VOL. 128 | NO. 15 | Wednesday, January 23, 2013
Owner Files $1.1 Million Loan on Multiple Properties
Steele-Guiltner Inc. has filed a $1.1 million loan on the Grimes Tire Pros businesses at 2421 Lamar Ave. and 4285 Hacks Cross Road.
The West Memphis property owner filed the loan Dec. 27 through Fidelity National Bank, also of West Memphis.
The transaction included multiple tracts, with the main two parcels being 2421 Lamar Ave. in the Defense Depot’s 38114 ZIP code and 4285 Hacks Cross Road in Southeast Shelby County’s 38125 ZIP code.
Built in 1984, the 9,200-square-foot auto service garage at 2421 Lamar Ave. sits on 0.8 acres along the west side of Lamar, south of its intersection with Airways Boulevard. The Shelby County Assessor of Property’s 2012 appraisal was $142,200.
Built in 2005, the 8,200-square-foot auto service garage at 4285 Hacks Cross Road sits on 0.72 acres along the west side of Hacks Cross, south of the Tenn. 385 junction. The assessor’s 2012 appraisal was $678,400.
The small parcel at 2417 Lamar Ave. also was included in the deed. No building details are available on the assessor’s website.
Marvin E. Steele signed the trust deed as president of Steele-Guiltner Inc., which also operates a Grimes Tire Pros in West Memphis.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Terminix Closes on Six Acquisitions
Terminix, a division of The ServiceMaster Co., in December closed six asset acquisitions with a collective annualized revenue topping $10 million, the Memphis-based company reported Tuesday.
The acquisitions include: McCauley Brothers Termite and Pest Services’ operations in two California cities; Pestmaster Services’ corporate operations in six California cities and franchise operations in Grover Beach, Calif.; BioGuard Pest Control’s operations in four U.S. cities; Spring Professional Home Services’ operations in Davenport, Iowa; and Foothills Pest Control’s operations in Chandler, Ariz.
Terminix, which is the world’s largest pest-control provider, has more than 3 million customers in 47 states and 14 countries.
– Daily News staff
Southeastern Forms New Longleaf Fund
Southeastern Asset Management has launched the Longleaf Partner Global Fund, a new fund that seeks long-term capital growth.
The fund works to achieve its objective by investing largely in U.S. and non-U.S. companies believed to be significantly undervalued.
It’s not a diversified fund; it’s generally invested in 15 to 25 companies. The fund also has an unconstrained portfolio, investing in companies of all market capitalizations without limit to geography.
– Andy Meek
Wharton to Deliver State of the City Friday
Memphis Mayor A C Wharton Jr. will present his state of the city address Friday, Jan. 25, at 11 a.m. at the Memphis Pink Palace Museum.
The formal address is a tradition in which the mayor outlines his budget priorities and initiatives in general for the coming year.
In recent years, mayors have made a set of state of the city speeches including appearances at the Memphis Rotary Club and Memphis Kiwanis Club.
Wharton spoke at the Kiwanis Club earlier this month. His remarks there included a call for a new look at the need for a new convention center. He also defended changes in the Memphis Police Department’s use of the Blue CRUSH program that targets police resources on crime hot spots based on crime statistics.
Wharton also speaks Feb. 12 at the Rotary Club on the state of the city.
– Bill Dries
Attorneys Want Changes to State Conservatorship Law
The state lawyers group is recommending changes in state law governing conservatorships.
Courts can appoint conservators to handle affairs of people a judge deems incapable of making their own decisions. Under a conservatorship, a person’s right to make health care, financial and other personal decisions can be stripped away.
The Tennessean reported the Tennessee Bar Association met during the weekend and approved recommendations to the legislature. Among them is a provision for placing a person in a conservatorship on an emergency basis. The period of an emergency conservatorship would be no more than 60 days and a hearing would be held within five days.
The emergency plan is one of 16 recommendations approved by the bar.
The recommendations come after a series of hearings conducted by a panel of the bar association. At a Sept. 20 hearing in Nashville, several people testified all of their assets disappeared after conservatorships were established for them.
The bar group decided to make recommendations after the Legislature considered a series of changes to the law last session. Lawmakers passed two changes. One requires that a proposed conservator reveal whether he or she has a criminal record. The other requires disclosure of any relationship with the person being conserved.
– The Associated Press
Regions Financial Swings to Gain in Fourth Quarter
Regions Financial Corp. swung to a gain in the fourth quarter after a year-ago period weighed down by the sale of an investment management subsidiary.
The big regional bank, based in Birmingham, Ala., said Tuesday that despite “challenging economic headwinds,” Regions has increased loans to middle market companies and auto lending, launched new consumer products and invested aggressively in its mobile and online platforms.
However, the bank earned less from interest on loans as its total loan book shrank – a trend it blamed on consumers continuing to pay down old debt.
Regions’ net income was $261 million, or 18 cents per share, in the period ended Dec. 31. That compares with a loss of $602 million, or 48 cents per share, in the same period a year earlier.
Adjusted to exclude goodwill impairment and costs related to the early termination of an investment, the bank said it earned 22 cents per share.
Net interest income fell to $818 million from $849 million in 2011’s fourth quarter. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank’s ability to profit from its lending.
Noninterest income, which includes fees, insurance and gains on securities, rose to $536 million from $507 million in the same period a year earlier.
Total revenue, which combines interest income and noninterest income, edged down to $1.35 billion from $1.36 billion a year ago.
Adjusted net income edged higher than Wall Street anticipated, while revenue was roughly in line. Analysts surveyed by FactSet expected, on average, earnings of 21 cents per share on revenue of $1.35 billion.
– The Associated Press