'Green' homes sprout in Nashville market
THE TENNESSEAN • May 26, 2009
For years, it's been nearly impossible to find a home for sale in Nashville certified as "green" by any of the major environmental programs in the nation. But that's changing.
Local real estate agents have added a capability to their multiple listing service that will let agents search for homes by various green features, from tankless water heaters to certifications such as Energy Star, a Department of Energy program to inspect and certify homes that are 20 percent to 30 percent more energy efficient than average.
Builders with some of Middle Tennessee highest volumes, such as Fox Ridge Homes and The Jones Co. of Tennessee, have begun building Energy Star-certified homes, expanding the inventory of such homes.
But the green features, which can add 10 percent or more to a home price, can be a tough sell to the average consumer. Agents say builders seem more interested in environmentally friendly homes than do many homebuyers.
Many people would rather have a sunroom than a solar water heater, even if they know what one is.
"There are certainly more builders with this on their radar than buyers," said Anna Altic, a real estate agent and eco-broker with Village Real Estate. "But I'm very optimistic we're going to see a real increase in demand."
Altic, who was instrumental in getting the green search function added to the local agents' listing service, said 124 Energy Star homes have been sold this year in Middle Tennessee, when the search function was added.
Only five homes with the more expensive LEED (Leadership in Energy and Environmental Design) certification from the U.S. Green Building Council have sold this year, she added.
"It's a harder sell, but every year it gets a little bit easier,'' said Jeff Middlebrooks, the owner of E3 Innovate in Nashville, which tests and rates homes for energy-efficiency certifications.
"Energy prices are only going to keep going up. Energy efficiency is going to become much more important. Five years ago, you never would have thought people would take insulation over granite countertops, but now, you're hearing that," he said.
June 15, 2009
Recycling Center will open in Spring Hill
Spring Hill recycling center opens soon
June 10, 2009
Lighten your garbage load by recycling at the new Spring Hill recycling center, which opens Monday, and is behind the Food Lion on Stephen P. Yokich Parkway.
The center will accept the following items: paper, cardboard, plastic, glass, steel cans and aluminum cans. Participants are asked to separate all items and not bring other trash or garbage.
The City of Spring Hill and Maury County teamed up, each approving $1,350 for the one-year partnership to encourage recycling by offering the site in the city's downtown.
June 10, 2009
Lighten your garbage load by recycling at the new Spring Hill recycling center, which opens Monday, and is behind the Food Lion on Stephen P. Yokich Parkway.
The center will accept the following items: paper, cardboard, plastic, glass, steel cans and aluminum cans. Participants are asked to separate all items and not bring other trash or garbage.
The City of Spring Hill and Maury County teamed up, each approving $1,350 for the one-year partnership to encourage recycling by offering the site in the city's downtown.
May 4, 2009
Burkitt Place new home starts
Regent Homes segues over to Burkitt Place
THE TENNESSEAN • April 29, 2009
Although new home construction in some places might be taking a hiatus due to the ailing economy, one local builder is taking on more.
Regent Homes, which has built homes in the mixed use community of Lenox Village, is now building some of the homes at nearby Burkitt Place.
"We've built out all of the lots we have for single-family detached homes in Lenox Village," said Dave McGowan, president of Regent Homes. But Burkitt Place has a similar section that has not been built out.
"We talked to them about going into that community and secured a contract for 24 lots," he said.
The first homes will range from $230,000 to the $280,000s, all with Hardie cement siding and a brick or stone combination.
Half will have fenced-in, alley-loaded garages, and the other half will have street-loaded garages.
McGowan said Regent also plans to introduce a bungalow series priced in the $250,000s designed for empty nesters. These would be one- or one-and-a-half-story with attached or detached garages.
McGowan said the company had found that a lot of empty nesters are looking to live in that area. He expects about 60 percent of Burkitt Place buyers to be empty nesters.
"It's a nice community, and it's a real convenient location," he said.
Young, professional, two-income families are the company's other target. McGowan said a community like this is attractive because it's an easy commute.
"We're really excited about adding them to our group of builders," said Rob Pease, project manager with CPS Land, the project's developer. "We think they're a natural fit for the community."
Pease said builders at Burkitt Place and at CPS's other communities are responding to the shaky economy by trying to appeal to more buyers.
"They have adjusted their offering to meet what seems to be a change in the market and in the economy," he said. For example, many builders are offering same quality of construction but less square footage to attract more buyers.
This change might be a little more pronounced in the high-end market. But, said Pease, "we're seeing it everywhere."
McGowan said he's not worried about the economy affecting Regent's plans at Burkitt Place or elsewhere.
"We found it to be a very steady, stable market," he said of Burkitt Place. "It's a growing, popular area" with positive job growth, he said.
Also, Regent has chosen to build in the Davidson County portion of Burkitt Place rather than the Williamson County portion, thereby avoiding the impact fees builders in Williamson County have to pay.
McGowan said Regent, which has been building in southeast Davidson County for years, tries to go into underserved markets and study their needs.
Many of Regent's buyers are well off and have equity in their homes, but they are looking to downsize, said McGowan. They want something that's low maintenance and allows for easy mobility.
"We know what's important to them and what's not," he said. "It's about identifying what that buyer wants and what price point he wants."
THE TENNESSEAN • April 29, 2009
Although new home construction in some places might be taking a hiatus due to the ailing economy, one local builder is taking on more.
Regent Homes, which has built homes in the mixed use community of Lenox Village, is now building some of the homes at nearby Burkitt Place.
"We've built out all of the lots we have for single-family detached homes in Lenox Village," said Dave McGowan, president of Regent Homes. But Burkitt Place has a similar section that has not been built out.
"We talked to them about going into that community and secured a contract for 24 lots," he said.
The first homes will range from $230,000 to the $280,000s, all with Hardie cement siding and a brick or stone combination.
Half will have fenced-in, alley-loaded garages, and the other half will have street-loaded garages.
McGowan said Regent also plans to introduce a bungalow series priced in the $250,000s designed for empty nesters. These would be one- or one-and-a-half-story with attached or detached garages.
McGowan said the company had found that a lot of empty nesters are looking to live in that area. He expects about 60 percent of Burkitt Place buyers to be empty nesters.
"It's a nice community, and it's a real convenient location," he said.
Young, professional, two-income families are the company's other target. McGowan said a community like this is attractive because it's an easy commute.
"We're really excited about adding them to our group of builders," said Rob Pease, project manager with CPS Land, the project's developer. "We think they're a natural fit for the community."
Pease said builders at Burkitt Place and at CPS's other communities are responding to the shaky economy by trying to appeal to more buyers.
"They have adjusted their offering to meet what seems to be a change in the market and in the economy," he said. For example, many builders are offering same quality of construction but less square footage to attract more buyers.
This change might be a little more pronounced in the high-end market. But, said Pease, "we're seeing it everywhere."
McGowan said he's not worried about the economy affecting Regent's plans at Burkitt Place or elsewhere.
"We found it to be a very steady, stable market," he said of Burkitt Place. "It's a growing, popular area" with positive job growth, he said.
Also, Regent has chosen to build in the Davidson County portion of Burkitt Place rather than the Williamson County portion, thereby avoiding the impact fees builders in Williamson County have to pay.
McGowan said Regent, which has been building in southeast Davidson County for years, tries to go into underserved markets and study their needs.
Many of Regent's buyers are well off and have equity in their homes, but they are looking to downsize, said McGowan. They want something that's low maintenance and allows for easy mobility.
"We know what's important to them and what's not," he said. "It's about identifying what that buyer wants and what price point he wants."
Plan cuts Cool Springs commutes
THE TENNESSEAN • April 22, 2009
FRANKLIN — While downtown motorists are being rerouted all around town to avoid ongoing construction projects, there's better news for those who frequent Cool Springs.
A new traffic signal timing program has reduced drive times in that area by up to 45 percent, according to city officials.
That's compared to last October, when new timing patterns for 23 Cool Springs traffic signals were first enacted, the result of an $89,150 traffic study that evaluated morning, noon and evening peak periods.
During December, engineers installed new timing patterns for the Christmas season. In February, a second phase of timing patterns were begun to handle average weekday traffic loads.
City officials say the changes have reduced traffic delays as well as vehicle emissions.
Before the study, a motorist attempting to drive the entire 23-intersection study area during a weekday could have faced up to 25.2 minutes in delays. Today, that time has been cut down to 18.5 minutes, according to a report by consultants Kimley-Horn and Associates.
"This study confirms the need to continue this program not only in Cool Springs, but other parts of the city as well," said Kevin Comstock, project manager. "I think the nation as a whole sees this as a positive aspect to traffic, that we can actually reduce delays and fuel consumption with timed traffic signals."
The new report says the city's traffic signals should be retimed every three years.
"The study suggests the city will continue to benefit over the next few years if we continue to research and calibrate our timing based on traffic studies such as this," said Eric Stuckey, city administrator.
The city began its ongoing traffic counts and Congestion Management Program back in 2006.
City officials are also slated to receive $550,000 in federal stimulus money to spend on the city's Intelligent Transportation System traffic project.
The project would add a number of traffic improvements such as greater synchronization, cameras and message boards.
FRANKLIN — While downtown motorists are being rerouted all around town to avoid ongoing construction projects, there's better news for those who frequent Cool Springs.
A new traffic signal timing program has reduced drive times in that area by up to 45 percent, according to city officials.
That's compared to last October, when new timing patterns for 23 Cool Springs traffic signals were first enacted, the result of an $89,150 traffic study that evaluated morning, noon and evening peak periods.
During December, engineers installed new timing patterns for the Christmas season. In February, a second phase of timing patterns were begun to handle average weekday traffic loads.
City officials say the changes have reduced traffic delays as well as vehicle emissions.
Before the study, a motorist attempting to drive the entire 23-intersection study area during a weekday could have faced up to 25.2 minutes in delays. Today, that time has been cut down to 18.5 minutes, according to a report by consultants Kimley-Horn and Associates.
"This study confirms the need to continue this program not only in Cool Springs, but other parts of the city as well," said Kevin Comstock, project manager. "I think the nation as a whole sees this as a positive aspect to traffic, that we can actually reduce delays and fuel consumption with timed traffic signals."
The new report says the city's traffic signals should be retimed every three years.
"The study suggests the city will continue to benefit over the next few years if we continue to research and calibrate our timing based on traffic studies such as this," said Eric Stuckey, city administrator.
The city began its ongoing traffic counts and Congestion Management Program back in 2006.
City officials are also slated to receive $550,000 in federal stimulus money to spend on the city's Intelligent Transportation System traffic project.
The project would add a number of traffic improvements such as greater synchronization, cameras and message boards.
March 2, 2009
Brentwood Library soon will be biggest
$5M expansion will include larger children's area and room for recorded arts
THE TENNESSEAN • February 18, 2009
BRENTWOOD — Brentwood will have the largest library in Williamson County once construction on an 11,000-square-foot expansion is completed in the fall.
When all is said and done, the Brentwood Library will measure in at 54,000 square feet, or 4,225 square feet larger than the Williamson County Library in Franklin.
"I think it's great. If you're expanding, it means you're improving," said Lee Vaugn, a frequent computer user at the library.
Vaugn is one of the library's 1,000 daily visitors accessing the library's 145,000-item collection.
Library borrowing is up 56 percent since it opened in 1998, according to Chuck Sherrill, director of Brentwood Library, who said the increase in library traffic sparked the expansion of the 10-year-old building.
"My biggest goal is not to ruin this big, beautiful building. It has served us very well. It has just gotten overcrowded. I hope people will walk in and not notice a change," said Sherrill.
But the $5 million project will bring extensive changes to the facility. Here's a rundown of what library patrons can expect.
Recorded arts room
The newly added recorded arts room, to be located near the reference desk, will feature more than 25,000 movies, audio books and music CDs for patrons to check out. The room will be named in honor of the Friends of the Library, which contributed $50,000 to the expansion.
"The Friends have been saving up money for the past two years, knowing that the library would need our help," said Karen Anderson, treasurer.
"We raised this money selling used books donated by library users and we are happy to give it back in this way."
Children's library
Local artists are preparing to come in and transform the children's area into a creative and interactive haven for kids. A park theme and sculptures of animals are planned for the new area.
An additional kids entrance to the library is being planned — possibly a tree trunk with a hole for the kids to climb through.
The renovation will create a larger area to be used for arts and crafts, creative writing and other projects.
Missy Dillingham, the children's librarian, says the additional space will allow them to expand popular book collections.
"We're really excited about the craft room. The downtown library has something like that, so it would be really cool to have something closer," said Shelley Armstrong. She and her 4-year-old son visit the library three times a week.
Story time room
Parents can also look forward to an expansion of the story time room to three times its current size, according to Dillingham.
"The room we have now has been crowded, but everyone still comes because the program is so popular, but now we won't be like sardines in a can," said Dillingham.
As planned, a muralist will come in and paint the walls from corner to corner with imaginative paintings. Another artist will come in and design a large stained-glass window to serve as the backdrop for the room.
Brentwood Room
Library director Chuck Sherrill says he is keeping quiet the name of the major contributor who is funding the expansion of the famed Brentwood Room, which houses local history and genealogy materials.
The room was closed in October and will open with more space and a new look, according to Sherrill. Rare books and files kept in the room are currently being housed in a storage space. The donor's name will be revealed when work on the project is complete.
More computers, conference space
The addition will add a new computer lab that will seat 15, to be used for special training and classes in addition to the library's current 25 computers being used by patrons.
More study rooms and a conference room that can be used by the public for meetings also are in the works. The 16-seat conference room and the five study rooms will be equipped with large wall-mounted computer screens specifically designed for meetings and instructional programs.
Several organizations and individuals are helping to raise funds for the expansion, including the Friends group, Brentwood Library Foundation and Leadership Brentwood.
THE TENNESSEAN • February 18, 2009
BRENTWOOD — Brentwood will have the largest library in Williamson County once construction on an 11,000-square-foot expansion is completed in the fall.
When all is said and done, the Brentwood Library will measure in at 54,000 square feet, or 4,225 square feet larger than the Williamson County Library in Franklin.
"I think it's great. If you're expanding, it means you're improving," said Lee Vaugn, a frequent computer user at the library.
Vaugn is one of the library's 1,000 daily visitors accessing the library's 145,000-item collection.
Library borrowing is up 56 percent since it opened in 1998, according to Chuck Sherrill, director of Brentwood Library, who said the increase in library traffic sparked the expansion of the 10-year-old building.
"My biggest goal is not to ruin this big, beautiful building. It has served us very well. It has just gotten overcrowded. I hope people will walk in and not notice a change," said Sherrill.
But the $5 million project will bring extensive changes to the facility. Here's a rundown of what library patrons can expect.
Recorded arts room
The newly added recorded arts room, to be located near the reference desk, will feature more than 25,000 movies, audio books and music CDs for patrons to check out. The room will be named in honor of the Friends of the Library, which contributed $50,000 to the expansion.
"The Friends have been saving up money for the past two years, knowing that the library would need our help," said Karen Anderson, treasurer.
"We raised this money selling used books donated by library users and we are happy to give it back in this way."
Children's library
Local artists are preparing to come in and transform the children's area into a creative and interactive haven for kids. A park theme and sculptures of animals are planned for the new area.
An additional kids entrance to the library is being planned — possibly a tree trunk with a hole for the kids to climb through.
The renovation will create a larger area to be used for arts and crafts, creative writing and other projects.
Missy Dillingham, the children's librarian, says the additional space will allow them to expand popular book collections.
"We're really excited about the craft room. The downtown library has something like that, so it would be really cool to have something closer," said Shelley Armstrong. She and her 4-year-old son visit the library three times a week.
Story time room
Parents can also look forward to an expansion of the story time room to three times its current size, according to Dillingham.
"The room we have now has been crowded, but everyone still comes because the program is so popular, but now we won't be like sardines in a can," said Dillingham.
As planned, a muralist will come in and paint the walls from corner to corner with imaginative paintings. Another artist will come in and design a large stained-glass window to serve as the backdrop for the room.
Brentwood Room
Library director Chuck Sherrill says he is keeping quiet the name of the major contributor who is funding the expansion of the famed Brentwood Room, which houses local history and genealogy materials.
The room was closed in October and will open with more space and a new look, according to Sherrill. Rare books and files kept in the room are currently being housed in a storage space. The donor's name will be revealed when work on the project is complete.
More computers, conference space
The addition will add a new computer lab that will seat 15, to be used for special training and classes in addition to the library's current 25 computers being used by patrons.
More study rooms and a conference room that can be used by the public for meetings also are in the works. The 16-seat conference room and the five study rooms will be equipped with large wall-mounted computer screens specifically designed for meetings and instructional programs.
Several organizations and individuals are helping to raise funds for the expansion, including the Friends group, Brentwood Library Foundation and Leadership Brentwood.
February 26, 2009
A quote from Suze Orman
Owning a home is a keystone of wealth... both financial affluence and emotional security.
Suze Orman - 2009
Suze Orman - 2009
Ready to own your first house? Congress sweetens the deal
The 2009 economic stimulus bill, passed in February, offers first time home buyers a nifty perk: A 10 percent tax credit up to $8,000 for home purchases made in 2009.
The tax credit is limited to buyers who have never purchased a home or those who haven't owned a home in three years.
Last year Congress passed a similar tax credit but there is one significant difference between that one and this new credit: You don't have to pay back the new credit.
In addition this new credit is 'refundable.' That means the credit pays for the taxes you owe and if the credit is more than the taxes owed, you get a check for the difference.
The tax credits make the decision of whether to rent or own a much easier one and it seems buyers are making their move.
The most recent home sales figures (from December 2008) show a 6.5 percent increase in home sales. This surge in home sales, especially in the midwest and south, suggest that tax credits, plus favorable buying conditions have made home ownership very affordable.
Right now interest rates are at 5 percent or lower while home prices are very reasonable. Some experts say the combination has made homes more affordable today than they have been in 20 years. That means you can own a great home sometimes for the same cost as renting.
Homeownership has been called 'The American Dream,' because homeowners take great pride in owning a slice of America. As a homeowner, you can make your home and your lot into exactly what you want, tailoring it to suit your tastes and life style.
What many non-homeowners do not realize is that their home, and the improvements they make on it, increase in value over time. That is one reason why homeowners are worth 35 times more than the average renter. According to David Bach, author of The Automatic Millionaire Homeowner, real estate is the best way to take an ordinary income and expand it.
"As long as you're alive, you have to live somewhere. Why not let where you live make you rich?" Bach writes.
The tax credit is limited to buyers who have never purchased a home or those who haven't owned a home in three years.
Last year Congress passed a similar tax credit but there is one significant difference between that one and this new credit: You don't have to pay back the new credit.
In addition this new credit is 'refundable.' That means the credit pays for the taxes you owe and if the credit is more than the taxes owed, you get a check for the difference.
The tax credits make the decision of whether to rent or own a much easier one and it seems buyers are making their move.
The most recent home sales figures (from December 2008) show a 6.5 percent increase in home sales. This surge in home sales, especially in the midwest and south, suggest that tax credits, plus favorable buying conditions have made home ownership very affordable.
Right now interest rates are at 5 percent or lower while home prices are very reasonable. Some experts say the combination has made homes more affordable today than they have been in 20 years. That means you can own a great home sometimes for the same cost as renting.
Homeownership has been called 'The American Dream,' because homeowners take great pride in owning a slice of America. As a homeowner, you can make your home and your lot into exactly what you want, tailoring it to suit your tastes and life style.
What many non-homeowners do not realize is that their home, and the improvements they make on it, increase in value over time. That is one reason why homeowners are worth 35 times more than the average renter. According to David Bach, author of The Automatic Millionaire Homeowner, real estate is the best way to take an ordinary income and expand it.
"As long as you're alive, you have to live somewhere. Why not let where you live make you rich?" Bach writes.
February 25, 2009
In this economy, small is beautiful for banks
Local upstarts grow, maintain lending power
The Tennessean, February 25, 2009
BRENTWOOD — While many large national banks are being bought out or crushed in the nationwide credit crunch, a different scenario is playing out for some locally owned financial institutions that have said "no thanks" to federal bailout money.
Brentwood-based Reliant Bank, only 3 years old, soon will open a 17,000-square-foot Franklin branch off South Royal Oaks Boulevard as well as a 4,900-square-foot branch in Green Hills.
The bank's assets went from $205 million in December 2007 to $317 million in December 2008, "a 54 percent increase year over year in a very challenging year," said Brian Shaw, executive vice president and head of retail banking for Reliant.
Franklin-based Tennessee Commerce Bank grew 30 percent last year and has the largest deposit market share in the county.
And the recession isn't scaring off new kid on the block Franklin Synergy, which has plans to open a new Columbia Avenue branch.
"I would say community banks, as a whole, are faring a little better than regional banks and significantly better than national banks," said Tim Amos, senior vice president and general counsel for the Tennessee Bankers Association. "There's no doubt that, because of their dynamics and geographic orientation, (large banks) are going to have more challenges than if you're in a local market."
Local people, local decisions
Reliant Bank President DeVan Ard attributes the bank's success in part to the fact that the company makes its decisions locally.
The bank has the third largest deposit market share in Brentwood and the eighth largest share in the county, according to the FDIC market share data.
"We empower our people to make common sense decisions," said Shaw. "We try to blend the services and conveniences of larger regional banks with the feel of a small, locally-owned hometown bank."
Franklin Synergy promotes a similar philosophy.
"We're truly a local bank," said Aimee Punessen, senior vice president for marketing, public and investor relations. "Our board is all local. Our shareholders are local. Our deposit base is local."
The bank opened a little more than a year ago with a Cool Springs branch and has $200 million in assets, $170 million in deposits and about 800 customers.
Franklin Synergy hopes to gain a larger deposit market share in the county with its Columbia Avenue branch and an upcoming Brentwood branch but has no plans to expand outside the county.
Niche opportunities
Local banks also have the opportunity to get involved in the local community or zero in on niche interests within the area, and banks here seem to relish the opportunity.
Reliant offers free Internet and printer access to customers and provides space at its Lenox Village branch for a group of seniors who meet weekly for coffee.
Shaw said Reliant has solicited feedback from customers about what they like about the bank.
"They say it feels like home," he said. "They know us, and we know them."
Punessen said Franklin Synergy has a strong emphasis on the local real estate market.
Tennessee Commerce Bank chairman and chief executive officer Art Helf pointed to his bank's business-oriented services and philosophy.
"We have somewhat of a unique footprint," he said. "Our focus is on small and midsize businesses and entrepreneurs."
But whether that personal touch gives local banks an advantage is "sometimes hard to measure," Amos said.
Amos said regional banks also offer niche products and strive to provide the same level of personal service. "It's all part of being competitive in the market."
Credit crunch helps
Most banks were clamoring for a chunk of the federal government's $700 billion bailout plan, but Tennessee Commerce Bank turned the money down.
The eight-year-old bank has grown at a rate of about 50 percent a year. That growth dropped some last year, but the bank met its goals and exceeded everyone's expectations, Helf said.
Reliant also voted not to take part in the bailout.
The economic downturn actually helped boost the bank's loan portfolio, Ard said. While other banks were pulling back, Reliant was able to continue to lend because it was well capitalized.
Franklin Synergy, too, benefited from the banking turmoil, Punessen added.
"If you have money to lend," it's a good time to start a local bank, she said.
The Tennessean, February 25, 2009
BRENTWOOD — While many large national banks are being bought out or crushed in the nationwide credit crunch, a different scenario is playing out for some locally owned financial institutions that have said "no thanks" to federal bailout money.
Brentwood-based Reliant Bank, only 3 years old, soon will open a 17,000-square-foot Franklin branch off South Royal Oaks Boulevard as well as a 4,900-square-foot branch in Green Hills.
The bank's assets went from $205 million in December 2007 to $317 million in December 2008, "a 54 percent increase year over year in a very challenging year," said Brian Shaw, executive vice president and head of retail banking for Reliant.
Franklin-based Tennessee Commerce Bank grew 30 percent last year and has the largest deposit market share in the county.
And the recession isn't scaring off new kid on the block Franklin Synergy, which has plans to open a new Columbia Avenue branch.
"I would say community banks, as a whole, are faring a little better than regional banks and significantly better than national banks," said Tim Amos, senior vice president and general counsel for the Tennessee Bankers Association. "There's no doubt that, because of their dynamics and geographic orientation, (large banks) are going to have more challenges than if you're in a local market."
Local people, local decisions
Reliant Bank President DeVan Ard attributes the bank's success in part to the fact that the company makes its decisions locally.
The bank has the third largest deposit market share in Brentwood and the eighth largest share in the county, according to the FDIC market share data.
"We empower our people to make common sense decisions," said Shaw. "We try to blend the services and conveniences of larger regional banks with the feel of a small, locally-owned hometown bank."
Franklin Synergy promotes a similar philosophy.
"We're truly a local bank," said Aimee Punessen, senior vice president for marketing, public and investor relations. "Our board is all local. Our shareholders are local. Our deposit base is local."
The bank opened a little more than a year ago with a Cool Springs branch and has $200 million in assets, $170 million in deposits and about 800 customers.
Franklin Synergy hopes to gain a larger deposit market share in the county with its Columbia Avenue branch and an upcoming Brentwood branch but has no plans to expand outside the county.
Niche opportunities
Local banks also have the opportunity to get involved in the local community or zero in on niche interests within the area, and banks here seem to relish the opportunity.
Reliant offers free Internet and printer access to customers and provides space at its Lenox Village branch for a group of seniors who meet weekly for coffee.
Shaw said Reliant has solicited feedback from customers about what they like about the bank.
"They say it feels like home," he said. "They know us, and we know them."
Punessen said Franklin Synergy has a strong emphasis on the local real estate market.
Tennessee Commerce Bank chairman and chief executive officer Art Helf pointed to his bank's business-oriented services and philosophy.
"We have somewhat of a unique footprint," he said. "Our focus is on small and midsize businesses and entrepreneurs."
But whether that personal touch gives local banks an advantage is "sometimes hard to measure," Amos said.
Amos said regional banks also offer niche products and strive to provide the same level of personal service. "It's all part of being competitive in the market."
Credit crunch helps
Most banks were clamoring for a chunk of the federal government's $700 billion bailout plan, but Tennessee Commerce Bank turned the money down.
The eight-year-old bank has grown at a rate of about 50 percent a year. That growth dropped some last year, but the bank met its goals and exceeded everyone's expectations, Helf said.
Reliant also voted not to take part in the bailout.
The economic downturn actually helped boost the bank's loan portfolio, Ard said. While other banks were pulling back, Reliant was able to continue to lend because it was well capitalized.
Franklin Synergy, too, benefited from the banking turmoil, Punessen added.
"If you have money to lend," it's a good time to start a local bank, she said.
February 24, 2009
Nashville Metro Parks draw investors
THE TENNESSEAN • February 19, 2009
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park.
Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park’s historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
“It’s an exciting process,” said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
“The park is a jewel because it’s large and diverse and sits in the middle of an urban area. It’s very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone’s voice can be heard.”As one of the city’s oldest parks, Shelby Park’s first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville’s oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5. “Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs,” said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring. The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
“The McCabe Community Center would be a great improvement for the neighborhood,” said Rob Robinson, a Sylvan Park resident.
“The plans I’ve seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods.”
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization.
A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
“We want to work to protect and support the park and also represent the constituents who use it,” Creekmore said. “It’s good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard.”
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
“Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro,” said Curt Garrigan, assistant parks director.
“They are mostly important for advocacy and maintaining a sense of ownership on the part of community.”
From new community centers, to gathering information for master plans, improvements are coming to popular West and East Nashville Metro Parks.
East Nashville residents are currently working with Metro Parks officials to create a plan that will be a guide for future development in Shelby Park.
Many residents agree there is room for improvement to the existing park and have suggested ball field enhancements, parking improvements as well as preserving the park’s historic character.
Others recommend new features like a multi-use sports/special events field, pedestrian and bicycle improvements along with a driving range.
“It’s an exciting process,” said Laura Creekmore, who lives near Shelby Park and is the vice president of the Friends of Shelby Park and Bottoms organization.
“The park is a jewel because it’s large and diverse and sits in the middle of an urban area. It’s very appropriate that the park department undertakes this kind of plan. They solicited a lot of input so everyone’s voice can be heard.”As one of the city’s oldest parks, Shelby Park’s first 151 acres opened to the public in 1912. The park hosted the first city baseball league in 1915 and remains home to Nashville’s oldest municipal golf course, which opened in 1924.
Two additional public meetings are scheduled, the next one for Thursday, March 5. “Input from current and new users is essential because it helps us determine the best allocation of capital resources, greenspace and programs,” said Jackie Jones, spokeswoman for Metro Parks.
Although funds are not immediately available to implement the master plan, park officials are optimistic that resources will be available in the future.
Renovations planned for the McCabe Community Center in Sylvan Park are being finalized, said Curt Garrigan, assistant director of Metro Parks. Construction could start as early as this spring. The current center, at 46th Avenue North and Murphy Road, will be demolished and residents can utilize Hadley or West parks in the interim.
“The McCabe Community Center would be a great improvement for the neighborhood,” said Rob Robinson, a Sylvan Park resident.
“The plans I’ve seen look like a building that neighbors would be more likely to use and that would be likely to draw visitors from other nearby neighborhoods.”
The creation of a Shelby Park Master Plan comes on the heels of the recent approval of the Friends of Shelby Park and Bottoms organization.
A friends group, which must be approved by the park board, operates under the board's authority and must report fundraising, membership and projects for approval and annual review.
“We want to work to protect and support the park and also represent the constituents who use it,” Creekmore said. “It’s good timing that we are forming this organization as the park department is turning their attention to Shelby Park. We want to make sure the voice of the community is heard.”
As city budgets become increasingly stretched, the friends groups are vital to the parks system. Similar organizations have formed at Parmer in Belle Meade, Centennial, Edwin and Percy Warner, Beaman and Greenways for Nashville, among others.
Friends of Warner Parks are moving forward with the purchase of the 324-acre H.G. Hill-owned property home to an old growth forest. They have collected $9.4 million, but still lack the $1.6 million needed to close the deal. Plans are to deed the land to Metro to become part of Warner Parks.
In 1996-97, the group raised almost $5 million to build the Warner Park Nature Center near the junction of Old Hickory Boulevard and Highway 100 South and two years ago, collected $5 million to buy 130 acres on Highway 100 to preserve the park's views.
“Friends groups are important and can help with some private fundraising and some maintenance, which takes the burden off of Metro,” said Curt Garrigan, assistant parks director.
“They are mostly important for advocacy and maintaining a sense of ownership on the part of community.”
February 20, 2009
Ask the Expert
Q How can I tap into an IRA at age 55 without penalty
A If you want to retire early, but don't want to pay the 10 percent early withdrawal penalty on your IRA, here's how to do it.
You can apply for 72(t) distributions to avoid the penalty. Under that plan, you agree to make equal periodic withdrawals for five years or until you reach age 59 1/2, whichever comes later.
If your retirement savings are in a 401(k), you would have to roll them over into an IRA in order to take advantage of the 72(t) options.
There are three methods for calculating the monthly distribution amounts that are approved by the Internal Revenue Service. Your tax professional will help you determine which plan to choose. Annual payments are set up for a 29.6 year life expectancy for 55-year-olds.
Prudential Insurance customer service department gives an example of the withdrawal for a 55-year-old who has $250,000 in an IRA and wants to set up a 72(t). Under the Minimum Distribution Method, the monthly check would be about $703, which would be the least you could take. Under the Amortization and Annuitization Methods, it would be about $500 to $600 a month more than that.
Distribution amounts also vary according to the interest rate used in the calculations, which was 4.3 percent in this example.
A If you want to retire early, but don't want to pay the 10 percent early withdrawal penalty on your IRA, here's how to do it.
You can apply for 72(t) distributions to avoid the penalty. Under that plan, you agree to make equal periodic withdrawals for five years or until you reach age 59 1/2, whichever comes later.
If your retirement savings are in a 401(k), you would have to roll them over into an IRA in order to take advantage of the 72(t) options.
There are three methods for calculating the monthly distribution amounts that are approved by the Internal Revenue Service. Your tax professional will help you determine which plan to choose. Annual payments are set up for a 29.6 year life expectancy for 55-year-olds.
Prudential Insurance customer service department gives an example of the withdrawal for a 55-year-old who has $250,000 in an IRA and wants to set up a 72(t). Under the Minimum Distribution Method, the monthly check would be about $703, which would be the least you could take. Under the Amortization and Annuitization Methods, it would be about $500 to $600 a month more than that.
Distribution amounts also vary according to the interest rate used in the calculations, which was 4.3 percent in this example.
Subscribe to:
Posts (Atom)
Posts
