Category
Business
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11.03.08Circuit City to exit AtlantaFrom the Atlanta Journal and Constitution: Circuit City announced plans Monday to close 155 stores, including all 16 of the electronics retailer’s metro Atlanta locations. The company will also close stores in Macon, Warner Robins and Athens. The store locator on the Circuit City Web site now lists only three stores within 100 miles of Atlanta — Rome, Columbus and Chattanooga, Tenn. The company said in a news release that the 155 stores that will be closed “are under performing or are no longer a strategic fit for the company.” According to a statement posted on the Web site, stores pegged for closing will ...
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10.26.08North Georgia business bankruptcy filings surgeFrom the Atlanta Journal and Constitution: The popped housing bubble and crushed credit market have pushed record numbers of North Georgia businesses into bankruptcy court this year. Chapter 11 filings are up between 50 percent and 70 percent over all of last year, depending on how they’re counted. They’re also up significantly from any of the past 20 years — and there are almost 10 weeks left in 2008. As of Friday, 283 companies and their affiliates had filed for Chapter 11 protection from creditors in Georgia’s Northern District, which has offices in Atlanta, Gainesville, Newnan and Rome. Jeffrey Kelley, head of the bankruptcy practice at ...
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10.25.08Alpha Bank and Trust shut by FDICAlpharetta-based Alpha Bank and Trust was closed by the Georgia Department of Banking and Finance on Friday, and the FDIC was named as receiver of the failed bank. Minnesota-based Stearns Bank is assuming all insured deposits under a purchase and assumption agreement. It is the 16th bank failure of the year, and is directly tied to Alpha's construction and land development loan portfolio. Padlocks, originally uploaded by Rune T.
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09.26.08Capital Bank to acquire branches from Atlanta-based OmniFrom Yahoo: Capital Bank Corporation (Nasdaq: CBKN - News), headquartered in Raleigh, NC and the parent company of Capital Bank, today announced that it has entered into a definitive purchase agreement to acquire the four Fayetteville area offices of Omni National Bank in a cash transaction. Omni National Bank is the banking subsidiary of Omni Financial Services, Inc., a bank holding company headquartered in Atlanta, GA. As a result of this transaction, Capital Bank will assume deposits currently totaling approximately $105 million and will purchase approximately $50 million in selected loan balances. In addition, Capital Bank will acquire the real estate assets ...
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09.25.08Omni Financial cuts 20% of workforceOmni From the Atlanta Investor Wire: Facing substantial losses stemming from its real estate redevelopment loans, the bank has cut 20 percent of the company’s workforce, including the chief risk officer and president. In Atlanta, 19 people were given the axe. Not only that, the company was officially de-listed by NASDAQ. Additionally, the company’s quarterly financial reports are being delayed because of ongoing audits of the books. Things are not looking good at Omni National Bank. Lumberjack with Axe, originally uploaded by ron brewer.
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09.19.08Bank of America Plaza may add five-star hotelFrom the Atlanta Business Chronicle: Bank of America Plaza might one day be home to a five-star hotel, according to the commercial real estate company that owns the iconic Midtown skyscraper. At Thursday morning’s Midtown Alliance meeting at Bank of America Plaza in Atlanta, BentleyForbes Group Inc. President and CEO David Cobb said he wanted to put all rumors to rest and confirmed the commercial real estate company was exploring the possibility of converting the first 15 floors of Bank of America Plaza into a five-star hotel. Cobb also said BentleyForbes is in discussions with architects and some “high-end flags.” While he didn’t ...
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09.18.08Security Bank president resignsFrom the Macon Telegraph: The president and CEO of Macon-based Security Bank has resigned, the bank announced Wednesday. No reason was given for Averett "Rett" Walker's resignation, and a message left at Walker's home was not returned. Walker, 55, who was the bank's president for 12 years, also resigned his position as director of Security Bank Corp. and its affiliate, Security Bank of Bibb County. Tony Collins, Security executive vice president and regional executive of Atlanta, has assumed the position of president/CEO on an interim basis, Senior Vice President Lorraine Miller said. While the bank has faced challenges this year in the residential real estate ...
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09.08.08Buckhead condo goes rentalFrom the Atlanta Business Chronicle: Facing a glut of condominiums in Atlanta and the national credit crunch, a Buckhead condo developer has decided to go rental. Mezzo, the 94-unit, 20-story tower at 2171 Peachtree Road, will be available for rental in mid-September. “Since its inception, interest in Mezzo has been very strong,” said Scott L. Leventhal, president and CEO of Tivoli Properties Inc., Mezzo’s developer, in a statement. “However, given the current state of the credit markets and challenges in obtaining mortgage financing, we decided to implement our rental plan, which was always contemplated, rather than lower prices to force a sale.” Rent will ...
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09.03.08Comstock, BB&T: “friendly” $32.7 million foreclosure agreementComstock Homebuilding Companies, Inc. (NASDAQ: CHCI) recently announced that it and certain of its subsidiary companies have entered into a foreclosure agreement with BB&T over $32.7 million of the company's $144.0 million of secured debt. Under the terms of the agreement, Comstock will cooperate in the foreclosure process, and BB&T will release the company from any post-foreclosure deficiency liability. Atlanta-area properties included in the foreclosure agreement include lots at Maristone, Wyngate, and Glen Ivy. Sign Of The Times - Foreclosure, originally uploaded by respres.
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09.03.08Post Sets Tighter FocusFrom the Wall Street Journal: When Post Properties Inc. put itself on the selling block earlier this year, no buyers emerged. Now the company has unveiled its Plan B: restructure itself for growth. Post, an Atlanta-based residential landlord that owns more than 20,000 mostly upscale apartments, outlined last month a plan designed to downsize and streamline the company. The strategy includes selling an estimated $500 million of property -- eight sites, marking the biggest asset sale since its founding in 1971 -- and using the proceeds to buy back stock, reduce debt and, potentially, issue a special dividend to shareholders. Post has also ...