VOL. 6 | NO. 10 | Saturday, March 02, 2013
EMPHASIS Financial Services
By Andy Meek
After a four-decade existence, the Morgan Keegan name has been retired.
Formerly known as the Morgan Keegan Tower, the office building at 50 N. Front St. now bears the name of Raymond James, which acquired Morgan Keegan last year. The announcement Raymond James is completely dropping the Morgan Keegan name was made during an earnings conference call last month. (Photo: Lance Murphey)
The announcement Raymond James Financial Inc. is dropping the Morgan Keegan name was made during Raymond James’ first quarter earnings conference call last month. Raymond James CEO Paul Reilly was giving analysts listening to the call an update on the firm’s acquisition of the Memphis investment firm last year and its integration since then.
Raymond James bought Morgan Keegan in a $1.2 billion deal.
“The integration has gone so well that we made a commitment to Morgan Keegan that we would keep some dual branding in business for two years,” he said. “They have asked us to drop the Morgan Keegan name in February after the integration and to operate under Raymond James.”
Reilly went on to applaud both his firm and Morgan Keegan for working well together toward achieving “cultural integration.”
In other local financial services news, almost every bank based in the Memphis area was profitable by the end of 2012, with the exception of two. That’s according to the latest figures from the Federal Reserve Bank of St. Louis.
Including First Tennessee Bank – far and away responsible for the lion’s share of activity in the local banking sector – profits among Memphis-area banks were down from $191.4 million in 2011 to $81.4 million at the end of 2012.
Separate out First Tennessee’s numbers, though, and the collective profit of Memphis-area banks actually rose from 2011 to 2012 (from $15.9 million to $60.7 million).
On the event front, the Economic Club of Memphis this month will welcome someone who has traveled the country and the world as a speaker, trainer, writer and coach to investment advisers and wholesalers for major investment firms.
Mark Zinder and Associates principal Mark Zinder will address the club March 21 at the University of Memphis.
Zinder has about 30 years of experience in the financial services industry. He began his career as an investment adviser with Dean Witter, then in 1993 moved to Franklin Templeton Investments where he was named senior vice president and national spokesman. In 2004, he started his own firm.
Closer to home, First Tennessee Bank has racked up some big awards recently. The bank won top customer satisfaction honors in both the national and regional categories for business banking in the 2012 Greenwich Excellence Awards for U.S. small business and middle market banking.
First Tennessee won 10 awards in the Small Business Banking category and three in the Middle Market Banking category.
First Tennessee also was the most awarded Tennessee-based bank.
In a statement about the awards, Steve Hawkins, the bank’s executive vice president of corporate banking, said the company’s goal is to be easy to do business with and to provide exceptional service, something he said the awards prove the bank is accomplishing.
And finally, BankTennessee has made a spate of new hires – six, to be exact.
Wanda Clay has joined the bank as a teller at the Schilling Farms office in Collierville. Prior to joining BankTennessee, she worked at several other prominent banking institutions in areas including customer service as well as retail and mortgage lending.
Angelia Brown has joined as a customer service representative at the bank’s Downtown Memphis office. She has 12 years of banking experience and worked at other financial institutions in roles that include as a data processor, teller and loan processor.
Polly Freltofte has joined as a customer service representative at the Schilling Farms office in Collierville. In the banking industry since 1996, she spent the majority of her career at Bank of America Corp.
Debra Reid Tomlinson recently joined as a loan processor. In that role, she’ll be responsible for processing loans and providing support for our loan officers.
Nicholas Chase Huey recently joined as a lead loan processor. As such, he’ll lead the loan processing team, conduct real estate appraisals and provide support for the bank’s loan officers.
And Susan Griggs recently joined as a commercial loan administrative assistant. In that new role, she’ll provide customer service and support for the bank’s loan officers.