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VOL. 126 | NO. 159 | Tuesday, August 16, 2011

Daily Digest

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$3.2 Million Loan Filed for U.S. 64 Goodwill

Memphis Goodwill Inc. has filed a $3.2 million loan through First Tennessee Bank NA for its thrift store at 6899 U.S. 64. The 51,354-square-foot, big-box retail location was built in 1988 and previously housed a lumber store. It sits on 7.1 acres at the southeast corner of U.S. 64 (Stage Road) and U.S. 70 (Summer Avenue).

Memphis Goodwill Inc. bought the property in December 2003 for $1.5 million. The Shelby County Assessor of Property’s 2011 appraisal is $2.6 million.

Memphis Goodwill filed a $1.2 million permit application with the city-county Office of Construction Code Enforcement in June for work including a new façade, interior finish upgrades, a new workshop area, additional dock doors, an upgrade to landscaping and parking lot resurfacing.

The building houses a retail store – Memphis Goodwill Industries’ largest – as well as the organization’s administrative offices and the “Bargain Barn,” where items go if they have not been bought after a set time.

The retail store will close for 30 to 45 days during the construction, said Memphis Goodwill Industries executive vice president Dave Leutwyler. The construction will take place 24 hours a day to speed completion, and employees will continue working in the Bargain Barn, Leutwyler said.

Source: The Daily News Online & Chandler Reports

– Kate Simone

First Horizon Closes on Sale of HSA Unit

First Horizon National Corp. has closed on the sale of Msaver Inc., its subsidiary that provides administrative services for health savings accounts, to Utah-based HealthEquity.

Memphis-based First Horizon, the parent company of First Tennessee Bank, expects to recognize a pre-tax gain from the deal of about $9 million. About $170 million of deposits associated with Msaver’s business currently are held by First Horizon’s banking unit and will be transferred to another depositary soon, the company said.

Msaver president E. Craig Keohan said Msaver’s customers will gain access to more capabilities and product features because of the deal.

– Andy Meek

ACI Glass to Lay Off 46 in Memphis

ACI Glass Products LLC plans to lay off 46 employees at its Memphis operation in late September, according to a notice filed by the company with the Tennessee Department of Labor and Workforce Development.

A call to ACI was not immediately returned.

The company makes and distributes architectural glass and aluminum across the country from 20 facilities in the U.S. The office is a branch support center at 965 Ridge Lake Blvd. in East Memphis.

ACI is a subsidiary of Vitro America.

Vitro executives announced in April that the company was being sold to Grey Mountain Partners LLC, a Boulder, Colo., private equity firm. As part of the sale, Vitro filed for Chapter 11 bankruptcy protection.

– Bill Dries

Harding's Convocation to Inaugurate New Name

The 10th annual convocation celebration at Harding School of Theology is scheduled for Monday, Aug. 22, when area leaders are scheduled to help inaugurate the school’s name change.

Prior to July 1, the school was called Harding University Graduate School of Religion. Harding School of Theology is associated with Churches of Christ.

As a part of Harding University in Searcy, Ark., Harding School of Theology’s new name will be inaugurated by Harding University president Dr. David B. Burks.

Dr. Daniel J. Earheart-Brown, president of Memphis Theological Seminary, will address the audience and launch the school year’s theme, “The Incarnation.” Dr. David Cox,

executive assistant to the president of the University of Memphis, will represent the Memphis educational community. Mr. Jerry Collins, president of Memphis Light, Gas and Water Division will represent the greater Memphis community.

The name change allows for expansion of Harding University’s graduate education program on the same campus. The program offers Tennessee teaching licensure, reading, technology and National Boards certification.

The event is slated for 7 p.m. in the Dr. W.B. West Jr. auditorium on the 1000 Cherry Road campus.

– Sarah Baker

Grill 83 Certified by Project Green Fork

Grill 83, 83 Madison Ave., has been awarded certification by Memphis-based Project Green Fork for its efforts to reduce environmental impacts and contribute to a sustainable Mid-South.

To achieve Project Green Fork certification, restaurants must prove a commitment to utilizing environmentally sound products and practices, specifically outlined in six criteria: sustainable products, recycling, kitchen composting, non-toxic cleaning products, pollution prevention and reduced energy and water consumption.

Grill 83 was recognized for its use of compostable, biodegradable and recyclable products, as well as for its recycling program, which collects and recycles glass, aluminum cans, newspapers, office papers and acceptable plastic containers.

The restaurant also was recognized for its grease removal process, reduced energy and water consumption and use of organic, locally produced foods when possible.

The mission of Project Green Fork is to help reduce environmental impacts with a focus on strengthening homegrown restaurants.

– Taylor Shoptaw

One Memphis Kicks Off With Service Day

Memphis Mayor A C Wharton Jr. on Aug. 27 will kick off One Memphis, a Cities of Service initiative, with a day of service from 9:30 a.m. to noon.

One Memphis Service Day participants will meet at KIPP Collegiate School, 230 Henry Ave. Volunteers can plant a garden, clean up the neighborhood and learn more about the initiative’s five partner organizations: Literacy Mid-South, Memphis Athletic Ministries, Memphis City Beautiful, Meritan and Metropolitan Inter-Faith Association.

Cities of Service was founded in 2009 by 17 mayors from around the nation committed to working together to lead a multi-year effort to expand volunteerism. The coalition now includes more than 100 mayors representing more than 49 million Americans.

Visit www.onememphis.org for more information.

– Aisling Maki

Orion Federal Credit Union Helps Auto Loan Borrowers

Orion Federal Credit Union in Memphis has begun something it’s calling Orion’s Rule.

The credit union has started making the first payment on every new, used or refinanced auto loan booked.

Orion is telling customers “the first payment is on us” as long as the loans meet certain criteria. Those requirements include a minimum amount of $5,000, a minimum term of 36 months, it cannot be a refinance of an existing Orion auto loan and the borrower must stay with Orion for at least one year, or the payment must be reimbursed.

“There are a lot of front-end costs associated with purchasing a car,” said Orion vice president of lending Brian Cook.

– Andy Meek

Analyst Cuts Medtronic Forecast

Medical device maker Medtronic Inc. saw accelerating organic sales declines in its spinal implant and implantable cardioverter defibrillator product lines during the last quarter and likely faces another tough quarter, according to a Citi analyst.

“These market trends are likely to push out our thesis of (Medtronic) getting back to industry level sales and EPS growth until (the fiscal fourth quarter),” analyst Matthew J. Dodds said in a Monday morning research note.

Medtronic’s Spinal and Biologics Business is headquartered in Memphis at 1800 Pyramid Place.

Dodds cut his first-quarter revenue forecast by $95 million to $3.95 billion. The analyst also lowered his price target on the stock to $40 from $46, citing the recent market correction that led to a 15 percent reduction in the earnings multiple of peer companies.

The Minneapolis company reports results from its first fiscal quarter Aug. 23.

– The Associated Press

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159