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MBJ FEATURE

Better buildings bring stability

However, truly affordable rates are missing until companies that quit providing commercial coverage after Hurricane Katrina resume business in the region Quality construction has improved and an expanded roster of insurers willing to write policies have helped to stabilize the cost of insuring coastal Mississippi businesses against hurricane loses, insurance professionals say. But Gulf Coast businesses won’t be seeing truly affordable ...

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Cadence cites pressures in failed merger

Sept. 20 deadline apparently was dealbreaker As September moved past its mid-point, Cadence Bank executives saw their choices narrowed to this: Get a buyer deal done right away or feel the heat of federal sanctions for failing to meet a Sept. 19 deadline to significantly raise capital reserves. Cadence faced a two-minute drill with no timeouts left, according to a ...

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MAKING THE DEAL: How Cadence decided to go with Community bancorp

In mid-summer, Cadence Bank executives got the not-unexpected advice to forget about trying to solve the bank’s capitalization problems through an $80-million common stock offering. The current market won’t support it, cautioned Keefe, Bruyette & Woods, a New York investment banking firm hired as underwriters for the stock sale. So Cadence put the word out that it wanted a buyer. ...

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Heritage willing to entertain offers

It’s tough persuading someone to buy your problems, especially when it will take millions of dollars to make them go away. But when you’re Heritage Bank with a lock on more than half the market in Carthage, you may draw some interest. The only question is whether potential buyers will prefer to wait until the Federal Deposit Insurance Corp. is ...

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MDA focusing on existing industry

Several sewing factory workers walked into the economic development office in Laurel unannounced. This was the early 1990s, when a lot of the “cut and sew” factories were heading in droves to China and Mexico. The workers wanted to see the organization president, Mitch Stennett, so they could tell him that Laurel Industrial Garment had announced it was selling out ...

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Wildfire!

Drought turns state into kindling For the second time this year, state officials are in a high state of alert due to a spate of wildfires statewide. Wildfires have already claimed property across the state, but unlike the oil spill, have also already threatened lives. And, the drought conditions fostering the threat could have an impact that will be felt ...

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‘Tarnished franchise?’

Cadence battles public opinion after backing out of Trustmark deal; claims it saved 125 jobs in Starkville area because of the move Cadence Bank’s shareholders — especially the “insiders” who own nearly11 percent of the bank holding company’s stock — get an appealing payday from last week’s decision to scrap an acquisition deal with Trustmark National Bank in favor of ...

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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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