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Financial Services

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  • Business

    PPP loans are bright spots, but banks face uncertainties

    Banks could not give guidance on future quarters, given unknowns surrounding the coronavirus and its potential impact on the U.S. economy and consumers.

    By Christin Yates July 29, 2020
  • Business

    Pinnacle touts mortgage business in Q2 affected by COVID-19

    Pinnacle granted payment deferrals on $4.4 billion in loans and issued $2.2 billion in Paycheck Protection Program (PPP) loans to customers affected by the pandemic.

    By Christin Yates July 22, 2020
  • Business

    First Horizon says additional stimulus would benefit many customers

    Loan loss provisions increased to $538 million, up from $145 million the previous quarter.

    By Christin Yates July 17, 2020
  • Business

    Beige Book reports increase in economic activity, but well below 2019 levels

    Home sales and construction activity were among the brightest spots in economic activity in the Federal Reserve District that includes Memphis. 

    By Christin Yates July 15, 2020
  • Business

    Paycheck Protection loan applications resume

    Paycheck Protection Program forgivable loan applications resume with Aug. 8 deadline and nearly $130 billion still left in the program till.

    By The Daily Memphian Staff July 06, 2020
  • Business

    Memphis banks’ earnings down in Q1, above national average

    Loan-loss provisions significantly impacted earnings as banks responded to potential credit problems due to the pandemic.

    By Christin Yates June 18, 2020
  • Business

    First Horizon, Iberiabank merger gains regulatory approval

    After closing, approximately 56% of the combined company will be held by legacy First Horizon shareholders and approximately 44% will be held by legacy Iberiabank shareholders.

    By The Daily Memphian Staff June 15, 2020
  • Business

    PPP small business loans more likely to be forgiven under new guidelines

    With the new flexibility measures in place, bonuses, hazard pay and pay for furloughed employees can be included in payroll expenses as well as taxes withheld from employees’ paychecks.

    By Christin Yates June 15, 2020
  • Metro

    Governor Lee announces millions for business owners

    Roughly 28,000 businesses shutdown by the pandemic will be eligible to receive a share of funding, governor says.

    By Sam Stockard June 02, 2020
  • Business

    Memphis music gets a hand up from EDGE

    A dozen businesses including recording studios and a prominent music venue were approved for grants to help small, inner-city businesses recover from COVID-19.

    By Wayne Risher May 29, 2020
  • Business

    Beige Book: Health care, retail, hospitality among biggest drags on economy

    Federal Reserve economist Kevin Kliesen says pace of recovery will depend on the speed restrictions are lifted and "the willingness of individuals to resume normal life."

    By Christin Yates May 28, 2020
  • Business

    Construction, insurance principals combine on new venture

    New company got a boost for sanitizing and disinfecting properties because of COVID-19, but its focus is restoration and mitigation from weather damage.

    By Toni Lepeska May 27, 2020
  • Business

    Paragon Bank reports most profitable Q1 in its history

    The Memphis-based bank has processed more than 700 Paycheck Protection Program loans, totaling $90 million in loan volume.

    By Christin Yates May 26, 2020
  • Business

    Raymond James colleagues reunite for Mid-South Food Bank

    The company's 937 employees in Memphis have worked from home during the pandemic, but a number reconvened Thursday to donate food and money for the Mid-South Food Bank.

    By Tom Bailey May 27, 2020
  • Business

    Second round of PPP funds to soon run out

    The second round of the Paycheck Protection Program's forgivable-loan funds is running out. Banks are scrambling to help small businesses before the money is gone.

    By Christin Yates May 08, 2020
  • Business

    Stimulus check: Pay to the order of deceased Memphian

    James D. "Jimmy" Edwards died on Oct. 23, 2018. This week, a $1,200 stimulus check arrived in the mail for the late Memphian.

    By Tom Bailey May 06, 2020
  • Business

    Memphis banks respond to COVID-19

    Pinnacle Financial Partners, for one, does not "feel rushed by any means to reopen our lobbies."

    By Christin Yates May 01, 2020
  • Business

    Ellen Taylor to lead investor relations for First Horizon

    With three decades of experience in financial services, capital markets and investor relations, Taylor will lead the Memphis company in a new era merged with Iberiabank.

    By The Daily Memphian Staff April 28, 2020
  • Business

    Shareholders approve First Horizon, Iberiabank merger

    The combined company will operate under the First Horizon name and be headquartered in Memphis. 

    By The Daily Memphian Staff April 24, 2020
  • Update Business

    Update: First Horizon adds $135M to loan loss provision in Q1

    Memphis banking company expects to close on its $3.9 billion merger with Iberiabank by the end of the second quarter.

    By Christin Yates April 21, 2020
  • Update Business

    Update: Pinnacle earnings down in first quarter

    Return on average assets and on common equity fall sharply in the first quarter as Pinnacle boosted reserves for loan losses by $86 million.

    By Christin Yates April 21, 2020
  • Business

    BancorpSouth beats estimates in Q1, focuses on navigating COVID-19

    BancorpSouth records $46 million provision for loan losses as COVID-19 increases loan volume under CARES Act.

    By Christin Yates April 20, 2020
  • Business

    Small businesses left empty-handed as Paycheck Protection funds run out

    As Congress debates adding more funds to the Paycheck Protection Program, many small businesses try to hang on.

    By Christin Yates April 17, 2020
  • Business

    Latest Beige Book not optimistic, but ‘not surprising’

    The questions of how bad the economy could get still persist, making future Beige Book reports important for signs of how long the carnage could last.

    By Christin Yates April 16, 2020
  • Business

    Some VC, private equity firms on the outside of CARES Act

    Aggregation rules that impact the 500-employee threshold to receive federal relief funds through the Paycheck Protection Program have venture capital firms like SSM Partners in Memphis debating tough, complex decisions.

    By Christin Yates April 10, 2020

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