VOL. 126 | NO. 249 | Thursday, December 22, 2011
Holmes Road Property Sells in Foreclosure
Renasant Bank has bought back three parcels on Holmes Road at a foreclosure sale for $1.6 million after former owner HBT Investments LLC defaulted on a $4.8 million loan through the bank. The substitute trustee was John B. Philip.
HBT Investments bought the properties in January 2007 for about $1.5 million, filing the $4.8 million construction/development loan through Renasant at that time.
The properties, which are on the north side of East Holmes Road west of Hacks Cross Road, together include about 51 acres of vacant land plus 24 lots and common open spaces in Stone Creek Planned Development, phase 1A.
The Shelby County Register of Deeds’ 2011 appraisal for the 51 vacant acres is $1.1 million.
The plan for Stone Creek phase 1A was filed with the Shelby County Register of Deeds in 2009 and re-filed in July. It shows 21 lots and five common open spaces on about 9 acres.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Tri-State Bank, BofA Make Exec. Changes
Tri-State Bank of Memphis, a $131 million asset bank founded 65 years ago this month, has announced a series of executive changes.
The bank has promoted Joyce Askew McGhee to executive vice president and chief operating officer; Shawn Thomas has been named senior vice president and senior lending officer/business development officer; and LaTonya Gray has been promoted to assistant vice president and controller.
Bank president Jesse Turner Jr. said the promotions of McGhee and Thomas to the executive management team “represent a significant change in the bank’s management.”
Meanwhile, Bank of America has tapped several small-business bankers in Memphis.
BofA, one of the largest banks in the country by assets, chose Ron Brooks, Billy Briggs and Lydiah Tate for the roles, in which they’ll provide more personalized attention to small-business owners by spending time at their clients’ businesses and learning more about what they do.
Among other things, they’ll also consult with the business owners and assess their deposit, credit and cash-management needs.
– Andy Meek
Appraisal Institute Installs Officers
The Memphis chapter of the Appraisal Institute held its annual officer installation Dec. 8, during its holiday celebration at the historic Daisy Theatre Downtown. The organization’s 2010 National President Leslie Sellers conducted the ceremony.
Eric Trotz, president of Trotz Real Estate Services Inc., was installed as 2012 chapter president. Trotz said his goal as president is to increase the public’s awareness of the differences between utilizing Appraisal Institute appraiser services versus those who have not taken additional steps to become more proficient in their practice.
Michelle Alexander, managing director of Integra Realty Resource – Memphis, will serve the chapter as vice president. James Plante, president of TP Research in Selmer, Tenn., will serve as secretary-treasurer.
The following were installed to the board of directors: Rand Bouldin of Bouldin and Associates; Larry Clark of Clark & Associates; Allen McCool of Stevenson & Associates; Douglas Hall of Douglas B. Hall & Associates Inc.; William Barnes of Grubb & Ellis Landauer; and Ray Hoover of Mid-South Appraisal Services.
The Memphis chapter also awarded the 2011 Lifetime Achievement Award to George B. Long, president of Real Estate Analysis Inc.
The award is based on a member’s designation tenure and contributions to the chapter, the appraisal profession and the community.
Long is a former chapter president of the Appraisal Institute Memphis and a long-time member of the Memphis Chapter of the Lambda Alpha International Land Economics Honor Society.
– Sarah Baker
Sylvan Relocates Learning Center
Sylvan Learning is relocating its Memphis center to 1605 N. Germantown Parkway in the Commons at Dexter Lake.
Sylvan provides tutoring to students of all ages, grades and skill levels. Instructors provide personalized learning plans in the areas of reading, writing, math, study skills and ACT and SAT preparatory work.
A ceremony to commemorate the new location will be held Jan. 6 at 11 a.m.
– Taylor Shoptaw
Stock Buybacks Rise for 9th Quarter
America’s biggest corporations continued to spend more money on stock repurchases in the third quarter, with buybacks rising 49 percent compared with a year ago.
Standard & Poor’s on Wednesday, Dec. 21, said stock repurchases by companies in the S&P 500 totaled $118 billion in the July-September period. That’s up from nearly $80 billion in last year’s third quarter. Buybacks also rose compared with this year’s second quarter.
Exxon Mobil Corp. was the company that spent the most at $5.5 billion.
Buybacks have increased each quarter since the second quarter of 2009, when the financial crisis sent buyback spending down to $24 billion.
Buybacks reward investors by increasing the value of remaining shares, and per-share earnings results. Shares are taken off the market, and earnings are divided among fewer shares.
– The Associated Press
Miss. Casino Revenue Drops in November
Mississippi’s casinos won $165.8 million from gamblers in November, down nearly 8 percent from $179.6 million in 2010’s same month.
The 19 river casinos won $84.7 million, down 10 percent from $93.9 million in November 2010, according to Mississippi Department of Revenue figures. Winnings at the 11 Gulf Coast casinos totaled $81.1 million, down 5 percent from $85.6 million the previous November.
River casino winnings are down 12 percent through the first 11 months of the year. That partly reflects the heavy impact of flooding in May and June in that region. Gulf casino winnings are now down 1 percent for the year, with a poor second half of 2011 wiping out gains from earlier.
Statewide, gross revenue is down 7 percent for the year, to $2.05 billion.
– The Associated Press
UofM Takes Over Lambuth Campus
The University of Memphis has officially taken ownership of the Lambuth campus and a flag-raising ceremony is scheduled for next month.
The Jackson Sun reports local officials registered the deed to the property on Tuesday, Dec. 20, closing a purchase agreement in the works for more than a year.
Part of the campus is being leased by the state and is a satellite location of the University of Memphis.
Local stakeholders signed their rights to the campus over to the state of Tennessee on Monday, Dec. 19, after paying about $2 million each to fund the $7.9 million purchase of property.
Madison County Mayor Jimmy Harris says having a four-year state university will help the county recruit new industry, and hopefully bring more tax money and activity to West Tennessee.
– The Associated Press