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Tag Archives: banking and finance

HOPE approved as first Community Advantage lender

JACKSON — The U.S. Small Business Administration (SBA) has approved Hope Enterprise Corporation (HOPE) as its first lender in the Community Advantage Loan program in Mississippi. HOPE CEO Bill Bynum said, “For small, rural and minority entrepreneurs, financing can be the most elusive resource. With the Community Advantage program, we can help even more companies stabilize, grow and contribute to ...

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Metropolitan Bank opens another Memphis office

RIDGELAND — The Metropolitan Bank has opened its second Memphis, Tenn., office, located at 5264 Poplar Avenue in East Memphis. The new office, for which Metropolitan announced plans in July, will serve as an anchor for its professional and medical banking team, led by Holly Bronson, and the bank’s commercial banking team, led by Scott Hauss. It will employ more ...

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Trustmark signs agreement to buy Florida bank

JACKSON — Trustmark Corporation has signed a definitive agreement to acquire Panama City, Fla.-based Bay Bank & Trust Co. Under terms of the definitive agreement, the transaction is valued at $22 million, with $10 million of the consideration to be paid in cash and $12 million to be paid in common stock of Trustmark. The consideration represents approximately 85 percent ...

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Former Gov. Bill Waller dies

JACKSON — Former Mississippi Gov. William Waller Sr., 85, died Wednesday. On Tuesday Waller was admitted to St. Dominic Hospital in Jackson, his law office confirmed. Waller served as governor from 1972-76 — a time when Mississippi governors were limited to one term. He ran unsuccessfully for the state’s highest office in 1967, but went on to win the 1971 ...

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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 $55 million. M&M Bank has ...

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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 sentencings Wednesday in U.S. District ...

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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 $230,000 including a $125,000 check ...

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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 Chancery Court. Judge Jim Persons ...

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