Posts Tagged ‘banking and finance’

Merchants & Marine expanding into Alabama

PASCAGOULA — The Federal Deposit Insurance Corp. has approved a Southeast Mississippi bank’s move into Alabama. Merchants & Marine Bank of Pascagoula has bought Heritage First Bank branches in Gulf Shores and Crossville from Heritage First Bancshares Inc. of Rome, Ga. Royce Cumbest, M&M’s chairman, president and CEO, says the acquisitions add assets of about […] [...]

MBJ EDITORIAL: Rate increase of 11.35 percent just the beginning in regard to Kemper

by Published: November 17,2011

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It was only a matter of time before Mississippi Power Company started raising the rates on its customers to pay for the $2.88 billion Kemper County coal plant. So, last week MPC filed documents with state regulators — the Public Service Commission — for a requested rate increase of 11.35 percent. The Commission has the […] [...]

Two sentenced for role in mortgage fraud scheme

JACKSON — Former mortgage brokers Jason Ellis and Michael Persac will forfeit more than $3 million and pay more than $781,000 in restitution for their part in a mortgage fraud scheme. Ellis and Persac, out on bond since they were charged in 2005 in a mortgage fraud case, also are going to prison after their […] [...]

Appeals Court grants ex-auctioneer new trial

JACKSON — The state Court of Appeals has ordered a new trial for former auctioneer Jim Durham. Durham had been sentenced to nine years on four felony counts of writing bad checks. Durham was convicted in Forrest County in 2010. Prosecutors say Durham, former vice president of Durham Auctions, passed bad checks of more than […] [...]

Supreme court will hear Kemper Coal Plant arguments

The Mississippi Supreme Court will hear arguments from the Sierra Club challenging the state Public Service Commission’s approval of the project in Kemper County by Mississippi Power Co. Mississippi Power has started construction of the $2.4 billion coal plant. Oral arguments are scheduled for Dec. 14. The suit was filed and heard in Harrison County […] [...]

MBJ Editorial: Gov. Barbour shows thoughtful leadership on Initiative 26

Gov. Haley Barbour’s comments last week that he has concerns over ballot Initiative 26 that seeks to define a “person” in state law should be all we need to hear as we go to the polls this week. There is no question where Barbour stands on abortion as a conservative Republican who was on the […] [...]

First M&F to close five branches, four in Mississippi

KOSCIUSCKO — First M&F Corp., the parent of Kosciusko-based M&F Bank, will close five branches and reduce staff. Chairman/CEO Hugh Potts Jr. tells The Clarion-Ledger that the bank’s intent is to now focus on a few locations to achieve higher levels of performance and efficiency. M&F Bank will close a branch in in Ridgeland and […] [...]

Merger with Community Bancorp creates ‘new’ Cadence

STARKVILLE — Community Bancorp will merge its banking subsidiaries, Superior Bank, N.A. and Cadence Bank, N.A., into one strong regional bank on Nov. 11 to form the new Cadence Bank, N.A. At the same time, Community Bancorp, LLC, will now be known as Cadence Bancorp, LLC. With nearly $4.1 billion in assets, the new bank […] [...]

Ex-judge to be sentenced for mortgage scam

GREENWOOD — Former Greenwood attorney and judge Bobby Fisher will be sentenced tomorrow for his role in a mortgage scam. The Greenwood Commonwealth reports Fisher is to appear before U.S. District Judge Henry T. Wingate in Jackson. In January 2006, Fisher and former real estate agent Jim Pruett pleaded guilty to a scheme of falsifying […] [...]

City closes checking accounts, finds $300K

WAVELAND — The City of Waveland has closed 23 dormant checking accounts, two of which contained $300,000 donated to the city after Hurricane Katrina. City comptroller Janey Dudding tells the Sea Coast Echo the accounts were uncovered during a recent internal audit. Mayor David Garcia says one of the accounts was set up for donated […] [...]

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