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VOL. 133 | NO. 148 | Friday, July 27, 2018

Daily Digest

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BancorpSouth Increases Quarterly Dividend 21 Pct.

BancorpSouth Bank’s board of directors has declared a quarterly cash dividend of 17 cents per common share. That represents an increase of 3 cents per common share, or 21.4 percent, compared to the most recent dividend paid on July 2.

The dividend is payable Oct. 1 to shareholders at the close of business on Sept. 14.

Last week, BancorpSouth reported record financial results for Q2 2018. Net income was $54 million (or 55 cents per diluted share) and net operating income was $55.6 million (or 56 cents per diluted share).

According to Federal Deposit Insurance Corp. data, BancorpSouth is the fifth largest bank in the Memphis market based on deposits.

Headquartered in Tupelo, BancorpSouth has approximately $17 billion in assets.

It operates about 280 full-service branch locations, as well as additional mortgage, insurance and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

— Daily News staff

New Gym Opening In East Memphis

SHED Fitness has signed a lease to occupy 4,055 square feet at 1215 Ridgeway Road.

Marcus Esposito and Maureen Shorter Esposito, the local franchise owners, are currently building out their Park Place location, which is expected to open in August.

In the deal, landlord Loeb Properties Inc. was represented by vice president of brokerage Aaron Petree.

At SHED Fitness, participants are led through 3 to 5 stations of moderate to high intensity exercises for a total class time of 50 minutes. Private classes are also available.

– Patrick Lantrip

IP Beats Earnings Estimates in Q2

Memphis-based International Paper Co. reported second quarter net earnings of $405 billion, or 97 cents per diluted share Thursday, July 26. The earnings compare to $80 million in the second quarter of 2018, or 19 cents per diluted share.

The profit of $1.19 a share excluding special items was ahead of the consensus analysts’ estimate of $1.09 a share.

The company’s net sales of $5.8 billion for April - June increased 8.4 percent from a year ago, just about where analysts thought they would be. Net sales for the quarter compare to $5.4 billion in the second quarter a year ago.

IP chairman and CEO Mark Sutton called it a “very strong second quarter.”

“We had outstanding commercial performance, with sequential volume growth and price realization across our three businesses,” Sutton added.

Special items included a $12 million pre-tax charge for the costs associated with International Paper’s attempt to acquire Smurfit Kappa of Ireland. IP withdrew its proposed $10.4 billion bid in June.

– Bill Dries

Democratic Candidates For Governor at Town Hall Friday

The Shelby County Democratic Party will host a Democratic Primary Gubernatorial Town Hall Friday July 27, at 6 p.m. at Fairley High School, 4950 Fairley Road.

It will feature Democratic primary candidates for governor, Karl Dean and Craig Fitzhugh, and will be moderated by Tajuan Scott Stout Mitchell. Candidates will discuss their views on a variety of issues that affect Tennessee. There will be a series of prepared questions as well as questions solicited from the audience. This event is free and open to the public

For more information, contact Regina Perry at 901-834-2554 or secretary@shelbydem.org.

– Daily News staff

New Choose901 Designs Debut at Pop-Up Shop

School starts back in a few weeks and Choose901 wants to make sure students are repping the Bluff City.

On Friday and Saturday, Aug. 3-4, Choose901 is setting up its annual Back 2 School Pop-Up Shop at Ballet Memphis in Overton Square, where students can shop Memphis-themed T-shirts, hats, totes, backpacks, duffle bags and patches, among other merchandise.

Kyle Taylor, who joined Choose901 and City Leadership as creative director this spring, will debut his designs at this year’s Back 2 School Pop-Up Shop.

Several guest vendors are also anticipated to be announced at a later date.

Visit choose901.com and follow Choose901 on Instagram and Facebook for design previews and additional details.

The Choose901 Back 2 School Pop-Up Shop is cash-free. It accepts payment by debit/credit cards only.

Parking will not be available in the Ballet Memphis lot. Attendees are encouraged to park in the Overton Square Parking Garage and surrounding lots and streets.

– Daily News staff

Gaming Convention Raises $2.8 Million for St. Jude

A two-day gaming convention in Tampa, Florida, raised enough money to cover the daily operating cost at St. Jude Children’s Research Hospital.

Now in its third year, GuardianCon brings fans and gaming industry professionals together for two days where they can interact among educational panels, live-streamed gaming exhibitions and industry vendors.

Leading up to the convention, organizers host a week-long, live-streamed gaming marathon with proceeds and donations benefiting St. Jude. Celebrity gamers live-stream their own fundraising broadcasts with antics such as getting tattoos or dying their hair for donations.

This year, participants exceeded a goal of raising the $2.4 million cost of operating the hospital for one day, raising more than $2.8 million to support St. Jude.

Popular streamers DrLupo and Ninja were among the gaming marathon hosts with DrLupo raising $659,300 for the event, and Ninja raising $580,800.

“We want to show the world that gaming can be a platform for doing great things,” said Ben Bowman, co-creator of GuardianCon. “Supporting St. Jude does just that. We wanted to support a charity that does good internationally, and St. Jude freely shares its research around the world, while also providing care to patients and families free of charge. It’s a perfect fit for us.”

Richard Shadyac Jr., president and CEO of ALSAC, the fundraising and awareness organization for St. Jude, said he is thankful for the nonprofit’s relationship with GuardianCon over the past three years, which has raised $4.7 million total.

“This event has helped bridge the gap to a new industry for us, and we are excited to see the good that gaming will do to impact charitable giving in the future,” Shadyac said.

– Daily News staff

Boscos Makes Return To Germantown

After a 16-year absence, Germantown residents no longer have to leave their city to enjoy Boscos beer and pizza.

Per an agreement with the recently inked Saddle Creek Beer Garden inside the former Grimaldi’s space, customers will now be able to get a revolving door of locally brewed Boscos beers.

Boscos has also partnered with the 9 Dough 1 food truck to offer three of their pizzas, including the “Germantown Purist.”

Running through the fall, the Saddle Creek Beer Garden opens at 4 p.m. every Friday and Saturday and at 2 p.m. on Sundays.

For the inaugural weekend beginning Friday, July 27, Boscos Famous Flaming Stone, Bombay IPA, and Tennessee Cream Ale will be served.

– Patrick Lantrip

Grizzlies’ Preseason Home Schedule Starts Oct. 5

The Memphis Grizzlies have announced their 2018-19 preseason schedule, featuring three home games at FedExForum. The Grizzlies will host the Atlanta Hawks on Friday, Oct. 5, the Indiana Pacers on Saturday, Oct. 6 and the Houston Rockets in the preseason finale on Friday, Oct. 12. All preseason home games will tip-off at 7 p.m.

The Grizzlies will open their preseason schedule on Tuesday, Oct. 2 at Legacy Arena in Birmingham, Alabama, against the Houston Rockets at 7 p.m. Memphis also will travel to Orlando to play the Magic on Wednesday, Oct. 10 at 6 p.m., CT.

FOX Sports Southeast will televise the home preseason contests. Memphis’ preseason home games will also stream on the FOX Sports App. In addition, all five preseason games will be broadcast on 92.9 FM ESPN.

– Don Wade

PROPERTY SALES 107 331 6,877
MORTGAGES 60 239 4,368
BUILDING PERMITS 190 508 16,423
BANKRUPTCIES 22 136 3,532