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Author Archives: Ted Carter

UPDATED: HUD forces Ridgeland to cease effort to eliminate rental housing complexes

Federal housing agency charged City sought to displace minority residents   By TED CARTER In a move that lets Ridgeland avoid Fair Housing Act violation penalties from the U.S. Department of Housing and Urban Development, city officials have agreed to scrap provisions of a 2014 zoning ordinance that could have forced more than a dozen rental apartment complexes out of business. ...

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Rating firms’ visit will assess state’s bonding strength after setbacks

By TED CARTER Representatives of the nation’s three major credit ratings agencies will be in Jackson later this month to begin grading the credit strength of the state’s approximately $562 million general obligation bond for fiscal 2016-2017. The visit comes after Fitch Ratings Service recently downgraded the state’s current general obligation and revenue bonds and Moody’s put a “negative” outlook on ...

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Hederman Bros. moving to Gluckstadt printing plant

By TED CARTER The more than 125-year-old Hederman Brothers Printing and its 90 workers will soon pack up for a move from Ridgeland to a new home in Gluckstadt. At about 50,000 square feet, the building Hederman Brothers will occupy fronting the east side of Interstate 75 is smaller than the approximately 70,000- square-foot building the company has occupied in Ridgeland ...

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Hederman Brothers orders one of fastest six-color printing presses

By TED CARTER Ridgeland’s Hederman Brothers Printing is awaiting delivery of what manufacturer KBA of Dallas calls one of the world’s finest printing presses. The Rapida 106 41-inch six-color press plus coater can print 20,000 sheets an hour, said Eric Frank, KBA spokesman. “It has the most automated processes to reproduce very high quality color at the fastest of speeds,” Frank ...

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Metropolitan adds group to help developers move to permanent loans

By TED CARTER Ridgeland’s 9-year-old Metropolitan Bank is adding to its niche specialty in commercial lending with creation of a division designed to help developers transition from short-term to long-term loans. Metropolitan Capital Advisors, the bank’s new business advisory group, provides a new tier of specialized advisory services to both bank and non-bank clients involved in construction and development projects, said ...

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A NEW ERA AT VIKING — Kitchen appliance veteran Kevin Brown to oversee Greenwood plant

By TED CARTER A kitchen appliances executive whose background includes working the assembly line at Oxford’s Whirlpool plant is the new head of revamped Viking Ranges in Greenwood. Kevin Brown, a University of Mississippi electrical engineering graduate who started with Viking in 2007, joined with a team of Middleby Corp. executives in 2013 to transform the products line of the ultra-premium ...

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State’s raids on rainy-day fund raise red flag, Moody’s warns

State Treasurer Fitch calls report to investors ‘a shot across the bow’ for legislative leaders    By TED CARTER Gov. Phil Bryant’s three draws from Mississippi’s reserve fund have left the fund at its lowest level in 13 years and led Moody’s Investor Services to warn investors the state’s fiscal position is weakening. Moody’s July 11 report characterized the drawdowns ...

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Regulators went undercover to gather evidence against BancorpSouth

By TED CARTER Banking experts see the U.S. Consumer Financial Protection Bureau’s $10.6 million settlement with Tupelo’s BancorpSouth over alleged redlining as a sign financial services companies nationwide can expect the Bureau to more frequently use federal lending and housing laws to fight racial discrimination. That fight is also likely to include more use of undercover operatives such as the “mystery ...

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