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VOL. 127 | NO. 222 | Tuesday, November 13, 2012

Daily Digest

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Millington Church Files $2.7 Million Loan on Property

Lighthouse Fellowship Assembly of God has filed a $2.7 million loan through an Oregon nonprofit organization called Church Extension Plan for its property at 3719 Shelby Road in Millington.

The church, part of Assemblies of God USA, filed the Tennessee deed of trust with security agreement and assignment of rents and leases Oct. 31.

The eight-acre, tax-exempt property is at the southeast corner of Shelby and Epperson Mill roads in Millington.

The church acquired the property in 2006 in a series of quitclaim deeds from Trustees of First Assembly of God Church of Millington, Tennessee.

Lighthouse Fellowship Assembly of God also runs Lighthouse Christian Academy & Preschool, which was built in 2000 and is diagonal from the church, on the northwest corner of Shelby and Epperson Mill.

Tim VanDouser and Wayne Rhinehart signed the trust deed as president and secretary, respectively, of Lighthouse Fellowship Assembly of God.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Memphis Area Association of Realtors Reports October Home Sales

Memphis-area home sales for October jumped 28.1 percent from a year ago, with 1,371 total sales recorded in the Memphis Area Association of Realtors MAARdata property records database.

Total sales increased 6.5 percent from September. Average sales price year over year was up 1.7 percent at $128,740.

Inventory declined 3.7 percent, with 7,120 units listed for sale. Sales volume year to date increased 19.7 percent to $1.64 billion.

“We are having a strong finish to the year,” MAAR president Carol Lott said in a written statement. “Not only are we way up from last year, but October sales were 6.5 percent higher than September sales.”

The database includes records of all property transactions in Shelby, Fayette and Tipton counties.

To see real estate information company Chandler Reports’ October totals for Shelby County, see Page 1.

– Sarah Baker

Evolve Bank & Trust Reports Third-Quarter Earnings

Evolve Bank & Trust grew its income before taxes 170 percent in the third quarter, from almost $1.4 million during the third quarter of 2011. The third-quarter income was almost $3.8 million.

The bank’s loans are up, too. Evolve grew its gross loans 35.4 percent, from $161.2 million in Q3 2011 to a little more than $218 million in Q3 2012.

The bank, which recently announced it’s the primary sponsor of the University of Memphis women’s basketball team, also has raised its loan loss provision almost 243 percent, from $684,200 in the third quarter of 2011 to $2.3 million during the same period this year.

– Andy Meek

Minority Business Group Names Award Honorees

The Mid-South Minority Business Council Continuum has announced its 2012 Robert R. Church Award recipients.

FedEx Express was given the award of “Corporation of the Year” for its efforts to develop and promote minority business development, diversity and inclusion across the organization. Finalists included the city of Memphis and Turner Construction Co.

Debra Voss, supplier diversity manager for International Paper Co., was honored as “Advocate of the Year.” Other finalists included Kevin Moyes of Flintco LLC and Joe Sevier of FedEx Express.

The award for “Scalable M/WBE Business of the Year” was given to Ewing Moving & Storage Inc. Finalists included Kerr Brothers Inc. and ServiceMaster Facilities Maintenance Inc.

The “M/WBE Quality Excellence Award” was given to Action Chemical and Blues City Tours. Bean & Prince was a finalist for the award.

– Andy Meek

Landmark Community Bank Reports Third-Quarter Profit

Collierville-based Landmark Community Bank has reported a profit of $648,000 during the three months ended Sept. 30, compared to a $2.2 million profit during the same period in 2011.

As of Sept. 30, the company reported $405.7 million in assets under management, with $326.6 million in deposits and $37 million in total shareholders’ equity.

Landmark has two branches in Germantown and one on Ridgeway Loop in East Memphis. The bank specializes in loans to small businesses as well as real estate mortgage products.

– Andy Meek

Governor Wraps Up Budget Hearings This Week

Gov. Bill Haslam will wrap up budget hearings this week. The hearings are for fiscal year 2013-2014.

Despite improving state revenues, the Republican governor has asked state departments to develop plans for a 5 percent spending cut as a fallback.

Agencies scheduled to meet on Tuesday, the last day of the hearings, include TennCare, the Department of Correction and Higher Education.

– The Associated Press

Missouri Governor, Barge Industry Urge Action

Missouri Gov. Jay Nixon and the barge industry are imploring the federal government to keep water flowing on the Missouri and Mississippi rivers or face potential “economic disaster.”

The drought has left many waterways at historic lows. Nixon sent a letter Friday urging the Army Corps of Engineers to rethink plans to reduce the amount of water released from the Missouri’s upstream reservoir. That would also reduce flow on the Mississippi below St. Louis.

Nixon says the move could create an “economic disaster.” Meanwhile, the American Waterways Operators and Waterways Council last week urged Congress and President Barack Obama to act to keep the water flowing.

The Corps said last week that the reduction is the first of several drought conservation measures necessary if drought conditions continue into 2013.

– The Associated Press

Lawmaker Calls on Governor to Oust Children's Services Chief

A Tennessee legislator who repeatedly asked the Department of Children’s Services for information is calling for the commissioner’s ouster.

State Rep. Sherry Jones, D-Nashville, is asking Gov. Bill Haslam to remove DSC Commissioner Kate O’Day.

In her budget presentation to Haslam last week, O’Day offered nothing that indicated a turnaround was coming at DCS, Jones said.

A statewide association of groups that do business with DCS also expressed frustration with O’Day, saying she has not responded to requests to meet.

Darci Halfman, executive director of the Tennessee Alliance for Children and Families, said O’Day hasn’t met with the group in more than a year and noted the previous DSC commissioner met with the alliance quarterly. The group issued a public request to meet with O’Day.

The alliance includes 39 agencies, which, combined, provide services to half of the children under DCS care.

Haslam defended O’Day last week, saying his department head seeks to correct the agency’s problems.

A number of problems have plagued the department. Among them was a computer system that failed to make proper payments to foster parents and private agencies. The department’s attorney acknowledged DSC had violated law by failing to tell legislators about deaths of children who had come into contact with the department. As many as a quarter of the calls made to a statewide child abuse hotline rang unanswered.

– The Associated Press

New Partnership Seeks to Curb Birth Problems

A new partnership being launched in Tennessee is seeking to curb complications during birth.

Healthy Tennessee Babies are Worth the Wait is an effort by the Tennessee Department of Health, March of Dimes, Tennessee Center for Patient Safety, Tennessee Initiative for Perinatal Quality Care and Tennessee Hospital Association.

It seeks to improve the health and development of babies born across the state by emphasizing the importance of full-term delivery.

State Health Department Commissioner Dr. John Dreyzehner says early elective deliveries are associated with increased complications for both mothers and newborns when compared to deliveries occurring beyond 39 weeks and women who go into labor on their own.

– The Associated Press

MORTGAGES 80 320 1,066
BUILDING PERMITS 120 590 2,248