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VOL. 130 | NO. 84 | Thursday, April 30, 2015

Daily Digest

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Collierville Warehouse Sells for $400,000

A Jacksonville, Fla.-based investment company has acquired a Collierville warehouse.

CC Acquisition Co. LLC purchased the warehouse at 636 Chaney Drive in Collierville from Browning Construction Co. Inc. for $400,000, according to an April warranty deed.

The 7,800-square-foot Class C warehouse sits on just under an acre on Chaney, in an area just east of U.S. 72 and north of Tenn. 385.

The Shelby County Assessor of Property’s 2014 appraisal is $375,400.

– Amos Maki

Source: The Daily News Online & Chandler Reports

Metropolitan Bank Tops $1 Billion in Assets

Metropolitan Bank, which is co-headquartered in Memphis, is now a $1 billion bank.

The bank reported strong first-quarter numbers this week, including profit up 58 percent from the same quarter in 2014 and passing the $1 billion asset mark for the first time. According to Metropolitan president and CEO Curt Gabardi, the bank’s performance during the quarter was fueled by loan, core deposit and non-interest income growth.

In addition to driving new deposits into the bank, Metropolitan’s total gross loan originations for the quarter were $82 million, compared to $46 million for the same period in 2014. Among other highlights of the quarter, net income was $1.5 million, compared to $928,000 for the same period in 2014.

– Andy Meek

Mike Conley Assists Memphis With 500 Free Tickets

Mike Conley may be hurt, but he’s still helping how he can.

To thank fans for the support they showed after his latest injury – he underwent surgery Monday for facial fractures suffered in Game 3 in Portland – Conley wanted to buy 500 tickets for Game 5 of the Grizzlies’ first-round playoff series vs. Portland.

The tickets were given away Wednesday, April 29, in the Grand Lobby at FedExForum on a first-come, first-served basis; a line to receive the tickets had wrapped around the block by 10 a.m.

“My spirits were immediately lifted after all of the support I received from fans around the world, but especially those right here in Memphis,” Conley said in a team statement. “As a way to say thank you, I’d like them to be cheering us on at Game 5 because there’s no greater experience than the NBA Playoffs in Memphis.”

– Don Wade

Riverfront Bar & Grill Remains Open During Memphis in May

Riverfront Bar & Grill at Beale Street Landing will remain open during the Memphis In May International Festival activities in Tom Lee Park.

The restaurant, which opened last June, is just outside the gates for the festival’s park events including the Beale Street Music Festival, International Barbecue Cooking Contest and the Sunset Symphony.

The restaurant will remain open Tuesday through Sunday during the festival.

Meanwhile, several overnight cruise boats that would normally dock at Beale Street Landing will instead dock at either Mud Island River Park or the Mud Island Greenbelt Park during the festival’s three busiest weekends.

The decisions reflect how recent changes in the park and on the riverfront are affecting the festival and vice-versa.

The festival still includes the annual closing of Riverside Drive. But this year the street closing also marks the end of the city’s year-long experiment with turning the southbound lanes of auto traffic on Riverside Drive into bicycle and pedestrian lanes.

When Riverside Drive reopens in June, it will be to auto traffic in all lanes at least until the city repaves Riverside Drive in 2016.

And the set-up for this weekend’s Beale Street Music Festival involves working around a volleyball court and physical workout stations in the park provided by the Memphis Grizzlies.

The facilities are part of a move by the administration of Memphis Mayor A C Wharton Jr. to incorporate more recreational activities into the park.

– Bill Dries

Man Arrested for Stealing Elton John’s Glasses

The man who police say stole Elton John’s iconic heart-shaped glasses from a Memphis museum is behind bars.

WMC-TV reports 26-year-old Matthew Colvin was arrested Tuesday in Southaven, Mississippi, and he will be extradited back to Memphis on Wednesday.

The Rock ‘n’ Soul Museum reported April 21 that an employee discovered the glasses, valued at more than $2,000, had been taken out of a display case during business hours. An investigator lifted prints and matched them to Colvin.

Police said Tuesday investigators called Colvin on Monday and he told them where the glasses were. They were able to retrieve them from a mailbox.

The glasses are to be back on display Wednesday. Flamboyant glasses and outfits have been part of Elton John’s signature look.

– The Associated Press

Noting Slower Economy, Fed Not Closer to Rate Hike

The Federal Reserve downgraded its assessment of the U.S. economy Wednesday after a winter in which growth nearly stopped. It offered no sign that a rate increase might be coming soon.

On a day when the government said the economy barely grew in the January-March quarter, the Fed appeared no closer to raising its benchmark rate from a record low. The Fed noted in a statement that growth has slowed, business investment has softened and exports have declined.

It also repeated previous language that it needs to be “reasonably confident” that low inflation will move back to its 2 percent target.

The only parts of its policy statement that the Fed changed Wednesday dealt with its assessment of economic conditions. The new statement said growth has “slowed during the winter months, in part reflecting transitory factors.” That was a downgrade from its March statement, which said growth had “moderated somewhat.”

Earlier Wednesday, the government estimated that the economy grew at a barely discernible annual rate of 0.2 percent in the January-March quarter.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
FORECLOSURE NOTICES 8 52 151
BUILDING PERMITS 158 699 2,751
BANKRUPTCIES 37 157 618
BUSINESS LICENSES 12 77 276
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0