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VOL. 128 | NO. 21 | Thursday, January 31, 2013

Daily Digest

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Aluma-Form Files $1.8 Million Loan on Facility

Memphis-based Aluma-Form Inc., whose headquarters are at 3625 Old Getwell Road in Oakhaven, has filed a $1.8 million loan on the property through Trustmark Inc.

A manufacturer of special structures and hardware from “apitong” (structural) wood and aluminum for the utility industry, Aluma-Form expanded its facility in 2010, filing a loan at that time through Regions Bank.

The new facility brought added capacity, allowing Aluma-Form to increase manufacturing of its newly developed “fiberglass equipment mounts” and “fiberglass guy strain insulators,” products used to stabilize utility poles, a company spokesman said.

Aluma-Form was founded in 1961 by John Salmon. The company’s first product, an aluminum platform, also was the origin of its name. Aluma-Form’s products include “cross-arm braces” and “dead-end arms,” where a line of utility poles turn a corner.

The company, which manufactures all of its products at its Memphis location, sells its line of products throughout the U.S. and Canada, as well as in parts of the Caribbean, with Jamaica being a big customer.

Harry L. Orr signed this recent trust deed, dated Jan. 23, as chief financial officer of Aluma-Form.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Panera Bread Files Business License for Midtown Store

Panera Bread Co. is moving along with the build-out of its new Midtown location.

The St. Louis-based fast-casual sandwich franchise recently filed for its business license at 1961 Union Ave. with the Shelby County Clerk’s Office. The 4,588-square-foot, freestanding space formerly housed Pizza Hut, which relocated west to the Belvedere Collection shopping center.

Panera will likely open by the end of February, said Rick Postle, who owns Panera franchise rights to the Memphis area along with his wife, Rosemary, under the entity Delta Dough Inc. The location will mark Delta Dough’s eighth Panera store in the Mid-South, a market it entered more than four years ago.

Postle said the entire build-out, including rework on the building, interior layouts and equipment, and signage will top $1 million. The store will create more than 50 jobs.

– Sarah Baker

Bank of Bartlett Reports Quarterly, Year-End Profits

Bank of Bartlett has reported a profit of $12.3 million for 2012 and a profit of $255,125 for the fourth quarter.

The quarterly profit marked the sixth straight quarter Bank of Bartlett has been in the black.

Among other highlights for 2012, the bank saw a 17 percent decline in non-performing assets and a 36 percent increase in new mortgage loans – $70 million in 2012, up from $45 million in 2011.

– Andy Meek

Countywide School Board Renews MASE Charter

The first charter school in Memphis and in the state of Tennessee had its charter renewed Tuesday, Jan. 29, by the countywide school board.

Memphis City Schools administrators had recommended non-renewal of the charter of the 10-year-old Memphis Academy of Science and Engineering based on a drop in student achievement test scores.

Leaders of the grade 6-12 school argued they had improved the deficient math scores in the intervening three years and were being judged on high school standards unfairly when the school spans middle and high school grades.

Of the school board members present, only Martavius Jones voted for the non-renewal recommendation.

Most school board members expressing an opinion said they were concerned that most of the MASE students would be attending conventional public schools in the bottom 5 percent statewide in terms of student achievement if they closed the charter school.

The renewal is for a term of 10 years, but if student achievement test scores begin to dip again and do so for two consecutive school years, the school board could abolish the charter and the school organizers would have no right of appeal.

In other action, the school board approved the demolition of the old Lincoln Junior High School gymnasium in South Memphis.

– Bill Dries

2012 Most Profitable Year for Magna Bank

Last year was the most profitable year ever for Magna Bank since its founding in 1999.

Magna recorded a profit of $3.1 million in 2012, a 24 percent improvement over 2011. The bank’s assets were up 12.1 percent, loans were up 10.8 percent and deposits were up almost 10 percent.

The bank originated $22.4 million in new SBA loans. It originated $353 million in residential first mortgage loans, a 36 percent jump from 2011, and the bank originated $189 million in new commercial real estate loans in 2012.

During the fourth quarter, Magna investors got a special dividend payout of 27 cents a share.

– Andy Meek

Torrini Joins Tactical Magic as Marketing Strategist

Megan Torrini has joined Tactical Magic and will serve as a marketing strategist for the Memphis-based branding specialist firm.

Torrini specializes in creating strategic communication and marketing plans and developing promotional and advertising campaigns. She has worked on both the client and agency sides with a variety of industries, including commercial real estate, gaming, sports, restaurants and hospitality.

Torrini moved to Memphis in 2009 after living and working in New York, Florida and Maryland.

– Sarah Baker

Diversified Trust Makes Seven Promotions

Memphis-based wealth management firm Diversified Trust has announced seven promotions.

Being promoted to senior vice president are Jo Len Clark and Marcus Lewis. Melissa Schilling has been promoted to vice president. And being promoted to senior associate are Tim Dudas, Amy Hudson, Megan Mayhew and Hadley Miller.

Diversified Trust was founded in 1994. It has more than $4.5 billion in client assets.

– Andy Meek

Indie Memphis Wins GuideStar’s Seal Rating

The Indie Memphis organization has received the GuideStar Exchange Seal, a symbol of transparency and accountability provided by GuideStar USA Inc., which is a leading source of nonprofit information.

To be awarded the GuideStar Exchange Seal, Indie Memphis was required to provide key information for its nonprofit report page on www.guidestar.org.

Indie Memphis’ most recent event was the 15th annual Indie Memphis Film Festival, presented by Duncan-Williams Inc., and held Nov. 1-4 at venues that included Playhouse on the Square, the Circuit Playhouse, and Malco Theatre’s Studio on the Square.

The GuideStar Exchange is an initiative designed to connect nonprofits with current and potential supporters.

– Andy Meek

Public Relations Society Seeks Vox Award Entries

The Memphis chapter of Public Relations Society of America is calling for entries for the upcoming PRSA Vox Awards, which recognize the region’s best in PR practices.

Vox Awards honor organizations that have successfully communicated their brand and messaging through strategic communications, resourcefulness, creativity and quality expertise. The list of categories covers everything from a single blog post to multiple day events. Vox chair Christina Meek said PRSA Memphis has several categories because the communications industry encompasses so many types of jobs from social media manager, writer, media relations, marketing, videographer, event planner and more.

The early deadline for the 20th annual Vox Awards is Feb. 8 and allows entrants to pay the early pricing but turn in their entries a week later for the regular deadline, which is Feb. 15. The late deadline is Feb. 22 and comes with a late fee.

For more details on entry, visit www.prsavox.com.

– Sarah Baker

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 242 14,959
MORTGAGES 111 255 19,585
FORECLOSURE NOTICES 8 30 3,825
BUILDING PERMITS 0 359 35,689
BANKRUPTCIES 61 182 14,216
BUSINESS LICENSES 18 104 5,095
UTILITY CONNECTIONS 76 246 21,679
MARRIAGE LICENSES 16 75 4,632

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