VOL. 131 | NO. 150 | Thursday, July 28, 2016
Trustmark Sees $21.5M Profit in Second Quarter
Trustmark Corp. has reported net income of $21.5 million for the second quarter of 2016.
That’s down from a little more than $30 million in the year-ago period.
Among the highlights for the quarter, the bank said loans held for investment increased $137.2 million from the prior quarter and $958.1 million year-over-year. The bank also is continuing to see declines in nonperforming assets.
Trustmark president and CEO Gerard Host said the bank continues to grow loans across its five-state franchise in addition to maintaining solid credit quality.
– Andy Meek
Germantown Gets Grant To Close Greenway Gap
The city of Germantown is getting a $588,501 grant from the Tennessee Department of Transportation to close a gap in its Germantown Greenway system of trails.
The state grant announced Tuesday, July 26, will be used to complete the Neshoba Trail Connector, a 10-foot-wide asphalt stretching between Neshoba Park and a trailhead to the east at the new section of Wolf River Boulevard.
The city puts up a match of $147,125 to the state funding.
– Bill Dries
U-Haul Giving Facelift To Rawleigh Building Downtown
U-Haul is making progress on its facelift of the Rawleigh Building in Downtown Memphis, the company has announced.
Built in 1912, the roughly 125,000-square-foot building once housed local operations for the W.T. Rawleigh Co., which manufactured items such as medicines and soaps.
U-Haul Moving & Storage of South Bluffs at 137 W. Illinois Ave. was acquired in November and began offering truck and trailer rentals and moving supplies from a temporary showroom.
“We are moving slowly with construction in order to preserve as much of the original building as possible,” U-Haul Company of Memphis president Carol George said in a statement. “Buildings like this were built well and should be reused if possible. It’s worth the extra effort to restore these beautiful structures and put them to modern-day use.”
AMERCO Real Estate Co., which provides real estate and development services to the U-Haul system, paid $383,100 for the property in November. The building is situated on about 1.8 acres near the southwest corner of West Illinois Avenue and Kansas Street, south of Crump Boulevard.
While no date has been set for completion of the building’s self-storage construction, once it is finished, the facility will have 24-hour electronic access and state-of-the-art security for its indoor climate-controlled and non-climate-controlled units.
George said the company was trying to find the right location for U-Haul services in that area.
According to U-Haul, by reusing the Rawleigh Building, the company prevented 1,078 tons of metal manufacturing and transportation from being used, avoided 15,406 tons of new concrete pours, kept 16,528 tons of construction and demolition debris out of landfills, and stopped 10.5 million pounds of greenhouse gas emissions from entering the atmosphere.
– Daily News staff
JobLINC Fair to Include More Than 100 Employers
More than 100 hiring companies will attend Memphis Public Library’s JobLINC Career Fair on Thursday, July 28, from 9:30 a.m. to 2 p.m. at the Pipkin Building, 940 Early Maxwell Blvd., on Tiger Lane.
Offered in partnership with the Workforce Investment Network and the Society for Human Resource Management of Memphis, the fair will offer thousands of job seekers a chance to launch or expand their careers. The theme for this year’s event is “Brilliant at the Basics,” an extension of Memphis Mayor Jim Strickland’s pledge for the city.
A few attending agencies include the city of Memphis, AutoZone, Durham School Services, Regions Bank, the University of Memphis, Youth Villages and Elvis Presley Enterprises. (A complete list of companies is available on the Library’s Job & Career News webpage.)
For more information about the JobLINC Career Fair, call 901-415-2787 or visit the library’s Job & Career News Blog at mplicjob.wordpress.com.
– Don Wade
Grizzlies to Open Preseason Oct. 3 at FedExForum
The Memphis Grizzlies announced their complete six-game 2016 preseason schedule, starting with three straight home contests against the Orlando Magic on Oct. 3, the Atlanta Hawks on Oct. 6 and the Philadelphia 76ers on Oct. 11.
All home preseason games will tip off at 7 p.m. at FedExForum.
Following the home exhibition schedule, the Grizzlies will travel to play the Oklahoma City Thunder on Oct. 13 at the BOK Center in Tulsa, Okla., the Houston Rockets on Oct. 15 at the Toyota Center and the Minnesota Timberwolves on Oct. 19 at the Target Center.
Single game tickets for all Grizzlies preseason home games will go on sale at a later date to be announced.
– Don Wade
Boyle Promotes Hayden to CFO
Matt Hayden has been promoted to treasurer and chief financial officer of Boyle Investment Co.
Hayden joined the Memphis-based real estate company in 2014 as deputy treasurer. Prior to joining Boyle, he worked as senior vice president of Wunderlich Securities Inc. and first vice president of Morgan Keegan & Co. Inc.
With Boyle, Hayden will be responsible for financial accounting and reporting as well as tax planning and compliance.
Hayden is taking an executive position previously held by Charles Claiborne for the past 33 years. Claiborne will remain at Boyle to work on special projects.
– Madeline Faber
The Peabody in Running For ‘Best Historic Hotel’
The Peabody Memphis is poised for another honor.
It has been nominated for “Best Historic Hotel” in USA Today’s 10Best Readers’ Choice Awards. The “South’s Grand Hotel” is currently in second place in the ranking.
Voters can make a choice once per day until polls close Aug. 1 at 11 a.m. Visit www.10best.com/awards/travel/best-historic-hotel-2016 to cast a vote.
– Andy Meek
First Horizon Adds to Board, Approves Dividend
First Tennessee Bank’s parent company has elected a FedEx executive to its board of directors.
Rajesh Subramaniam, the recent addition to First Horizon National Corp., is executive vice president of marketing and communications for FedEx Services Inc. and FedEx Corp. From 2003 to 2006 he was president of FedEx Canada, and prior to that he served as vice president of marketing for FedEx’s Asia Pacific business.
In other First Horizon news, the board approved payment of a quarterly cash dividend on its common stock of 7 cents per share. The dividend is payable on Oct. 3 to common shareholders of record on Sept. 9.
– Andy Meek