The founder and CEO of a fast-growing regional bank says his leadership team may relocate to Nashville.
Speaking to al.com, ServistFirst Bancshares Tom Broughton said he is talking about tax incentives to both Alabama and Tennessee officials and may relocate part or all of the company's home office. ServisFirst entered the Nashville market almost two years ago and has since then built a loan book of more than $125 million here.
"We're just trying to anticipate our needs down the road. We ran out of space here a couple of years ago," Broughton said. "Do we do everything here? Do we move some to Atlanta? Do we move some to Nashville? Those are high growth markets. That's a question – nobody much wants to live in Atlanta, because of the traffic – Nashville is much more attractive from that standpoint."
ServisFirst was founded in 2005 and went public last year. The company (Ticker: SFBS) now has a market value of about $900 million and is active in five Alabama markets as well as in Nashville; Pensacola, Florida; Charleston, South Carolina; and Atlanta, where it recently bought a small bank. It finished the first quarter of this year with a profit of about $13 million — its Atlanta purchase resulted in $2.1 million in charges — and total assets of $4.4 billion. The latter number was up from $3.6 billion a year earlier.
The state budget passed last week included $8 million in incentives for a potential fourth season of local filming of the ABC show Nashville. A decision on whether the show will return should be made soon. Metro and the Nashville Convention and Visitors Corp. are preparing their own slices of the incentives pie, but the details are still to be revealed. Nate Rau at The Tennessean has more info here.
In discussions with government officials, representatives from the show prepared a fact sheet touting its impact on the local economy. Local tourism leaders have tied the city's booming leisure travel at least in part to the popularity of "Nashville." However, no official economic impact study has been conducted.
After some gnashing of the teeth, it appears Nashville will continue to be filmed in Nashville thanks to an $8 million incentive package that includes $500,000 from Ryman Hospitality Properties. Chris Bundgaard at News2 has a breakdown of the numbers, which amount to two-thirds of what the ABC series received during its first two seasons.
The Metro Council Tuesday night preliminarily approved a $66 million incentive package for HCA Holdings related to a North Gulch headquarters development for two of the company's subsidiaries.
As reported by our friends at the Nashville Scene, the incentive is almost identical to the package offered to the company in 2012 for a site plan at the proposed West End Summit, which later fell through.
The new package, for HCA's new North Gulch site, advanced quickly with nary a word, except for Councilman Ronnie Steine's introduction in which he stated that "there are few better corporate citizens than HCA."
The 32-acre site, on which HCA will develop about 11 acres, is located north of Charlotte Avenue and is targeted be the future headquarters of Parallon Business Solutions and Sarah Cannon Research Institute.
A Haslam administration deal to lure Hankook Tire Co. Ltd. to invest some $800 million in a manufacturing facility and create some 1,800 jobs in the Clarksville area comes with a $72 million incentive package, according to state officials.
State funds will come in the form of reimbursable grants for job training, site prep and some funding for a cultural center to help ease the transition for Korean nationals locating to the state, said ECD spokesman Clint Brewer. The deal also includes a clawback provision, he said.
The announcement comes less than a year after another large ECD development promising hundreds of jobs to the area fell through. In 2009, Hemlock Semiconductor agreed to build a $1.2 billion facility in the area, but earlier this year let go of some 300 employees and has yet to open the plant. The Hemlock deal came before the state began using clawback provisions to ensure that tax dollars spent to lure businesses here are refunded if the company fails to produce jobs.
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