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VOL. 129 | NO. 97 | Monday, May 19, 2014

Daily Digest

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Construction Loan Filed for Kirby Whitten Land

The owner of a 4.5-acre vacant parcel on Kirby Whitten Road has filed an $8 million construction loan for the Bartlett site.

Vancouver, Wash.-based Bartlett Care Group LLC filed the construction deed of trust with absolute assignment of rents and leases, security agreement and fixture filing financing statement May 7 through Wells Fargo Bank NA.

The land is situated on the east side of Kirby Whitten Road, north of the street’s intersection with Summer Avenue. Bartlett Care Group bought the site for $1.2 million in January from Peggy L.R. Parker Eddins and Patricia Robinson Sneed, trustee of the Patricia Robinson Sneed Revocable Living Trust.

The Shelby County Assessor of Property’s 2013 appraisal of the property was $691,300.

W. Cody Erwin, vice president of Washington-based Erwin Managers Inc., signed the trust deed as manager of Bartlett Care Group LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Commercial Bank & Trust Wins Industry Distinction

Community bank risk management firm Seifried & Brew LLC has named Commercial Bank & Trust Co. in its 2013 top 15th percentile of community banks.

To get that rank, the bank demonstrated “exemplary performance” of balancing risk and reward based on the bank’s S&B Total Risk/Return Composite Ranking.

Seifried & Brew ranks institutions with assets between $100 million and $5 billion. The index models capital risk, credit risk, earnings at risk, liquidity risk and national/regional economic risk.

Commercial Bank & Trust CEO Mott Ford said the ranking puts the bank in an elite group, among the top 15 percent of banks in the nation.

– Andy Meek

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.

Jason Hood, meanwhile, has been named as business development officer for Magna Bank’s Wolf River branch. And Magna’s Cordova branch has added Stephen Ellis as a branch sales representative.

– Andy Meek

Jones Requests Election Recount

Shelby County Commission candidate Martavius Jones has formally requested a recount of the May Democratic primary election results in Commission District 10.

Jones, who finished second in the unofficial primary vote tally to Reginald Milton by 26 votes, hand-delivered a letter to the Shelby County Election Commission Friday, May 16, seeking a recount.

The results are not scheduled to be certified by the Election Commission until its May 21 meeting.

Jones claims the precinct-by-precinct tally in the district does not match the overall tally.

– Bill Dries

Tennessee Unemployment Falls 6.3 Percent in April

Tennessee's unemployment rate for April was 6.3 percent, the state's lowest rate in six years.

According to the Department of Labor and Workforce Development, the state's unemployment rate has decreased from 8.3 percent to 6.3 percent over the past year.

The current number of people unemployed is 192,000. That's 11,700 lower than last month and the lowest since May 2008.

The national unemployment rate for April was also 6.3 percent.

State figures show that nonfarm employment increased by 2,400 jobs from March to April.

– The Associated Press

Tennessee Renews Admissions to 3 Nursing Homes

The Tennessee Department of Health is allowing new admissions to three nursing homes that were disciplined because of alleged inadequate conditions at the facilities.

News releases from the department say suspensions of admissions have been lifted at Oakwood Community Living Center, a 50-bed nursing home in Dyersburg, and Ripley Healthcare and Rehabilitation Center, a 144-bed nursing home in Ripley.

A suspension of admissions also has been lifted for Golden Living Center Mountain View, a 132-bed nursing home in Winchester.

Department investigators found violations of administration, performance improvement and nursing services standards at Oakwood. The department says surveyors found violations of administration standards at Ripley Healthcare.

Surveyors found violations of administration, performance improvement, physician services, nursing services, medical records and special services at Golden Living.

– The Associated Press

Mississippi Job Market Improves Slightly in April

Mississippi's unemployment rate fell to 7.5 percent in April, as more people found jobs despite a falling labor force. A separate survey showed employers added 5,000 people to their payrolls in April, reversing four months of declines.

Both sets of figures – adjusted to cancel out seasonal changes – were released Friday by the U.S. Labor Department.

Mississippi's unemployment rate was 7.6 percent in March and 8.8 percent in April 2013.

Though April's performance was better than the anemic figures posted earlier this year, Mississippi retains the sixth-highest unemployment rate among the states.

The Labor Department said 95,400 Mississippians were unemployed in April, down about 1,000 from March and down from 114,500 in April 2013.

Mississippi's nonfarm payrolls rose by almost 5,000 to 1.12 million after falling four months in a row. April's strong growth means payrolls were 10,000 higher than in April 2013. But the state still has 3.7 percent fewer workers than the all-time high recorded in February 2008.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 67 67 10,289
MORTGAGES 107 107 13,434
FORECLOSURE NOTICES 24 24 2,668
BUILDING PERMITS 393 393 24,700
BANKRUPTCIES 60 60 9,952
BUSINESS LICENSES 16 16 3,752
UTILITY CONNECTIONS 149 149 14,706
MARRIAGE LICENSES 31 31 3,198

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