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Banking & Finance

Convention center hotel proposals ask for $41M in loan support

Engineering Design               Technologies Inc.,                     Mississippi Developers LLC

Hotel: Full service; eight floors, 304 rooms; total square footage 340,000;
Parking: 300-space combination surface & structured spaces;
Function space: 21,000 square feet; 
Master Site Plan: (Option 1) Front of the hotel faces the convention center along Pascagoula Street, with a courtyard and improvements to street façade; (Option 2) Front of the hotel faces Farish Street and function space fronts Pascagoula Street;
Cost: $75.1 million
Flag: Marriott
Completion: January 2018

Development Team
» Engineering Design Technologies Inc. (Master Developer), Mississippi Developers LLC
» Jones Walker (Legal Counsel)
» Fountain Construction Co. (Contractor)
» M3A Architecture PLLC/William L. McElroy AIA NCARD (Architect); Integrated Management Services (Engineering); Smallwood, Reynolds, Stewart, Stewart Associates Inc. (Design)
» Public Finance Authority (Financial Services Consultant)

By TED CARTER Two of the three convention center hotel proposals presented to the Jackson Redevelopment Authority rely heavily on public-sector backing for development loans, though both forgo asking for direct financial contributions from either the City or JRA. A JRA-appointed review committee will look over the proposals and recommend a developer to the Authority in time for a selection or ...

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Commercial Finance 701 – Business entity selection: Choose wisely or pay later

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By Clark C. Luke The choice of entity form is perhaps one of the most confusing and difficult decisions an entrepreneur will face.  The decision will have significant implications for future taxation, personal liability, management\voting rights, ease of financing, and subsequent transfers of assets or ownership. My law partners Molly Jeffcoat Moody and Ben Williams, the regular authors of this ...

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BancorpSouth Q2 earnings highest since 2008

  Daily Journal TUPELO – BancorpSouth Inc. notched its most profitable quarter in seven years, posting second-quarter earnings of $39.7 million, or 41 cents a share. The results were 6 cents higher than consensus estimates, but revenue of $181.62M, while 5 percent better than a year ago, missed estimates by $1.73 million. Still, the EPS for the quarter ended June ...

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BancorpSouth’s stalled acquisitions may signal new hurdles to bank M&A nationally

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  By TED CARTER Bankers nationwide worry that regulators have significantly raised the bar for merger-and-acquisition approvals after regulatory snags caused back-to-back delays in BancorpSouth’s acquisitions of banks in Louisiana and Texas. The Wall Street Journal noted in its MoneyBeat column July 1 that while the two deals are relatively small, “the delay is notable because it may play into bankers’ ...

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IKE TROTTER — Planning is vital for small businesses

investing

Here in Mississippi and, in particular, the Delta, small businesses are the backbone to our economy. And, equally as important, small businesses can be the glue that brings children back home to run and eventually succeed in the ownership of a business. But, as many know, running a small business today involves a great deal of risk. Needless to say, ...

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MARK BLACKWELL — A trip abroad may be cheaper this year

investing

  If your family is like mine, you may be in the habit of vacationing in the same stateside location summer after summer.  There is a lot to be said for sticking with what’s familiar – locales where you know you will find amenities that everyone has enjoyed in the past and would likely enjoy again.  However, this may also ...

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PriorityOne taps Natasha Nichole Braxton

Natasha Nichole Braxton was recently promoted to loan officer at PriorityOne Bank, which is based in Magee.  Braxton, who graduated from Magee High School, holds an Associate’s Degree from Hinds Community College. She has seven years of experience in banking, and has been with PriorityOne Bank since November 2008. Braxton has also served her community in leadership roles. She is ...

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Chris Bucher joins Hancock Bank

Chris Bucher has joined Hancock Bank to lead and build Hancock’s expanding equipment financing division. Bucher is the former national sales manager for Regions Equipment Finance Corp. and, before that, head of Hibernia National Bank’s equipment finance services. Hancock’s equipment financing business will serve middle-market and corporate clients by financing and leasing revenue-producing capital equipment.

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Moves at Community Trust

Melissa Peters has been promoted to vice president/commercial relationship banker with Community Trust Bank, and four others have joined the bank in other roles. Jerrod Myers and Lauren Bishop join the bank as retail relationship bankers, Kela Allen-Williams as a personal banker, and Sara Coward as a business and consumer services underwriter. Peters has 10 years of banking experience.  Her ...

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872 acres of Marion County sand, gravel, clay reserves on market after bankruptcy

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The U.S. Bankruptcy Court has ordered the sale of  Marion Clay & Gravel’s 872-acre tract in Marion County containing significant sand, gravel and clay reserves. The court has retained investment banking services company Heritage Equity Partners, in conjunction with Jax Auctioneers, to seek a buyer. The property is situated between the Pearl River and Highway 43 in South Mississippi’s Marion ...

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