VOL. 8 | NO. 47 | Saturday, November 14, 2015
EMPHASIS: Financial Services
Roundup: Memphis Financial Firms Stay Busy
By Andy Meek
Here’s a look at some of what’s kept Memphis’ financial community busy in recent weeks, from deals to new products and services to personnel changes.
Memphis and Shelby County lenders recorded almost $140 million in purchase loan volume in October, up from a little more than $126 million in October 2014, according to real estate information company Chandler Reports. (Memphis News/Andrew J. Breig)
• Lenders in Memphis and Shelby County had a decent October, according to the latest numbers from real estate information company Chandler Reports, www.chandlerreports.com. Purchase loan activity was up 11 percent for the month on a volume basis.
Area lenders did almost $140 million in volume last month, up from a little more than $126 million in October 2014. On a total loan basis, the increase was 732 loans for October 2014 growing to 824 last month.
• In local bank acquisition news, there are buyers and the bought worth mentioning. Magna Bank staff has been in training for weeks in anticipation of its conversion to being officially known as Magna Bank, a Division of Pinnacle Bank. (Nashville-based Pinnacle reached a deal to acquire Magna earlier this year.)
Magna signage has been coming down in recent days as the date draws near for the big switch to Pinnacle branding, including the switchover of Magna’s systems and files. That conversion is set to be in motion after the close of business Friday, Nov. 13.
On the acquiring side of the things, First Tennessee Bank’s parent company recently closed on its acquisition of Raleigh, N.C.-based TrustAtlantic Bank.
TrustAtlantic’s systems converted to First Tennessee’s a few weeks ago, and all five TrustAtlantic branches now carry the First Tennessee banner.
• Security, meanwhile, is always a buzzy banking topic. No surprise Bank of Bartlett is stepping up its effort in that regard with the launch of CardValet, a mobile card management application intended to reduce fraud by allowing cardholders to monitor accounts with their smartphone and control how, when and where their debit card is used.
After downloading the free app from the Apple App Store or the Google Play Store, cardholders can set parameters for how their debit card is used. Bank president Harold Byrd said they can use the app to “turn off” their debit card from their smartphone and turn it back on when they’re ready to use it.
Besides employing that on/off feature, cardholders also have controls available that let them restrict use of the card by merchant and spending limit. Real-time alerts can also let them know if a transaction was attempted, declined, or both.
• On the new hires and personnel-related front, several banks have made some changes within their ranks in recent days.
Cari Dee Dawson has joined BankTennessee’s Munford office, 26 Munford Ave., as a vice president and loan officer.
Over at Legacy Wealth Management in East Memphis, Nick Sowell has joined the team as a financial planner.
First Tennessee Bank has promoted two bankers to executive roles. Rob Heard is the new executive vice president of the private client group in West Tennessee, and Steve Shaner, correspondent banking credit risk manager, will succeed Heard as the executive in charge of correspondent banking.
And Evolve Bank & Trust has a new Equipment Finance Division that offers equipment loans and leases for commercial applications to businesses around the country. The bank has tapped Thomas Ball as that division’s president.