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VOL. 130 | NO. 118 | Thursday, June 18, 2015

Daily Digest

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First Horizon National Corp. Reveals Stress Test Results

The Memphis-based parent company of First Tennessee Bank has passed its annual, federally mandated “stress test.”

First Horizon National Corp. said this week the 2015 Dodd-Frank Act stress test shows the company would “remain capitalized at levels significantly better than ‘adequate’ even in severely adverse economic and financial conditions.”

National banks and federal savings associations with assets of at least $10 billion are required to undergo the annual stress tests, which measure capital levels against hypothetical “severely adverse” events specified by regulators including a greater-than-50-percent drop in the U.S. stock market, a greater-than-25-percent drop in U.S. real estate values, a significant contraction of the U.S. economy and a jump in oil prices.

– Andy Meek

MLGW Tops List for Lowest Winter Bills

Memphis Light, Gas and Water Division tops a new list for the lowest combined winter residential bill among 30 cities.

It is the third consecutive year the utility’s comparison has put it at the top for the lowest bill.

MLGW began tracking the rates in 1991.

The winter 2015 bill for the four services offered by MLGW came in at $251.06 a month. That compares to $603.23 a month in Boston.

Among cities in Tennessee in the rankings, Jackson came in 12th with a monthly winter bill of $352.87 and Chattanooga 14th at $357.18. Nashville was 20th in the ranking with a $401.83 monthly bill and Knoxville’s winter bill of $450.45 was 24th on the listing.

– Bill Dries

Hickory Hill Retirement Home Sells for $1.2 Million

FLH Assisted Living Residences LP, a Tennessee limited partnership based in Collierville, purchased the Franklin Park retirement home located at 3393 Kirby Road in Hickory Hill on June 11 for $1.2 million.

Nationwide Health Properties, a Newport Beach, Calif.-based real estate investment trust specializing in senior housing and long-term care facilities, had purchased the property for $7 million in 2007.

Franklin Park is a 98,600-square-foot, two-story nursing and retirement home built in 1989. It has 128 units and sits on the west side of Kirby Road north of Winchester Road. The property is managed by Veritas InCare LLC, headquartered in Olive Branch.

BH Lenders LLC out of California filed a mortgage at the time of sale for $1 million. The one-year loan matures on July 1, 2016.

The Shelby County Assessor of Property’s 2015 appraisal value of the property is $1.1 million.

– Chandler Reports & The Daily News Online

Germantown Schools Leaders Schedule Town Hall Meetings

The Germantown Municipal School District is holding a set of three town hall meetings next week on new school options.

The Germantown school board voted in May to explore the idea of a new elementary school for the system.

The meetings to gather public input are: June 22 at Pickering Center, June 23 at Dogwood Elementary School and June 24 at Riverdale Elementary School. They each start at 6:30 p.m.

Germantown schools superintendent Jason Manuel will talk about the school system’s classroom space problems as well as the attendance projections.

– Bill Dries

St. Jude Awarded $2.9 Million in Federal Grants

St. Jude Children’s Research Hospital is getting a set of four grants totaling $2.9 million from the federal department of Health and Human Services.

The grants were announced Wednesday, June 17, in Washington D.C. by U.S. Rep. Steve Cohen.

The largest of the four grants, $2 million from the National Cancer Institute, is to study and compare normal and neoplastic brain growth.

A $369,205 grant is to study the RNA splicing seen in Alzheimer’s disease. Another $338,200 grant is for the study of protein interactions in cellular survival states.

And a $173,133 grant is for the study of the design and development of infectious disease therapeutics.

– Bill Dries

Grizzlies Holding Kids Basketball Camps Beginning June 29

The Memphis Grizzlies will host their 2015 Summer Basketball Day Camps at several locations throughout Memphis and Tennessee for boys and girls ages 7-16.

From the art of the jump shot to defensive footwork, instructors will share their knowledge and love of the game during sessions that focus on improvement both for the individuals and within a team setting.

The 2015 Grizzlies Summer Basketball Day Camps are $245 per person per camp, beginning with the tip-off clinic at Lausanne Collegiate School, June 29-July 2, and concluding with the final camp August 3-6 at Independent Presbyterian Church. To register or find out more information on any of the camps that are part of the 2015 Grizzlies Summer Basketball Day Camp series visit www.grizzlies.com/camps.

Each camp participant will receive two ticket vouchers to a future Grizzlies home game (redeemable once the 2015-16 regular season schedule is released), basketball skills and drills instruction, a camp T-shirt and lunch. Additional tickets to select Grizzlies games will be available for purchase at a discounted rate for all Summer Basketball Day Camp participants and their families.

– Don Wade

Local Investment Group Files $11.4 Million Loan

Radiant Group of Properties LLC filed an $11.4 million loan with BancorpSouth Bank on June 14 for 14 of its retail properties around Memphis and Shelby County.

The majority of properties listed on the mortgage are local convenience stores. Ballard Station shopping center, located at 1990 West Poplar Avenue in Collierville, is the largest property listed on the loan, and is valued at more than $2 million.

Sardar Aman signed the trust deed on June 10 as an authorized member of Radiant Group of Properties LLC, a Tennessee limited liability company, with principal offices located at 384 Distribution Parkway in Collierville.

– Chandler Reports & The Daily News Online

Archer-Malmo Picks Up Quartet of National Awards

Memphis-based marketing communications firm archer-malmo has won two gold and two silver honors from the National American Advertising Awards.

The agency won for submissions that included a “Brainstorm Survival Kit,” intended to drive inspiration and creativity at agency brainstorms.

The firm also won recognition for its employee wedding invitation designed by a-m creative professionals as well as its “Start Q” invitation, a set of unique items to invite stakeholders and investors to Memphis for the Memphis in May World Championship Barbecue Cooking Contest.

– Andy Meek

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 307 21,073
MORTGAGES 82 330 24,691
FORECLOSURE NOTICES 66 93 8,703
BUILDING PERMITS 0 837 43,174
BANKRUPTCIES 63 240 14,142
BUSINESS LICENSES 17 75 6,476
UTILITY CONNECTIONS 25 139 13,650
MARRIAGE LICENSES 10 77 5,146

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