Two Hotels Sold in Lieu of Foreclosure
The former Value Place extended stay hotels at 3913 Lamar Ave. and 1218 Winchester Road have sold for a combined $2.9 million via deeds in lieu of foreclosure.
VP Memphis LLC, an entity affiliated with Westminster, Colo.-based real estate developer Inland Pacific Cos., paid $1.9 million for the Lamar property and $953,295 for the Winchester property in Feb. 18 deeds from CMRG Lamar LLC and CMRG Elvis LLC.
The sellers are affiliated with Newport Beach, Calif.-based Chase Merritt LP, which developed and opened the 121-room hotels in 2008 under the Value Place brand.
The 3913 Lamar Ave. property is a 43,520-square-foot, low-rise motel on 2.4 acres at the intersection of Lamar and New Getwell Road. The Shelby County Assessor of Property’s 2013 appraisal was $2.2 million.
The 1218 Winchester Road property is a 42,992-square-foot, low-rise motel on 1.7 acres on the north side of Winchester east of its intersection with Elvis Presley Boulevard. The assessor’s 2013 appraisal was $2.4 million.
In conjunction with the purchase, VP Memphis filed a $3.6 million deed of trust through First Western Trust Bank. Inland Pacific president and CEO Timothy Leonard O’Byrne signed the deed as manager of IPH Management Co. LLC and VP Memphis.
Source: The Daily News Online & Chandler Reports
– Daily News staff
Paragon Wants to Switch to State Charter
Paragon National Bank has taken the initial steps toward switching from being a nationally chartered bank to one with a state charter.
A change to a state charter would have no effect on Paragon customers or day-to-day operations, according to the bank. Paragon CEO Robert Shaw suggested it’s more about preferring a different regulator.
In a statement released about the move, Shaw explained that a state charter gives Paragon two advantages – a regulator based in Tennessee “who fully understands our market,” and “a level playing field with our peer institutions, virtually all of whom are state-chartered.”
Paragon also has announced its intent to form a holding company to own the bank. The official name of the holding company will be Paragon Financial Solutions, and will be regulated by the Federal Reserve. The holding company’s only investment would be Paragon National Bank, and it would have the same board members as that of Paragon National Bank.
– Andy Meek
IMC Cos. Expands Mid-Atlantic Footprint
Memphis-based IMC Cos. has acquired the marine drayage division of Norfolk, Va.-based D.D. Jones Transfer and Warehouse Co.
D.D. Jones is a family of distinct logistics companies serving the Norfolk port community and shippers in the larger Mid-Atlantic region since 1928. The company provides distribution, warehousing, trucking and transportation, and specializes in serving high-volume shippers.
As part of the acquisition, IMC will add 50 drivers and equipment from D.D. Jones, including 31 trucks and 27 trailers.
The transportation and logistics operation, team members and equipment from D.D. Jones will be folded into the current operation of Norfolk-based Atlantic Intermodal Services, a member of the IMC Cos. family of brands.
Mark George, chairman of IMC Cos., said the addition of D.D. Jones would help IMC strengthen its position in the region.
“This acquisition was highly strategic in nature,” said George.
– Amos Maki
St. Jude Awarded Grant for Autoimmune Work
St. Jude Children’s Research Hospital has been awarded $393,750 in grant funding to aid work related to autoimmune and inflammatory conditions.
The grant comes through the U.S. Department of Health & Human Services National Institute of Allergy and Infectious Diseases.
For more than 60 years, NAID research has led to new therapies, vaccines, diagnostic tests and other technologies that have improved the health of people in the United States and around the world.
– Don Wade
Hackett to Address Fundraising Professionals
The Association of Fundraising Professionals will host its monthly luncheon meeting Tuesday, March 6, from 11:30 a.m. to 1 p.m. at the Children’s Museum of Memphis, 2525 Central Ave.
Dick Hackett, CEO of the Children’s Museum and former mayor of Memphis, will be the featured speaker. Hackett will present “Success Breeds Success,” highlighting how leaders across all sectors of the economy can work together to improve the community and its institutions and organizations.
The event is open to both AFP members and nonmembers. Cost is $20 for members and $25 for nonmembers. Visit afpmemphis.org to register.
– Don Wade
Fairview Middle School Renamed
Fairview Middle School will be renamed Maxine Smith STEAM Academy when it debuts in August as an optional school.
Shelby County Schools board members unanimously approved the name change Tuesday, Feb. 25, in honor of the late Memphis City Schools board member, NAACP executive secretary and civil rights icon.
The school at Central Avenue and East Parkway is to become an optional school with a science, technology, engineering, arts and mathematics – or STEAM – curriculum.
– Bill Dries
Baptist Recognized for Sales, Customer Service
Baptist Memorial Health Care Corp., and Stephanie Clark, Baptist’s system director of customer experience, each won third place in the eighth annual Stevie Awards for Sales and Customer Service.
Baptist earned its award in the Customer Service Innovations category. Clark won her award in the Customer Service Leader of the Year category.
More than 1,500 nominations from organizations of all sizes and in virtually every industry were evaluated in this year’s competition, an increase of 36 percent from a year ago.
– Don Wade
Tennessee Bar Releases Handbook for Seniors
The Tennessee Bar Association has released a handbook to help the state's senior citizens better understand things like federal and state benefits and new health care laws.
The Legal Handbook for Tennessee Seniors was released on Monday and is available for free downloading at the bar association website. Printed and electronic copies on flash drives also are available from the bar association while supplies last.
Some of the specific issues addressed by the handbook include applying for benefits, understanding tax and housing laws, protecting pensions and retirement accounts, preparing wills and powers of attorney, and selecting assisted living facilities or home health care providers.
The bar association is offering presentations on the handbook across the state. More information is available at tba.org.
– The Associated Press
US Bank Earnings Rise 17 Percent
U.S. banks' earnings rose 17 percent in the October-December quarter from a year earlier, as losses on loans fell to a seven-year low and banks set aside less to cover losses as well as legal costs.
The data provides fresh evidence of the banking industry's sustained recovery more than five years after the financial crisis struck. Still, the government says banks continue to have difficulty increasing revenues, and are relying on setting aside less for loan losses to boost earnings.
The Federal Deposit Insurance Corp. reported Wednesday that the banking industry earned $40.3 billion in the final quarter of 2013, up from $34.4 billion in the same period in 2012.
For all of 2013, bank earnings increased 9.6 percent to what the agency calls a record annual level of $154.7 billion. It exceeded the previous record earnings of $145.2 billion in 2006.
The number of banks on the FDIC's "problem" list fell to 467 in the final quarter of 2013 from 515 in the third quarter.
Banks' losses on loans dropped 36.7 percent to $11.7 billion, the lowest level for a fourth quarter since 2006, the FDIC said. The largest decline came in home mortgages, which posted a 57.7 percent drop in losses.
FDIC Chairman Martin Gruenberg said the latest results showed "a continuation of the recovery in the banking industry." At the same time, he said, the industry still faces challenges including only modest growth in lending, narrow profit margins and a decline in mortgage refinancing business as long-term interest rates have risen.
– The Associated Press