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VOL. 132 | NO. 132 | Tuesday, July 4, 2017

Daily Digest

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Sprouts’ East Memphis Store to Open July 12

Sprouts Farmers Market is set to open its fifth Tennessee store July 12 at 576 S. Perkins Road in East Memphis.

The company is hosting a ribbon-cutting that day at 7 a.m. and is inviting the public to tour the store and shop. The first 200 shoppers in line will get 20 percent off their purchase.

Muffins and coffee samples will be served to everyone in line before the doors open, and upon checkout every 15th shopper will get a coupon book.

A few grand opening weekend deals are also in the works. The first 200 customers to make a purchase July 15 will get a coupon booklet for five free deli items. And on July 16, upon checkout every 15th customer will get a coupon for $5 off a purchase of more than $15 to use on their next visit.

The new East Memphis Sprouts will donate unsold and edible groceries to Mid-South Food Bank through the grocer’s Food Rescue program. In 2016, Sprouts stores and distribution centers donated more than 19 million pounds of product through the Food Rescue program, which is equivalent to 15 million meals.

– Andy Meek

Renasant, Metropolitan Banks Complete Merger

Tupelo, Miss.-based Renasant Corp. has completed its merger with Metropolitan BancGroup, Inc., the parent company of Metropolitan Bank, effective July 1.

The combined company now has about $10 billion in total assets, with more than 175 banking, mortgage, wealth management, investment and insurance offices throughout Mississippi, Tennessee, Alabama, Georgia and Florida. As of March 31, Metropolitan had about $1.2 billion in assets, $932 million in loans and $945 million in deposits.

Renasant chairman and CEO E. Robinson McGraw said in a statement the merger will expand Renasant’s market share, earnings growth and profitability.

“And we believe it will greatly benefit Metropolitan clients with expanded locations, services and products,” McGraw said.

– Andy Meek

Grizzlies Sign McLemore To Two-Year Contract

The Memphis Grizzlies have signed unrestricted free agent guard Ben McLemore to a two-year deal worth $10.7 million, according to ESPN.

McLemore, 24, is a 6-foot-6 guard. He has played the last four seasons for the Sacramento Kings. Three seasons ago, he averaged a career-high 12.1 points per game. Last season, he averaged 8.1 points per game and shot a career-best 38.2 percent from 3-point range.

In 293 career games, McLemore has made 216 starts and averaged 9.4 points per game. He played one year at the University of Kansas before the Kings used the seventh overall pick to take him in the 2013 NBA Draft.

The signing of McLemore, and the earlier re-signing of guard Wayne Selden, calls into question the future of unrestricted free agent wing Tony Allen. After this season ended, Allen, who made $5.5 million, said he would like to remain in Memphis, adding, “I ain’t trying to break the bank.”

– Don Wade

Rep. Camper to Lead National Organization

State Rep. Karen Camper of Memphis is the new president of the National Organization of Black Elected Legislative Women.

The Memphis Democrat was elected to the post at a weekend convention in Nashville.

NOBEL Women is a nonprofit, nonpartisan organization established in 1985 to increase and promote the presence of black women in government. It includes women currently holding elected legislative office as well as former elected and appointed officials.

Camper was elected to the state House in 2008.

State Rep. Raumesh Akbari of Memphis was re-elected financial secretary of NOBEL Women at the Nashville gathering.

– Bill Dries

Rhodes Improvements On Track for Fall

Rhodes College is readying its new, 55,000-square-foot new science facility to open this fall, one of several construction projects underway on the Rhodes campus.

Robertson Hall will house four biology faculty and two chemistry faculty, along with six teaching labs, five research labs and two classrooms. The facility is named for 1933 Rhodes graduate Lola Robertson and 1929 graduate Charles Robertson Sr. in appreciation of the generosity of Patricia and Charles Robertson Jr.

Briggs Hall, formerly the Student Center, will reopen in August as the new home for computer science studies after a comprehensive renovation. The building will house five faculty offices, six computer labs, two research labs and three classrooms. The main floor also includes the Spence Wilson Commons, which includes the Spence Wilson Room for meetings and a lobby at its entrance.

The improvements come amid Rhodes being named the No. 1 Most Beautiful Campus in The Princeton Review’s The Best 381 Colleges, 2017 edition.

Other projects that are ongoing as Rhodes prepares for the coming academic year include upgrades of two residence halls to improve energy efficiency and comfort, and construction of the Bill and Carole Troutt Quadrangle.

Rhodes also is recovering from recent storms that hit the Mid-South, causing widespread power outages and damage in many areas of Memphis.

The steeple on the McNeill Concert Hall, 613 University St., suffered “significant damage” from strong winds and an apparent lightning strike, according to the college, which plans to hire contractors in the coming weeks to assess the extent of the damage and whether the steeple is structurally sound.

In addition, several buildings sustained minor roof damage, 12 trees were downed and two sections of perimeter fence were crumpled by fallen trees. Rhodes says it plans to replace the trees this fall.

– Daily News staff

Redbirds Pitcher Chosen For SiriusXM Futures Game

Memphis Redbirds starting pitcher Jack Flaherty has been selected to represent the St. Louis Cardinals at the 2017 SiriusXM All-Star Futures Game, which takes place Sunday, July 9, as part of Major League Baseball All-Star Weekend festivities in Miami.

Flaherty, who will represent the U.S. Team in the showcase, follows 2016 selections Carson Kelly (U.S.) and Alex Reyes (World) playing for the Redbirds at the time the picks were made. Flaherty is the 15th Redbird to be named to the game.

The right-hander, who made his Triple-A debut on June 2, has started five times for Memphis and is 1-1 with a 4.33 ERA and 31 strikeouts in 27.0 innings. Prior to his promotion, he was 7-2 with a 1.42 ERA in 10 starts for Double-A Springfield, where opponents were hitting just .205 against him. He was named the Cardinals Minor League Pitcher of the Month for April after going 4-0 with a 0.96 ERA in five starts for Springfield, with 35 strikeouts in 32.1 innings of work.

Flaherty ranks as the No. 5 Cardinals’ prospect by MLB Pipeline and the No. 11 prospect by Baseball America.

The Futures Game is scheduled to be televised on MLB Network beginning at 3 p.m. Central time.

– Don Wade

UWT Logistics Renews Lease in Pilot Center

UWT Logistics will renew its 100,000-square-foot lease in the Pilot Distribution Center located at 4221 Pilot Drive. Hank Martin and Elliot Embry with NAI Saig Co. represented the landlord, Sealy Co., in the deal.

The 600,000-square-foot Pilot Distribution Center sits on more than 17 acres near the Lamar Avenue corridor in Southeast Memphis.

– Patrick Lantrip

First Tennessee Scores High Marks for Reputation

A new report from the industry publication American Banker ranks First Tennessee Bank at No. 5 on a list of U.S. banks sorted by reputation.

First Tennessee ranked No. 2 for its reputation with customers; for its reputation among non-customers, First Tennessee comes in at No. 6.

The eighth annual Bank Reputation Survey was conducted by the Reputation Institute and included Federal Reserve banks based on asset size and deposits plus key regional and non-traditional banks. More than 12,000 individual ratings were collected from customers or non-customers familiar with the companies they rated.

– Andy Meek

PROPERTY SALES 59 129 16,326
MORTGAGES 6 36 10,123
BANKRUPTCIES 32 76 7,673