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VOL. 125 | NO. 91 | Tuesday, May 11, 2010

Daily Digest

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Magna CEO Says Expect Bank Consolidation

Magna Bank's chairman, president and CEO told attendees at the bank's annual meeting Monday the Memphis banking market ought to expect some consolidation soon. Too many banks are fighting for slices of the same customer pie, said Kirk Bailey, Magna's top executive. And there are likely to be consolidation announcements possibly this year, with the actual mergers taking place in 2011. "And Magna is planning to be part of those discussions," said Bailey, whose bank is the third-largest based in Memphis.

- Andy Meek

Jim Rout Tapped as new BankTennessee President and CEO

BankTennessee co-founder and former Shelby County Mayor Jim Rout is the new president and CEO of the Collierville-based bank. R. Todd Vanderpool is moving from the position of BankTennessee CEO to being president and CEO of the bank’s holding company, BankTennessee Bancshares. Vanderpool will also be the bank’s chief credit officer. Rout was one of the co-founders of the bank in 1992 and has been a member of the board of directors for the past ten years.

- Andy Meek

Loeb Files Loan On St. Elmo Place Center

Loeb Properties Inc. has filed a $1.6 million loan through Sycamore Bank on the St. Elmo Place retail center at 6525 Memphis-Arlington Road in Bartlett.

Operating in the transaction as the St. Elmo Place general partnership, the company took out the Tennessee deed of trust and fixture filing with security agreement and assignment of rents and leases May 5.

Loeb’s chief operating office and chief financial officer Earl E. Williams Jr. signed the deed for the company.

St. Elmo Place was built in 2000. The 12,928-square-foot Class A retail center is about two-thirds occupied and four bays are available for lease, according to Loeb’s website.

The center comprises four parcels, two of which have buildings and two of which are vacant.

The main parcel that houses the center has 2.95 acres and was appraised at $1.4 million, according to the Shelby County Assessor of Property.

The other contains a 4,558-square-foot convenience store that sits on 1.06 acres. Its appraised value is $901,400.

Further details about the transaction weren’t immediately available.

Source: The Daily News Online & Chandler Reports

Eric Smith

CCRFC to Consider Refi Of Mud Island Apartments

The Memphis Center City Revenue Finance Corp. at its May board meeting will consider refinancing a loan for Knickerbocker Properties Inc. XXXIX, which owns The Grove Apartments on Island Drive on Mud Island.

Knickerbocker in 2002 bought the property from River Estates LP and had that entity’s 25-year payment-in-lieu-of-taxes (PILOT) program transferred.

The CCRFC also will discuss recovery zone bonds at this month’s meeting. The organization meets Tuesday at 9 a.m. at the Center City Commission office, 114 N. Main St.

– Eric Smith

BlueCross BlueShield Gives $1.7 Million to UT

The University of Tennessee Research Foundation has received a $1.7 million grant from the BlueCross BlueShield of Tennessee Foundation to expand the Blues Project in Shelby and Hamilton counties.

The Blues Project program is aimed at reducing the infant mortality rate in the respective communities. It originally was initiated in 2005 as a four-year research study.

It provides TennCare-eligible pregnant women access to quality prenatal care and services through clinic-based group visits to community health centers.

Additional services available include case management, social support, patient education and referrals to community resources.

Tom Wilemon

Hayes Steps Down From Cooper Young Board

The Cooper Young Development Corp. board of directors has announced the resignation of executive director Sutton Mora Hayes, who’s leaving the organization to become the new state director for Keep Tennessee Beautiful.

KTB is a statewide public service and policy organization focused on the prevention of littering and other environmental issues.

Hayes has been with the CYDC since 2005, and she’ll start her new job May 17. CYDC board president Reb Haizlip said Hayes has made big strides in neighborhood revitalization efforts that benefit all of Midtown.

For the time being, the everyday business of the CYDC will be conducted by members of the CYDC board, who can be reached by contacting the CYDC office at 272-1459.

Andy Meek

Memphis Symphony’s Chen Awarded $10K Grant

Mei-Ann Chen, the newly appointed music director for the Memphis Symphony Orchestra, has been awarded a League of American Orchestras Grant as an Outstanding Woman Conductor.

The $10,000 grants are given to women conductors who have demonstrated that they are ready for national and international careers, committed to a career with American orchestras and are current members of the League.

The recipients were selected by a committee of distinguished representatives from the orchestra field.

Three other women conductors were awarded the grant. They are Mihaela Cesa-Goje, Alondra de la Parra and Annunziata Tomaro.

– Taylor Shoptaw

Brain Injury Conference Set for Survivors, Caregivers

Baptist Rehabilitation-Germantown is hosting an educational and inspirational seminar “Brain Injury: Overcoming Challenges” on Saturday from 8 a.m. to 4:30 p.m.

Lois McElravy, a brain injury survivor, will give the keynote address and present three sessions.

Dr. Stephanie L. Einhaus, chief of neurosurgery at the VA Memphis, will give updates on advances in brain injury care.

The event is free to caregivers or survivors, but it costs $50 for health care professionals.

For more information, call Jean Sherman at 757-3446 or visit www.baptistonline.org/facilities/germantown.

– Tom Wilemon

Palin to Speak At NHLA’s Annual Convention

Former Alaska governor and 2008 GOP vice presidential candidate Sarah Palin will be the keynote speaker at the National Hardwood Lumber Association’s 113th Annual Convention & Exhibition Showcase Oct. 13-16 in Vancouver, British Columbia, Canada.

Additional speakers, panelists and education programs at the convention will be announced in the coming weeks.

For more information or to register, call 399-7551 or visit www.nhlaconvention.com.

Headquartered in Memphis, the NHLA is the largest and oldest hardwood industry association representing more than 1,200 companies and individuals.

– Taylor Shoptaw

Ramsey Prepares for End Of Fundraising Blackout

Republican state Senate Speaker Ron Ramsey is banned from raising money for his gubernatorial campaign until Saturday. But that’s not stopping him from getting ready for a major fundraising push.

Ramsey, a Blountville auctioneer, announced Monday that he will unveil his campaign strategy going forward on his website shortly after the fundraising blackout expires.

In his words: “I hope you will join me to give Washington the boot.”

Ramsey’s rivals for the GOP nomination, Knoxville Mayor Bill Haslam and U.S. Rep. Zach Wamp of Chattanooga, are not covered by the fundraising ban for sitting state lawmakers.

Wamp said his campaign has been prepared for Ramsey rejoining the fundraising race.

In Wamp’s words: “Special interests, hold on to your wallets.”

– The Associated Press

PROPERTY SALES 56 94 12,852
MORTGAGES 23 50 8,053
BUILDING PERMITS 285 422 30,356
BANKRUPTCIES 23 67 6,131