end of last week to finalize a $70 million bond issue ...
58. Archived Article: Real Analys
- Tuesday, January 16, 1996
01/16 Real analys Mortgage lender praises new computer-assisted valuation system, foresees other near-term changes in industry By ED RAINS The Daily News Kirk Bailey, executive vice president, chief operating officer and chief lending officer with L...