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VOL. TMN-6 | NO. 18 | Saturday, April 27, 2013
Weekly Issue

Basketball Boon

Grizzlies’ success sparks economic windfall for city

Before the Grizzlies began their first-round playoff series with the Clippers in Los Angeles, Dennis Flanagan looked ahead to Game 3, which was to be played on Thursday night, April 25, in Memphis.

Editorial: Grizzlies Resemble Other City Successes

The NBA’s postseason, in which the Memphis Grizzlies now figure prominently, is a chance to look at the larger season we are in after emerging from a stubborn winter.

EMPHASIS Financial Services

Capital Requirement

Local bankers await new rules governing their money reserves

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.

Esrael Celebrates 30 Years at First South Financial

Even as a young man right out of graduate school, Craig Esrael knew how to spot an opportunity.

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Metropolitan Bank Still Growing 5 Years In

Metropolitan Bank has come a long way in five short years. Since being founded amid the worst financial crisis in the U.S. in generations, the bank – which in March celebrated its fifth birthday – has grown its assets from $243 million at the end of 2008 to $722 million at the end of 2012.

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.


April 26-May 2: This Week in Memphis History

1993: On the front page of The Daily News is a story looking at the formal opening on the Main Street Trolley, a project eight years in the making that remade what had been the Mid-America Mall. The Memphis Area Transit Authority offered free trolley rides the first two days of operation.

Smith's Role Central to City's History

Memphis civil rights icon Maxine Smith died Thursday evening at her South Memphis home at the age of 83.

Carlisle Joins Chisca Project

The partners developing the old Chisca hotel on South Main as apartments announced at a Friday, April 26, project launch that Carlisle Corporation is the main partner for the project.

Chisca Rebirth

Former hotel’s renovation signals brighter future for South Main

“Memphis: The Musical” meets the real life setting Friday, April 26, for the fictional story of a Memphis radio announcer in the 1950s.

Georgia-Pacific Pays $1.5 Billion for Buckeye Technologies

Memphis-based Buckeye Technologies Inc. is being bought by Georgia-Pacific LLC, the two companies announced Wednesday, April 24.

Kroger Plans $100 Million Overhaul of Stores

The footprint of the city’s dominant grocery store will undergo a facelift worth tens of millions of dollars over the next five years.

FedEx Wins $10.5 Billion Contract With USPS

FedEx Corp. said Tuesday, April 23, it won a $10.5 billion contract to carry mail between domestic airports for the U.S. Postal Service.

Light Years Ahead

UV product from Memphis-based Lumalier reduces hospital infections

About 1 out of every 20 hospitalized patients in the U.S. will acquire another infection during the course of their treatment, according to the Centers for Disease Control and Prevention.

Questions Kick Off City Budget Hearings

Memphis City Council members opened budget committee hearings Tuesday, April 23, on the clock and with lots of questions about what seemed to some like different budget numbers from last year at this time by the administration of Memphis Mayor A C Wharton Jr.

New Apartments Planned for South Main

Plans for 197 apartments on two corners of West Carolina Avenue and Florida Street go to the Downtown Memphis Commission Design Review Board at its May 1 meeting.

Good Times for All

Camp for developmentally disabled children, adults seeks donations

There will be kickball games, limbo dances, arts and crafts, and a talent show. There will be all of that and more at the sixth annual Camp Good Times residential summer camp May 30 through June 5 at Meeman-Shelby Forest State Park in Millington.

Tennessee Lags in Hospital Care Spending

Hospital care spending in Tennessee averaged $2,160 per person in 2009, a figure that is among the 10 lowest in the nation on a state-by-state comparison.

Special Elections Take Shape in Suburbs

It looks like 2013 will be an election year in the six suburban towns and cities in Shelby County.

International Paper Talking Xpedx Merger

Memphis-based International Paper Co. acknowledged Monday that it is in talks with Unisource about a possible merger of Unisource and IP’s xpedx printing distribution business.

Steady Groove

Independent retailers get boost from Record Store Day

This year’s Record Store Day, an international celebration held the third Saturday in April, brought casual music fans along with diehards and vinyl evangelists into music shops around the country, including Goner Records and Shangri-La Records in Memphis.

Bike Ride Benefits Local Cancer Patients

Years of grueling medical training had taken a toll on Brad Somer, an oncologist and hematologist with The West Clinic in Memphis.

Mitsubishi Back Story Moves to Manufacturing

The back story of the new Mitsubishi Electric Power Products Inc. plant that formally opened in Southwest Memphis last week includes a sewer pipe, the Mojave Desert and artificial lightning.

Suburban Mayors Preach Patience to Parents

Suburban leaders are counseling patience among parents of children in their communities who will be part of the coming merger of the county’s two public school systems.

Corporate Contribution

FedEx employees volunteer for Wolf River cleanup

On a beautiful spring morning last week more than 100 local FedEx employees came together along the banks of the Wolf River to do a beautiful thing.

First Horizon Grows Profit in Quarter

Memphis-based First Horizon National Corp., the parent company of First Tennessee Bank, kicked off its first quarterly earnings announcement of 2013 by meeting analyst expectations and reporting a profit of $42.2 million, up from $30.5 million during the first quarter of 2012.

Severance Pay Ups Ante in Auto Inspections Stand-Off

Some on the Memphis City Council weren’t certain Tuesday, April 16, about going ahead with a severance package for the city employees who now work at city-run auto inspection stations.


‘Real Big Decisions’ Looming for Grizzlies

The Grizzlies returned from Los Angeles down 2-0 to the Clippers, the idea of “Believe Memphis” being put to the test.

‘Old School’ Gasol Feted As League’s Top Defender

The NBA’s new Defensive Player of the Year was remembering another ceremony, more than a decade ago at The Pyramid.


Commitment to Memphis Shows in Wolowicz’s Work

Melissa Wolowicz is up with the chickens every morning, working to make Memphis a better place.


Public Defender Role Lets Bell Help Others

For assistant federal defender David Bell, the urge to be a lawyer was precipitated by the urge to help people.


Wright Joins Magna Bank as Senior Vice President

Andy Wright has joined Memphis-based Magna Bank as senior vice president and manager of commercial banking. Wright, who previously held senior vice president positions at Iberiabank and First Tennessee Bank, has experience working with a variety of industries, with in-depth expertise in the transportation and logistics industries.


Four-Way Self Storage Facility Sells for $1.3 Million

6780 Country Park Drive Memphis, TN 38134


Davene Specializes in Helping Companies Reward Employees

Corporations have a new reason to say “thank you” to dedicated employees – for sticking with them through the Great Recession.


I Know a Place

I’LL TAKE YOU THERE. “Oh, mmm, I know a place… When Mavis Staples sang those words, everybody in the audience was moved to move. The kind of primal itch you got to scratch, the kind of muscle over mind that makes toes tap, fingers snap, and hands clap.

Emergency Preparation – Part 1

A bombing and citywide lockdown in Boston, a chemical explosion in West, Texas; threats of flooding along the Mississippi River; tornadoes; earthquakes; and the all-too-frequent house fire.

Should You Delay Drawing Social Security?

Ray’s Take Persistent high unemployment and more than a decade of volatile stock markets have many people anxious to draw Social Security as early as possible even if they are shy of full retirement age. Some are so anxious about the system they want to get what they can before it goes bust. No one has a crystal ball, but more often than not, this is not the best plan.

Please, Please Belize! Part 1

A decade ago in this space, I told a story about receiving multiple hang-up phone calls between midnight and dawn over a period of several weeks. Via Caller ID and returning some of these calls at later times, I learned the Greyhound Federal Credit Union’s toll-free automated line was one digit off from a toll-free number I’d acquired years earlier. Somehow, I got the issue resolved with Greyhound.

Rotten Golden Apples in a Can

It has been a particularly tough stretch for sage taxicab investors. My recent taxi tips have centered on three clear winners. Gold, Apple and Cash. Let’s evaluate.

Don’t Let Zeal Kill the Sale

Passion is a vital skill for entrepreneurs, but did you know it can actually kill a sales call? While it may seem counterintuitive, an overzealous spirit can simply overwhelm a prospect.

If You Can’t Win, Change the Game

In today’s dynamic world it is imperative for companies to continually realize growth through a sustainable competitive advantage. The trouble is that every innovation is just one new innovation away from becoming obsolete. How do proactive companies stay one step ahead?

Dining Out for Life

Last week we discussed the Memphis Area Fellowship of Christian Athletes, which is focused on making a positive, and eternal, impact in the arena of athletics. This week let us explore an organization with the mission of helping people affected by HIV/AIDS live well: Friends For Life Corp.

Deal With the Stress Before the Mess

When I get curious, I read a lot. Last week I got very curious about a form of ineffective behavior that seems all too common these days.

PR in the Not-For-Profit World

One of the things we take a lot of pride in is the number of not-for-profit clients we work with. I currently handle five not-for-profit accounts, and each is unique and exciting in its own way. If you can’t intern at an agency, one of the best ways to get your “PR feet” wet is to do an internship at a not-for-profit in college.

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PROPERTY SALES 59 232 11,757
MORTGAGES 80 254 13,681
BUILDING PERMITS 93 480 24,644
BANKRUPTCIES 61 179 7,652

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The Memphis News: Business, politics, and the public interest.