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VOL. 126 | NO. 31 | Tuesday, February 15, 2011

Daily Digest

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IberiaBank Files Permit for Memphis HQ

IberiaBank has filed a $2.5 million permit application with the city-county Office of Construction Code Enforcement for its Memphis market headquarters at 4894 Poplar Ave.

The Daily News first reported the planned move in September.

The permit states it is for interior renovation of a three-story bank building. The contractor is listed as Webb Building Corp.

An IberiaBank representative could not be reached by press time.

In September, the bank stated it would renovate the building and fill about half of it, with the rest reserved for future bank expansion and leasing opportunities.

The new location is slated to open in July, housing a full-service retail branch and the bank’s commercial and private banking teams.

Currently, the bank has two branch locations in the Memphis area: at 7465 Poplar Ave. in Germantown and 1605 North Germantown Road in Cordova.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Delta Air Lines Announces Record Profit Sharing

Delta Air Lines announced Monday it is paying $313 million in profit sharing, the largest profit sharing payout in the airline’s history.

The airline, which has a hub at Memphis International Airport, announced the bonus to its 80,000 employees around the world after posting a record $1.4 billion profit in 2010.

“This year’s profit sharing continues the momentum that we’ve gained during the last four years, enabling continued investments in our people,” said Delta CEO Richard Anderson.

The profit sharing will not be a one-time payout to the workers. It will be part of total compensation.

Delta emerged from bankruptcy in 2007 with $158 million in profit sharing.

A merger in which Delta acquired Northwest Airlines and the former Northwest Memphis hub closed in 2008.

The company pledged no involuntary furloughs in its frontline job because of the merger.

And Anderson boasted that the company added 4,000 new frontline jobs in the last year, as well as bringing jobs in its reservation operations back to the U.S.

“During the toughest of economic times this industry has faced, we kept our deals,” Anderson said in a written statement.

– Bill Dries

$13M Permit Filed for Rhodes College

A $13 million building permit has been filed for 2000 N. Parkway Blvd., the main address of Rhodes College, according to The Daily News Online, www.memphisdailynews.com.

The building permit lists its planned use as multifamily purposes.

Listed in the record are Memphis-based Grinder, Taber & Grinder Inc. as the general contractor; Norfolk, Va.-based Hanbury Evans Wright Vlattas + Co. as the architect; and Memphis-based OCGB Inc. as the engineer.

– Sarah Baker

Volunteer Expo. Thursday at Oak Court

Volunteer Mid-South’s Volunteer Expo will take place Thursday from 4 p.m. to 7 p.m. at Oak Court Mall, 4465 Poplar Ave.

Free and open to the public, the expo will feature representatives from about 100 local nonprofit organizations who will showcase their programs and provide information regarding volunteer opportunities.

Volunteer Mid-South is a nonprofit organization dedicated to building the capacity for effective volunteering and connecting citizens with opportunities to serve the Memphis and Shelby County community.

Established in 1975 by the Junior League of Memphis and the National Council of Jewish Women, it was originally called The Volunteer Center of Memphis.

In 2000, the organization became Volunteer Memphis, and in 2006, it merged with Hands On Memphis.

In 2009, the two organizations evolved into what is now known as Volunteer Mid-South.

– Aisling Maki

HUD Grants Add'l $50M to Tenn. for 2010 Storms

U.S. Housing and Urban Development has announced an additional $50 million in disaster funding to help Tennessee communities recover from last spring’s storms and flooding.

Provided through HUD’s Community Development Block Grant Program, the grants will supplement the $24 million that was awarded by HUD last September to support long-term disaster recovery efforts.

HUD’s allocations are $4.23 million for Memphis, $22.35 million for Nashville- Davidson County, $2.52 million for Shelby County, and $20.88 million for the state of Tennessee.

– Taylor Shoptaw

Thompson | Berry Announces New Hire

Thompson | Berry Public Relations has hired Kalisa Hyman as a public relations account executive and social media director.

Hyman’s primary responsibilities will include providing account strategy for various PR accounts, as well as social media consulting for the firm.

Hyman is a native of Mississippi and graduated from the University of Memphis. She has worked in communications for ALSAC/St. Jude Children’s Research Hospital and in public relations at the Chandler Ehrlich advertising and marketing firm.

For more information about Hyman and Thompson | Berry, visit www.brainwoo.com.

– Andy Meek

Tenn. Teachers Surveyed About School Environment

Tennessee teachers are being surveyed about the environment at their schools.

According to the Tennessee Department of Education, it’s the first statewide survey of its kind.

All school-based licensed educators can anonymously and voluntarily share their perceptions of the teaching and learning environment, which research has shown to be critical to student achievement and teacher retention.

As part of Tennessee’s First to the Top reform initiative, the survey will provide additional data for school and district improvements.

Additionally, results are expected to influence state policy.

The survey is being conducted through March 11.

Details are at www.telltennessee.org.

– The Associated Press

Top Gov't Watchdog Over Bailout to Resign

The government’s top watchdog over the financial bailouts says he will step down next month.

Neil Barofsky says in a letter to President Barack Obama that he will leave this job on March 30 as special inspector general for the $700 billion Troubled Asset Relief Program.

A spokeswoman says Barofsky believes the office met its goals.

Barofsky blasted the Treasury Department in a series of audits of the bailout fund, which pointed out management problems. His investigations led to 14 criminal fraud convictions for bankers. He often criticized the department’s refusal to make public its decision-making process.

The spokeswoman says Barofsky’s top deputy, Christy Romero, will become acting special inspector general next month.

Barofsky is a former federal prosecutor who was nominated by President George W. Bush in November 2008.

– The Associated Press

Obama Proposes Cuts, Not at Expense of Future

President Barack Obama says his budget proposal reflects a need to start reducing deficits, but not at the expense of programs he says deserves more money.

Appearing in Maryland, Obama declared, “We can’t sacrifice our future.” He said the country has a responsibility to commit money to areas that will help it compete against other nations. And he emphasized education as one example.

The president spoke at Parkville Middle School near Baltimore, an institution that focuses on science, technology, engineering and math.

Obama on Monday sent Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.

The president pledged to work with lawmakers of both parties to come up with a budget that shows better fiscal discipline.

– The Associated Press

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367