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VOL. 111 | NO. 112 | Wednesday, June 18, 1997

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Tennessee Bank and Trust buys Wal-Mart outparcel Tennessee Bank and Trust buys Wal-Mart outparcel By CAMILLE H. GAMBLE The Daily News Tennessee Bank and Trust has purchased a 1-acre outparcel in front of the new Wal-Mart store on Highway 64 with plans to build a new branch next year. The bank purchased the property from Stage Road Partnership for $436,140, according to a warranty deed filed Friday in the Shelby County Registerís Office. Bill Powell was the broker in the transaction. Elwood Edwards of Edwards Capital Management Inc. is a partner in Stage Road Partnership. Tennessee Bank and Trust operates a branch in Millington on Highway 51 and a main office in Humphreys Center at 6141 Walnut Grove Road. Lee Cardwell, president of Tennessee Bank and Trust, said the bank has a contract pending on the purchase of an old Union Planters building at 4362 Summer Ave. The priority, he said, is to move into that building before starting construction on the Highway 64 branch. The bank plans to occupy the Union Planters building by November. There are three outparcels at the Wal-Mart site, and Cardwell said the other two are still for sale. ìI think there is so much happening out in that area,î he said. ìIt is just a rapid growth area, and I think the business opportunities will be very good in the future.î Cardwell said no decision has been made yet on the size of the new branch or the number of employees it will staff. It is still in the early planning stages, he said. ìWe just bought the land, and that is all.î He said bids for design work and construction for the new branch will not be taken until 1998. In addition to expanding, Tennessee Bank and Trust will soon change its name to INSOUTH Bank of Shelby County. The change is in connection with the unification of Tennessee Bank and Trust in Memphis and Millington, Union Savings Bank in Covington and Brownsville Bank in Brownsville under the new name INSOUTH Bank. ìWe have used the name INSOUTH in our holding company operations since 1985, and it is only natural that INSOUTH would be part of the name of the unified bank,î Cardwell said. J.D. Clinton, chairman of the board of directors, said, ìUniting our three independent West Tennessee banks will allow us to compete with the large regional banks in our community markets.î Founded in 1983, Tennessee Bank and Trust has served the communities of Memphis and Millington as a locally managed state chartered bank. All three banks are owned by Independent Southern Bancshares Inc., INSOUTH, a $550 million financial services holding company based in Brownsville. INSOUTH has owned Tennessee Bank and Trust since 1989 and Union Savings Bank and Brownsville Bank since 1985.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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