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VOL. 125 | NO. 195 | Thursday, October 7, 2010

Daily Digest

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Greenbrier Partners Files Loan for S. Front Property

Greenbrier Partners LLC has filed a $2.1 million loan through Southern Bancorp Bank for construction at 436 S. Front St. Downtown, a mixed-use project approved by the Center City Development Corp. earlier this year.

At the same time the loan was filed, Greenbrier signed a lease agreement with the Center City Revenue Finance Corp. that included a 10-year payment-in-lieu-of-taxes (PILOT) agreement for a project on the site.

The plan, as agreed upon in May, is to demolish a current structure at the corner of Front and East Nettleton Avenue and build a three-story, 29,000-square-foot building with 1,500 square feet of retail space, 25 apartment units and 25 underground parking spaces.

“We’re still in the contract document stage with it, coming up with the exact plan, but we do hope to get started and have something finalized in mid-January,” said Vince Smith, chief manager of Greenbrier Partners LLC, who added he’d like to break ground in January.

“We’re going to need the Center City Development (Corp.) to help work with us on a few other items in order to get it done, but I think we can get there,” Smith said.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Cadence Snubs Trustmark, Finds Another Partner

Never mind – turns out, Cadence Bank isn’t getting acquired by Trustmark Bank after all.

After earlier this month announcing a merger agreement with Trustmark and holding a conference call with analysts to talk about details, Cadence is switching gears.

Houston-based Community Bancorp LLC has agreed to acquire Cadence. And the Trustmark agreement has been terminated.

Cadence shareholders get a better deal in this new arrangement compared to the one with Trustmark – $2.50 in cash per Cadence share, as opposed to a $2 share price.

And CBC also is buying back Cadence’s $44 million of preferred shares and warrants the government purchased as part of the TARP program for a better price than what Trustmark proposed.

CBC is buying Cadence’s $44 million TARP investment for $38 million, whereas Trustmark had proposed buying it for $30 million.

“I am pleased to announce this transaction with CBC will deliver more value to our shareholders,” said Lewis F. Mallory Jr., chairman and chief executive officer of Cadence. “The cash price per share represents a premium to our current trading price and represents a higher, more certain price than what had been previously offered. We are excited about the opportunity to join with CBC to continue our operations under the Cadence Bank name and the Cadence charter while continuing to serve our communities with our existing employee team.”

“We are delighted to have reached agreement on our transaction with Cadence,” said Paul B. Murphy Jr., chief executive officer and president of CBC.

The transaction is expected to close by the first quarter of 2011.

Andy Meek

Miss. River Corridor-Tenn. Wins National Award

The Mississippi River Parkway Commission (MRPC) awarded the Mississippi River Corridor-Tennessee (MRCT) the Pilot’s Award for 2010 at the National MRPC meeting in La Cross, Wis., last month.

The Pilot’s Award is presented annually to one of the 10 Mississippi River states, based on outstanding achievements.

MRCT received the honor in response to their work and enhancements along the Mississippi River Corridor, with an emphasis on the Tennessee Great River Road, which provides scenic opportunities, historical attractions, travel amenities and interpretive assets.

The Tennessee Great River Road is part of the 3,000-mile Great River Road, which stretches from Minnesota to the Gulf of Mexico.

“After working just under the radar for so many years, we are thrilled to receive this great honor from such a highly regarded organization,” John Sheahan, the Tennessee chairman of the MRPC board of directors, said in a statement. “It’s a very rewarding national achievement and we are sincerely grateful for the MRPC’s recognition of Tennessee and our work on the Mississippi River.”

Sarah Baker

Rhodes College Awarded Leadership Grant

The Institute of Museum and Library Services recently announced that Rhodes College is one of 34 institutions selected to receive one of its National Leadership Grants, which total more than $17 million.

The projects funded by the grants are expected to have national impact and generate results that can be widely replicated.

Rhodes will partner with the Memphis Public Library, the National Civil Rights Museum and other community partners to create the Memphis Coalition for Cultural Heritage.

“The funding will enable Rhodes and our partners to continue to empower community members to participate in preserving the rich and complex history of Memphis, and to create a model that can be shared with other cities and regions,” Suzanne Bonefas, director of special projects at Rhodes, said.

MCCH will aid communities in telling the stories of their neighborhoods in efforts to address past and present social inequities and their impact on Memphis.

– Sarah Baker

HealthSouth Hospital Receives National Award

HealthSouth Rehabilitation Hospital of North Memphis is one of only 12 hospitals in its parent company’s network of more than 100 hospitals to receive the National President’s Circle Award.

The awards recognize outstanding performance in clinical programs, patient care, employee retention and operational excellence. HealthSouth, which operates in 26 states and Puerto Rico, is the nation’s largest provider of inpatient rehabilitative services.

Tom Wilemon

Medtronic Introduces Vertex Select System

The Memphis-based spine business of Medtronic Inc. announced Wednesday the U.S. launch of the Vertex Select Reconstruction System Posted Screw Module.

The company made the announcement at the 25th annual meeting of the North American Spine Society in Orlando, Fla.

The system broadens options for treating patients who require fixation of the vertebrae in the upper-thoracic spine.

– Tom Wilemon

Three New Members Join CBU Board

Three new members have joined the board of trustees at Christian Brothers University for the 2010-2011 year. They are H. Wayne Brafford, Steve Dunavant and Brother Chris Englert.

Brafford was senior vice president, printing and communications papers, for International Paper. He retired in December 2009. Dunavant is member in charge of consulting at Thompson-Dunavant Certified Public Accountants & Consultants.

Englert is president of Christian Brothers High School and has served in that position since 1990.

– Taylor Shoptaw

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 37 37 2,656
MORTGAGES 21 21 1,804
FORECLOSURE NOTICES 3 3 278
BUILDING PERMITS 318 318 6,019
BANKRUPTCIES 61 61 1,054
BUSINESS LICENSES 34 68 559
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0