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VOL. 128 | NO. 105 | Thursday, May 30, 2013

Daily Digest

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MED Issued $1 Million Mechanical Permit

The city-county Office of Construction Code Enforcement has issued a $1 million mechanical permit to the Regional Medical Center at Memphis for renovations to Turner Tower at 877 Jefferson Ave.

The permit calls for “Turner Tower renovations; mechanical installations for basement, ground floor, second floor, third floor, fourth floor and penthouse … .”

Memphis-based mechanical contractor Morgan & Thornburg Inc. is listed on the permit.

The work is part of larger capital improvements to the tower; The MED in February filed a $14 million permit for renovations to the building. That application called for 75,000 square feet of renovation work and interior demolition in the tower.

The Turner Tower improvements, which are being completed in phases, include expanding and refurbishing the Firefighters Regional Burn Center and building out three vacant floors to relocate the inpatient Rehabilitation Hospital, a new Outpatient Ambulatory Surgery suite and new acute-care patient rooms.

Flintco Inc. is the general contractor for the project, which includes more than 88,000 square feet and is expected to be finished in December.

Rick Wagers, The MED’s chief financial officer, recently told The Daily News that the hospital “would like to … replace the vast majority of our campus over a five- to 10-year period in order to make it more patient- and family-friendly.”

Source: The Daily News Online & Chandler Reports

– Daily News staff

FTN Financial Makes Several New Hires

The capital markets division of First Tennessee Bank has made several new hires.

FTN Financial Capital Markets has brought on four new professionals as part of the continued expansion of its national municipal bond platform.

They include Joe Britt, who has joined FTN’s public finance department in St. Louis.

Britt comes to FTN from Wells Fargo Securities.

Vincent Pietanza, former senior underwriter for UBS Wealth Management, has joined FTN Financial’s municipal trading desk in New York.

Billy Thoma, formerly of TD Securities, and Sal Muslim, formerly of Citigroup, have joined FTN’s municipal sales team in New York.

FTN Financial conducts business with more than 5,500 institutional customers worldwide, including about 50 percent of all U.S. banks with portfolios over $100 million.

– Andy Meek

Guardian Relocation Moving Into Memphis

Guardian Relocation Inc. is moving into a new regional market in the Mid-South: Memphis.

The Memphis branch is the first office in Tennessee for Guardian, which already operates from three locations in Indianapolis, Ft. Wayne, Ind., and Columbus, Ohio.

An agent of one of the nation’s leading movers like Atlas Van Lines, Guardian will focus on all aspects of the moving and storage industry, including residential interstate moving, storage, commercial relocation, specialized transportation, distribution and logistics. Guardian plans on capitalizing on Memphis’ location and strong industrial and logistics infrastructure.

Jay Fuson, owner of Guardian Relocation Inc., said he believes the company adds value to “Atlas, the Atlas family of agents and to the Memphis community.”

– Amos Maki

FedEx Building Center in Indiana

FedEx is set to start building a package distribution center in suburban Indianapolis.

The company says it will build the 300,000-square-foot facility in Zionsville a couple miles north of Interstate 465. The Indianapolis Star reports the new facility will cost $40 million.

The company plans to open the center in August 2014 with about 200 workers, although most will be transferring from an existing Indianapolis FedEx facility.

FedEx says that Indianapolis center will remain open and both sites are expected to add employees over time.

– The Associated Press

Methodist Healthcare Launches Diabetes Program

Methodist Le Bonheur Germantown Hospital and Methodist University Hospital are launching a free diabetes prevention program that can help high risk individuals avoid or delay on the onset of type 2 diabetes.

One in three adults has prediabetes, a condition where blood glucose levels are higher than normal, but not yet high enough to be diagnosed as diabetes. Many people with prediabetes develop type 2 diabetes, a condition that often can be preventable with lifestyle changes.

Led by the Centers for Disease Control and Prevention, the curriculum is based on research that found people can cut their risk of developing type 2 diabetes in half by losing 5 percent to 7 percent of their body weight, improving food choices and increasing physical activity by 150 minutes per week.

Participants meet with a trained lifestyle coach and learn how to make changes like losing weight, being more physically active and managing stress.

– Jennifer Johnson Backer

TennCare Reports 1,700 Arrests for Fraud

The TennCare Office of Inspector General says there have been more than 1,700 arrests for fraud against the state health care system since 2005.

The inspector general’s office, which is separate from TennCare, began full operation in February 2005 and has investigated cases leading to more than $3.5 million paid in restitution to TennCare.

The latest arrest reported was announced Tuesday, May 28, and was that of a Gibson County woman, charged with using TennCare benefits to pay for pain medication and then selling pills. She is 45-year-old Gina Darlene Willis of Bradford.

Citizens can report suspected TennCare fraud toll-free at (800) 433-3982 or online at http://www.tn.gov/tnoig and follow the “Report TennCare Fraud” prompts.

– The Associated Press

Sallie Mae to Split Into Two Companies

Sallie Mae plans to split into two separate, publicly traded companies. The student loan giant also named John Remondi as its CEO.

Sallie Mae, formally named SLM Corp., said Wednesday that the two separate companies – an education loan management business and a consumer banking business – would help unlock value and boost its long-term growth potential.

The education loan management business would include the company’s portfolios of federally guaranteed and private education loans, as well as most related servicing and collection activities. Remondi will continue as its CEO.

The principal assets of the business are likely to include approximately $118.1 billion in federally guaranteed loans, $31.6 billion in private education loans, $7.9 billion of other interest-earning assets; and a loan servicing business with about 10 million student loan customers. This includes 4.8 million customer accounts serviced under Sallie Mae’s contract with the U.S. Department of Education.

Sallie Mae’s private education loan origination and servicing businesses, including Sallie Mae Bank and the private education loans it currently holds, will operate separately under the Sallie Mae brand. Joseph DePaulo, executive vice president of banking and finance will serve as the consumer education lending franchise’s CEO.

The consumer banking business’ assets are likely to include about $9.9 billion of assets made up mostly of private education loans and related origination and servicing platforms; cash and other investments and the Sallie Mae Upromise Rewards program.

The two separate companies will initially be owned by Sallie Mae stockholders, but the separation of the businesses does not require a shareholder vote.

Newark, Del.-based Sallie Mae anticipates the split, if given final approval by its board, could be completed within 12 months.

Remondi will succeed Albert Lord, who is retiring earlier than initially planned. Lord is also stepping down as vice chairman.

Remondi has served as president and chief operating officer since 2011 and was chief financial officer and vice chairman before that.

Remondi’s appointment is effective immediately.

– The Associated Press

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