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VOL. 132 | NO. 194 | Friday, September 29, 2017

Daily Digest

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First Tennessee, Pinnacle Settle Legal Dispute

A dispute between First Tennessee Bank and Pinnacle Financial Partners stemming from Pinnacle’s recruitment of a group of First Tennessee employees when it first arrived in the Memphis market back in 2015 appears to have been resolved.

The two banks issued a joint, three-sentence press release Wednesday, Sept. 27, explaining that they’ve reached a resolution of the dispute. Terms were not disclosed, and both banks said there would be no further comment from either institution on the matter except for a brief statement included from Pinnacle CEO Terry Turner: “I deeply regret that this came about and that anything we did may have caused it.”

The matter had been headed for a jury trial following Shelby County Chancellor Jim Kyle’s denial this summer of a motion for summary judgment made by First Tennessee Bank. First Tennessee had brought the action in 2015 first only against Damon Bell, a First Tennessee executive vice president recruited to be Pinnacle’s Memphis president.

Pinnacle’s announcement of his hire happened essentially in tandem with the announcement of Pinnacle’s acquisition of Memphis-based Magna Bank in April 2015. At the same time, Pinnacle also announced the recruitment of a group of other First Tennessee employees.

First Tennessee’s complaint suggested those recruitments were the culmination of secretive efforts that included involvement from Pinnacle to recruit Bell and the other defectors while they were still employed at First Tennessee. Bell had worked in First Tennessee’s private wealth group, where his responsibilities included working with employees serving the bank’s private banking clients in West Tennessee.

Pinnacle announced its acquisition of Magna and that it had hired the First Tennessee employees the same week as First Tennessee hosted its annual shareholders meeting in 2015. Pinnacle went on to hire other local banking professionals from institutions like SunTrust after that first wave of First Tennessee hires, in addition to other First Tennessee employees who Pinnacle added later.

– Andy Meek

Morris Realty, Auction Groups Merge Into One Company

Morris Realty Group and Morris Auction Group have launched a new brand identity: Morris Realty & Auction. Buyers and sellers now can access each company’s services in one place.

“In today’s marketplace, buyers and sellers desire a one-stop shop for their real estate marketing and auction needs, and Morris Realty & Auction is now positioned to offer that comprehensive experience as we drive successful results for our clients,” Jeff Morris, founder and president of Morris Realty & Auction, said in a statement.

In addition to its real estate auction marketing services, the Memphis-based company also sells all types of real estate – including residential, commercial, investment, industrial and agricultural – in Tennessee, Arkansas, Mississippi and Florida, along with personal property on request.

For more information, visit morrisrealtyauction.com.

– Daily News staff

Mid-South Fair to Host Free Grizzlies-Hustle Scrimmage

As part of the Mid-South Fair, the Memphis Grizzlies and their G League affiliate Memphis Hustle will hold a free-to-the-public team scrimmage and practice Saturday, Sept. 30, from noon to 1 p.m. at Landers Center, 4560 Venture Drive, in Southaven.

Doors open at 10 a.m. and Grizzlies head coach David Fizdale and all the players, including Marc Gasol, Mike Conley, Chandler Parsons and Tyreke Evans, will be there. The event is open to all Mid-South Fair attendees too, and admission to the fair on Saturday is free as well.

Landers Center will be the venue for Memphis Hustle home games during the upcoming G League season.

– Don Wade

Data Facts Inc. Adds Fingerprinting Solution

Memphis-based Data Facts Inc. is adding to its background screening options with fingerprinting solution that offers national coverage.

The option is for clients who use fingerprints as part of background screening and the process after hiring an employee.

The service is FBI-contracted and meets standards of the Financial Industry Regulatory Authority as well.

“In addition, we place a priority on offering national coverage to our clients and their applicants,” said Lisa May, senior vice president of Data Facts, in a written statement.

– Bill Dries

City Adds Longer Hours At Community Centers

The city of Memphis is extending the hours of operation at the city’s 24 community centers to keep them open until 8 p.m. on weekdays and from 9 a.m. to 5 p.m. on weekends.

Memphis Mayor Jim Strickland said the extended hours are to allow for more participation in athletic and community programs offered at the centers.

With the extended weekend hours, the city’s Division of Parks and Neighborhoods is launching a youth flag football league for children ages 9 to 12 at each community center. Parents and teams can sign up at any of the community centers for the league, with practices and games Saturday from 10 a.m. to 4 p.m. through Oct. 21.

Parks and Neighborhoods director Maria Munoz-Blanco said the division identified efficiencies in its operations that enabled the increase in operating hours without the need for additional funding.

– Bill Dries

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 6 6 196
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0