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MBJ FEATURE

Greenville hires new director

Larry Jones has worked in the Delta before, but on the western side of the Mississippi River in Arkansas. He’ll try his hand across the water starting Nov. 1. Jones, currently the deputy director for economic development for the city of Jackson, will take over as executive director of the Delta Economic Development Center in Washington County on Nov. 1. ...

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Trustmark loss of CADENCE stings but it’s not permanent

Getting jilted by Cadence Bank will cost Jackson’s Trustmark National Bank 7 cents in earnings per share for 2011, banking analyst Kevin Fitzsimmons of Sandler O’Neil & Partners estimates. The 7 cents reduction puts the earnings per share for next year back to pre-acquisition estimate of $1.52, said Fitzsimmons, managing partner of the New York-based investment banking firm. He noted ...

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Russ faces uphill challenge in Natchez

With outlook grim, economic development vet comes home to change chemistry Chandler Russ grew up in Natchez, went to the University of Southern Mississippi and has since built an economic development career that has taken him to almost every part of Mississippi and into Arkansas. He’s about to go back home. On Nov. 1, Russ will become the first director ...

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There are options for those with poor credit

Mississippi businesses and consumers who struggle to gain credit can turn to nearly a dozen lenders in the state that have received more than $250 million in low-cost capital from the Treasury Department under the Troubled Asset Relief Program, or TARP. Mississippi’s financial institutions led the nation in total funding from TARP’s Community Development Capital Initiative, pulling in slightly more ...

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Right in the middle of it

Dilemma at home: No easy options for state on flawed foreclosures A mess that began with big national banks adopting an assembly line approach to home foreclosures has moved from Mississippi’s doorstep into its living room. Getting rid of the intruder — and reversing its threat to the state’s banking and housing sectors — requires a temporary halt to all ...

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TALKS: Who knew what and when?

Trustmark would like to know exactly when Houston- based Community Bancorp, LLC started talking acquisition with Starkville’s Cadence Bank won’t be known until Cadence files a proxy statement with the U.S. Securities & Exchange Commission by Oct. 18. That’s some reading material that Trustmark National Bank executives will look at with interest. Trustmark executives learned upon arriving at work last ...

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Delay could cost Regions more money

Resolving complaints on Morgan Keegan troubles already has $2B price tag If time is money, Birmingham-based Regions Bank is all but guaranteed to see a rising price tag for resolving federal and state complaints that misleading advice from subsidiary Morgan Keegan caused investors to lose about $2 billion. By the end of the second quarter, Regions had placed its expected ...

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Eminent domain fight will be toe-to-toe

Farm Bureau says current status anti-American; Gov. Barbour says change would be anti-business When the Mississippi Legislature convenes the 2011 session the first week of January, lawmakers will be handed an initiative by Secretary of State Delbert Hosemann that seeks to eliminate the use of eminent domain for private economic development. The Mississippi Farm Bureau Federation led the effort to ...

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So much for a handshake

Cadence spurns Trustmark for upstart Houston investment group In the end, Starkville-based Cadence Bank’s handshake and “definitive agreement” with Trustmark National Bank went by the wayside last Wednesday in exchange for an attractive sale price and immediate capital injection of upwards of $200 million from a Houston banking investment group. The prospect of keeping intact its workforce, name and charter ...

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National Trend has been opposite of Mississippi law

Since 2005, when the U.S. Supreme Court ruled in Kelo v. New London, Conn., that the city could take private property and transfer it to a developer, the reaction from states has been swift and loud. Since then, 44 states have enacted eminent domain reform, in statutes that either prevent the use of eminent domain for private enterprise all together ...

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