News Briefs

Batesville newspaper names new publisher
   The Panolian in Batesville has named Chris Smith as its new publisher. Smith is a graduate of The University of Alabama and had 15 years experience in the newspaper business, having served in Arkansas, Indiana, Tennessee, and Georgia. He has spent the last seven years as editor and publisher of the Thomaston Times in Thomaston, Georgia.

Northwest Mississippi Community College increases in enrollment
    Setting records each fall since 1995, enrollment figures at Northwest Community College climbed for the fifth consecutive year. On all campuses 4,917 full and part time students have registered for fall semester 1999. The total reflects a 2.78% increase over last falls 4,784.

Greenville real estate firm announces new lease agreement

    Commercial Real Estate Broker Mal Kretschmar announces that a lease agreement has been fully consummated for the 2 story building located at 309 Washington Avenue in Greenville, Mississippi. Kretschmar advises that both stories measure at 3,144 square feet in size for a total of 6,288 square feet. The building has an elevator, some 25 to 40 tons of central heating and air-conditioning fully servicing both floors and bathrooms, offices and sales area on both floors.
    Kretschmar mentions that the building is widely know for its distinctive marble store front. Prior to 1999, this building was the address of an extremely successful retail family who served the Ark-La-Miss well for over 69 years.
Union Planters Corporation agrees to acquire mortgage
    Union Planters Corporation announced on August 30  that it has agreed to acquire the wholesale mortgage origination franchise of Colonial Mortgage Company, a subsidiary of Colonial BancGroup, Inc. with headquarters in Montgomery, Alabama. The acquisition, is scheduled to close in October of this year.
    Colonial Mortgage wholesale production was over $3.6 billion of mortgage loans in 1998 and over $1.7 billion during the first size months of 1999. Colonial Mortgage operates on a national basis with a major presence in Florida, Texas, and Alabama, which will complement the Union Planters banking presence in the Southeast. Colonial Mortgage ranked 26th in the nation in brokered loan originations last year and will significantly expand the volume and scope of Union Planters' wholesale origination activities. Twelve offices, over 175 employees, and approximately 2,200 new broker relationships will be added to Union Planters' mortgage origination business as a result of the acquisition. In 1998, Union Planters originated $2.5 billion during in mortgages and $1.8 billion during the first six months of 1999.

Available grant funds for national service programs

    The Mississippi Commission for Volunteer Service (MCVS) is announcing the availability of funds for new Mississippi National Service programs. These grants are available competitively to state and local government, universities/junior colleges, school districts/local schools and nonprofit community action agencies. Programs must address the most critical education, public safety, environment, or human needs in Mississippi's communities.
    AmeriCorps is part of a national service program designed to strengthen citizenship and the ethic of service by engaging thousands of Americans on a full or part-time basis to help communities address their toughest challenges. In exchange for a year or two of service, AmeriCorps members receive a modest living stipend and earn a post-service education award. Learn & Serve is part of a national service program designed to provide service-learning opportunities to schools and community-based organizations to involve students in service to communities as part of their academic experience and personal development.
    Technical assistance information for organizations that are interested in sponsoring a Mississippi National Service program is available. All interested individuals and or agencies are encouraged to attend a public forum scheduled in their area in order to learn of these available funds.

Directory of Mississippi manufacturers to be available from MMA

    The Directory of Mississippi Manufacturers will soon be available from the Mississippi Manufacturers Association. Effective August 1, 1999 the Mississippi Department of Economic and Community Development will no longer publish the "Manufacturers Directory."
T    he MMA will begin distributing the "Directory of Mississippi Manufacturers 2000" some time in November or December 1999. The Directory will feature: The MDECD will continue to conduct computerized "cross-match" searches on request by contacting Lanny McKay at 601-359-3593.
Watch for details on how to get your copy of the new "Directory of Mississippi Manufacturers 2000" from MMA.

Mississippi Chemical Corporation announces intention to reduce dividend

The Board of Directors of Mississippi Chemical Corporation announced its intention to reduce its regular quarterly cash dividend of 10 cents per common share to 3 cents per common share at its October board meeting due to the current operating conditions within the fertilizer industry. The reduction will result in cost savings of approximately $1.8 million per quarter.
"It is our goal to steer the company through the current depressed environment in the nitrogen industry in a manner that will allow us to emerge with financial strength and flexibility to maximize the earnings potential of the company in more normal conditions," Charles O. Dunn, president and chief executive officer, said. "With this in mind, the Board's decision to reduce the dividend is a prudent action and one which we believe to be in the long-term best interest of the shareholders and the company."
    Mississippi Chemical Corporation, through its wholly owned subsidiaries, produces and markets all three primary crop nutrients. Nitrogen, phosphorus and potassium based products are produced at facilities in Mississippi, Louisiana and New Mexico and through a joint venture in the Republic of Trinidad and Tobago.

First M&F Corporation declares quarterly dividend

The Board of Directors of First M&F Corporation at its meeting September 8, declared a quarterly cash dividend of $.25 per share, that was payable September 30 to stockholders of record as of September 22. This represents a 43.5 percent payout, based upon 1999 first six months earnings of $1.15 per share.
First M&F Corporation is a $717 million bank holding company with banking locations throughout Central and North Mississippi.

College Board approves salaries for institutional executive officers at comprehensive universities

The Board of Trustees of State Institutions of Higher Learning at its September meeting voted to raise the salaries of Institutional Executive Officers (IEOs) at Mississippi State University, The University of Mississippi and The University of Southern Mississippi to $150,000, for Fiscal Year 2000 (FY2000). The Board also announced that it had acted at its August meeting to increase the Commissioner of Higher Education's salary to $160,000, FY2000.
In making the recommendation to raise the salaries, Budget & Financial Affairs Committee Chair, J. Marlin Ivey, said, "We believe the salary increases are most deserved."
    The Board voted to accept the first draft of an Institutional Executive Officer Compensation Policy concerning foundation salary supplements for IEOs at the three comprehensive universities. The policy will be on the agenda for the October meeting.
In other action, the Board unanimously approved the establishment of a Master of Science Degree in Workforce Education Leadership, to be offered jointly by Alcorn State University and Mississippi State University.
The Board also voted unanimously to rename The University of Southern Mississippi Center for Gifted Studies The Frances A. Karnes Center for Gifted Studies.
Back