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VOL. 125 | NO. 232 | Tuesday, November 30, 2010

Daily Digest

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Two Convenience Stores Financed for $1.4M

Roopani Properties LLC and A&S Fuels LLC have financed two convenience stores/service stations through Brighton Bank for a total $1.4 million.

The first property, which loan documents list at 4238 Kirby Parkway and the Shelby County Assessor of Property lists at 4138 Kirby, is on about 1 acre at the corner of Kirby and Raines Road in Kirby/Raines Commercial Centre. It contains a service station and a 2,350-square-foot convenience store built in 1988.

Roopani Properties bought the property in June from Mapco Express Inc. for $650,000. The Shelby County Assessor’s 2010 appraisal is $489,600.

The second property is at 6705 E. Shelby Drive, on the east side of Ross Road. It contains a service station and 2,368-square-foot convenience store built in 1988 on about 1 acre in the Village at Hedgerow Commercial Subdivision.

Roopani Properties bought it in August for $700,000. The Shelby County Assessor’s 2010 appraisal is $644,100.

Loan documents state the loan secured by this lien was made under a U.S. Small Business Administration nationwide program that uses tax dollars to assist small-business owners.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Net Income Up at Tennessee Banks

Tennessee’s 191 federally insured banks made a lot more money in the third quarter than they did during the same three months in 2009, according to new figures from the Federal Deposit Insurance Corp.

Flush with a collective $155 million in net income, the state’s bankers probably have fewer headaches than they did in Q3 2009, when nearly 200 FDIC-backed banks reported a loss of $322 million.

At that time, the state’s largest homegrown bank – Memphis-based First Tennessee – was still three quarters away from seeing its parent company return to profitability. First Horizon National Corp. hit that mark between April and June, then did it again between July and September.

First Horizon is still wrestling internally with decisions on cuts, new investment and tweaks to the company’s strategic direction, as The Daily News reported in Monday’s edition.

Compared to Q3 2009, meanwhile, the collective improvement in Tennessee banks is unmistakable, which should cheer regulators, bankers and – though there’s still probably not too many of these people – anyone looking to borrow money.

As of Sept. 30, 2009, 1 in 3 of the state’s FDIC-backed banks was unprofitable. Today, that has dropped to 18.8 percent.

However, that rally has been making a withdrawal, as it were. Though 18.8 percent of the state’s FDIC-backed banks are unprofitable, during the second quarter only 15.7 were unprofitable.

– Andy Meek

Local Artists Hold Art Studio Tours

For the 11th year, the Rural Route Art Studio Tour will be held Friday through Sunday at the studios of the participating artists.

The studios include Deborah Fagan Carpenter, 4881 Canada Road; Agnes Stark Studio, 12675 Donelson Road; and the Eads Gallery, 12370 Washington Road.

The self-guided driving tour will allow Memphis-area residents to shop for fine art and handmade gifts and enjoy food and beverages.

Admission is free and maps will be provided at each location for directions to each art studio.

Tour hours for Friday and Saturday are 10 a.m. to 5 p.m., and noon to 5 p.m. on Sunday.

For more information or directions, call Deborah Fagan Carpenter at 384-9132, Ellen Boehm at 867-2327 or Agnes Stark at 458-2354.

– Taylor Shoptaw

Hedge Fund Manager Buys FHN Shares

The hedge fund run by famed manager John Paulson bought 122,882 shares of First Tennessee Bank’s parent company during the third quarter.

At the same time his company trimmed its positions in big banks like Citigroup, JPMorgan Chase and Bank of America, Paulson bought a modest chunk of shares of Memphis-based First Horizon National Corp., according to a regulatory filing.

Paulson made billions betting against the recent subprime-fueled housing mania. And he is the subject of the recent financial book “The Greatest Trade Ever.”

– Andy Meek

Memphis Connect, Neelys Team Up to Fight Hunger

Memphis Connect, the website of the Leadership Academy’s talent recruitment and retention program, is asking Memphians to submit their picks for their favorite ways to give back in the Bluff City.

Citizens are asked to post comments on MemphisConnect.com stating their favorite local nonprofit organization, fundraiser and best holiday giving campaign.

Names of those submitting comments will be entered into a drawing to win a “Down Home with the Neelys” cookbook and apron autographed by Memphis celebrity chefs Pat and Gina Neely, and a cutting board autographed by the Neelys and football legend Joe Montana.

Montana and the Food Network stars have teamed up with the Kraft Foods “Huddle to Fight Hunger” program, a commitment to provide at least 20 million meals to Feeding America, the country’s largest hunger relief organization.

– Aisling Maki

Dunkin’ Donuts on Union Celebrates Grand Opening

Dunkin’ Donuts will open its newest Memphis store in Midtown Wednesday.

The store will be 3,200 square feet on the 5,500-square-foot property, with the drive-through tunnel through the building and parking in the rear. The new Dunkin’ will also contain an oversized mural of Memphis landmarks.

The grand opening is free and open to the public. A sampling of Dunkin’ refreshments and healthy menu options will be provided to guests.

Canton, Mass.-based Dunkin’ Donuts is also hosting the 5th annual Holiday Recycled Bicycle Giveaway, during which Midtown’s Revolutions Community Bicycle Shop will refurbish bikes and present them to Binghampton-neighborhood children.

New and used bikes will be collected at the 1540 Union Ave. Dunkin’ on Dec. 1, starting at 1 p.m., and running through the first week of December. Anyone who donates a bike will receive a $10 Dunkin’ gift card and a merchandise item.

– Sarah Baker

School Board Early Voting in Double Digits

Early voting in advance of the Dec. 7 Election Day has drawn several dozen voters. It is a runoff contest between Sara Lewis and Cherry Davis for the District 6 seat on the Memphis school board.

The early voting period paused for Thanksgiving with 41 of the 39,153 voters in the southwest Memphis district having voted through Wednesday.

A satellite location at Riverside Baptist Church opened Monday. It and the polling location at Shelby County Election Commission headquarters, 157 Poplar Ave., are open through Thursday.

– Bill Dries

PROPERTY SALES 55 127 3,204
MORTGAGES 30 92 2,192
BANKRUPTCIES 30 60 1,802