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News Briefs Hilton Hotels plans purchase of Grand Casinos, Inc. Plans are underway for Hilton Hotel’s, Inc., of Minnetonka, Minnesota to purchase three casinos in Mississippi from Grand Casinos, Inc. Grand Casinos has operations in Gulfport, Biloxi and Tunica county, and last month, purchased the Lady Luck Casino in Biloxi for $15 million. Hilton’s yet unnamed new casino company has been positioning itself for some time to expand it’s operations in the casino industry. According to Mississippi gaming officials, as the state’s casino gaming industry grows other corporate titans are sure to locate in the state. Mirage Casinos, Inc. is building the Beau Rivage casino and resort in Biloxi. Hilton’s method of operation is acquiring existing casinos. Mississippi International Balloon Classic & Air show is a success for Greenville The Mississippi International Balloon Classic & Air show made its Greenville debut last month with organizers calling the event a success despite the intense heat. The Greenville event was held at Greenville’s Mid-Delta Regional Airport and was more ballon-oriented this year. The event was held in Greenwood for almost ten years. One of the highlights of the event featured Greenville businessman, Barthell Joseph, who celebrated his 71st birthday by jumping out of a jet at almost 13,000 feet parachuting safely to the ground. Joseph is a former 82nd Airborne member. Greenwood printing company executive, Robert Hardin is the founder of the annual event. Union Planters to make acquisition Union Planters corporation (NYSE:UPC) and First Mutual Bancorp, Inc., headquartered in Decatur, IL, have announced that they have signed a definitive agreement for the acquisition for First Mutual by Union Planters. Under the agreement, in a tax-free exchange, shareholders of First Mutual would receive $18.50, in UPC stock, for each First Mutual common share. The transaction would be valued at $65.3 million based on Union Planters’ July 2 closing common stock price of $59 7/16. The acquisition is expected to be accounted for as a purchase transaction and is scheduled to be closed prior to year-end. In connection with the agreement, First Mutual has granted Union Planters an option to purchase 19.9% of its common stock in certain circumstances. The transaction is subject to shareholder and regulatory approval and other customary terms and conditions. First Mutual Bancorp, Inc., is a bank holding company, with approximately $391 million in total assets. First Mutual conducts a complete range of banking activities through 14 banking offices in Illinois. Founded in 1869, Union Planters, headquartered in Memphis, is one of the 30 largest banking organizations in the country, with total assets of approximately $27.5 billion. Dollar General store opens in Indianola Dollar General has recently celebrated the reopening of its Indianola store. The new 8,500 sq. ft. store is located on Highway 82. Headquartered in Nashville and Scottsville, KY, Dollar General operates over 3000 stores in 24 states mainly in the southeast and southwest. Most items are priced at $1 to $25 and merchandise includes health and beauty aids, housewares, family apparel and home cleaning supplies. The company has recently opened a distribution center in Indianola. Farm Fresh Catfish of Hollandale makes acquisition Hollandale based Farm Fresh Catfish Company has purchased the Dorey Fish Company. Dorey Fish company is based in Leola, AK. Dorey employs over 100 people and has a 15,000 square foot processing plant. The company is also a subsidiary of Odom’s Tennessee Pride Sausage Company based in Tennessee. Dorey was founded in 1988. "Dorey’s customer base and product mix blends nicely with our sales and distribution," said Farm Fresh president Jim Hoffman. "Their strong core of seasoned employees plus its modern, well-equipped primary processing and freezing plant bring additional strength to Farm Fresh operations in Arkansas." Farm Fresh, founded in 1975, is a pioneer in the processing, marketing and distribution of pond raised catfish. Terracina Motor Company of Greenville wins award Terracina Motor Company of Greenville has received the North American Customer Excellence Award. The NACE Award is given by the Ford Motor Company to it’s dealers based on customer satisfaction and owner loyalty. Terracina Motor Company, a four-time recipient, is among 888 Ford dealers in the US to receive the award. The award is determined by customers who were surveyed by the Ford Motor Company. Student job seekers cause state unemployment rate to inch up The influx of student workers into the labor force caused the state unemployment rate to inch up one-half percentage point in May for a rate of 5.3 percent according to figures released by the Mississippi Employment Security Commission. Even with the slight increase from April, the May unemployment rate is lower than last year’s May rate which stood at 5.8 percent. The national unemployment rate for May was 4.2 percent. Rankin County continues to record the state’s lowest unemployment rate with a rate of 2.4 percent. Lamar and Lafayette Counties shared the second place with each recording 2.7 percent.
Delta & Pine Land reports third quarter earnings The Scott, MS based Delta & Pine Land Company has reported record revenues for the third quarter. The strong earnings are the result of sales of its Roundup Ready seed to China. Revenues for the third quarter were $126 million an increase of $10 million from a year earlier. Net income decreased due to charges incurred during a merger with Monsanto from $20.54 million to $13.9 million. Horne CPA Group rises in top CPA firms in the southeast The Jackson based Horne CPA Group has announced its merger with Koury, Boleware & Associates of Jackson. As a result of the merger, Horne CPA Group continues its tradition of expansion. Horne CPA Group has become one of the major CPA firms in the country, ranking in the nation’s top 100 and is now one of the Southeast’s Top 10. "Our vision as a firm is to become recognized as a full service provider of business services both regionally and nationally," said Roy Ward, president and managing shareholder of Horne CPA Group. "To accomplish this goal, we must continue to add value to our current client services by locating opportunities to develop and grow our practice." Horne CPA Group has several Delta locations. Delta State University announces Kent Wyatt Enrichment Program Delta State University has announced The Kent Wyatt Enrichment Program which is designed to address three areas that are identified as critical to the growth of the University: university enhancement, scholarships, and faculty development. "More than $400,000.00 has been received or pledged for the program," said Dr. Don Skelton, Director of the Delta State University Alumni Foundation. The program started as a response to many alumni and friends who wanted to show their appreciation for President Wyatt’s leadership at Delta State. Participants in the program are recognizing the outstanding advancement of the University under Dr. Wyatt’s guidance. The funds will allow Delta State to advertise and increase its public relations effort in the recruitment of students and faculty and to hold special campus events and lectures. It will also allow the school to purchase the latest technological equipment and upgrades. The program will seek support for faculty enhancement as well by offering faculty the opportunity to acquire new instructional skills and knowledge, plan and implement special academic, artistic and intellectual events, and bring visiting scholars to campus. The vitality for Delta State also depends on the caliber of its student body. DBJ
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