New exits spur growth in nearby Lebanon

Transcription

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A Voice For Upper Cumberland Businesses
April 2007 | Issue 28
New exits spur growth in nearby Lebanon
Cookeville community
leaders push for 5th exit.
Fairfield Inn
by Marriott set
for Sam’s Street
CLAUDIA JOHNSON
claudia@ucbjournal.com
CBJ EXCLUSIVE!
The CBJ has learned that
construction of an 83-room
Fairfield Inn by Marriott is
planned for Sam’s Street
in Cookeville, according
to Michael Gibson, chief
executive officer of M Gibson
Hotels, headquartered in
Knoxville.
Gibson said he has been
working with local commercial
real estate broker Martin
Foutch to bring the upscale
hotel to the local market.
He also confirmed that J&S
Construction of Cookeville is
the joint-venture partner and
builder for the project.
“The design features the
Marriot-Fairfield Inn’s new
prototype,” Gibson said,
explaining that bright colored
appointments complement
fine hardwood architectural
details in the lobby.
Among the inn’s many
amenities are Jacuzzi suites,
king and double queen rooms,
suites with refrigerators and
microwaves, a pantry-type
market, an indoor pool and a
patio Jacuzzi.
“We’re also offering a
space where corporate clients
can host meetings,” Gibson
said. “Of course, guests will
have access to a business
center and will be treated to
breakfast.”
M Gibson Hotels is an
owner/operator in cooperation
with Hilton, Marriott and
Intercontinental hotel brands
and a preferred management
company with Starwood
hotels.
Industrial park to be
built on county lines
Three counties, including
Cumberland, recently
approved $2.5 million in
funding for development of a
tri-state industrial park.
County commissioners
from Morgan, Roane and
SEE BIZBUZZ PG. 22
IN
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C
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Proposed construction of a
5th Exit at Mine Lick Creek
west of Cookeville and a
northern connector route from
I-40 to US 70N has stirred
controversy in Putnam County,
but recent similar projects were
met with community support in
the Lebanon area.
“Everyone here supported
[the Hartmann Drive] exit,”
recalled Jeff Bains, public works
commissioner for the City of
Lebanon. “The only issue here
was ‘when can you start?’”
Bains said the Hartmann
Drive interchange was
discussed and planned for
nearly a decade, but a cohesive
leadership effort kept the
process moving. Since the
Hartmann Drive exit has
opened, four connector roads
have been built from it.
“If there’s been any
controversy, I am not aware of
it,” Bains said.
Sue Vanetta, who heads up
the chamber of commerce in
Lebanon agreed. She said that
there was a joint effort among
elected officials, business and
industry and area residents to
SEE 5TH EXIT PG.12
Putnam sand
mine controversy
continues
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1
CLAUDIA JOHNSON
Banking deposits continue to rise across the U.C.
Experts and bankers
talk about trends and
economic impact.
BOBBIE MAYNARD
bobbie@ucbjournal.com
Shaping up to be another
strong year for the area’s
financial market, the U.C.’s
banking industry continues
to see an upward swing with
deposits reaching a new high
of $5.15 billion, up from
$4.77 billion last year. With
strong deposit growth and an
increasing number of banks
entering the market, new trends
are developing with mergers
and additional services as banks
compete for customers.
“Although number of
bank deposits doesn’t mean
as much as they used to,
attributed mostly to the
advent of interstate transfer
funds, they still are a good,
additional indicator of the
overall economic activity
going on in our counties,” said
Photo: Claudia
CBJ
Henry Bowman,
anJohnson
analyst
with the Upper Cumberland
Development District.
Currently the U.C. has 33
different banking institutions
with a total of 129 branch
offices spread over the 15county area. According to
Bowman, in 1970 the U.C. had
only 56 branch offices.
SEE BANKING PG. 20
The Cumberland County
Commission has passed a
resolution expressing its
concerns about the construction
of a new sand mine on
Highway 62 near Monterey
and requesting that the Putnam
County Commission “reconsider
its approval” of the mine and to
ban it from opening.
As reported by the CBJ in
December 2006, the mine is
to be built on the 1,100-acre
Hackworth Limousin Farm and
would represent an estimated
$3.5 million investment and 13
new jobs for the Monterey area.
The company has been in the
process of filing applications
and acquiring permits with
the state’s Department of
Environment and Conservation
(TDEC), as well as the U.S. Army
Corps of Engineers.
On March 13 TDEC released
its notice of determination in
answer to the concerns raised
by opponents of the project at
a public hearing in September
2006. TDEC determined that
as a result of certain changes
that Plateau Sand made to the
proposal, the requested permits
will be issued.
Members of the Meadow
Creek Conservation Coalition,
a grassroots organization
opposing the project, made a
presentation to Cumberland
County officials regarding their
concerns at a March 19 county
SEE MINE PG. 13
G
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April 2007
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INSIDE
This Edition
Strike in Alpine community keeps
Overton state’s top oil producer
pg. 4
AFTC seeks federal and state
heritage area designations
pg. 5
Heads in motel room beds means
ringing cash registers for many other
businesses
pg. 6
New York Grill: big city meets
hometown in McMinnville, TN
pg. 7
Executive Profile – Rex Buckner
pg. 8
Nonprofit clinic seeks to meet
needs of uninsured in the U.C.
pg. 9
Red Boiling Springs to purchase
Gas Utility, customer rates are still
expected to rise
pg. 9
Legacy: Banking historically a very
important industry in U.C.
pg. 10
Electronic transactions set to
become banking standard
pg. 14
A century of banking intertwined
local lives in one small UC town
pg. 15
Business education, careers are
more and more in demand
pg. 16
Rural Development, local banks
help businesses grow through loan
programs
pg. 17
Local realtor talks U.C. housing
market, regional association
pg. 18
To subscribe to or advertise in the
Cumberland Business Journal
call: (931) 528-8852
or visit us online:
www.ucbjournal.com
MIKE McCLOUD
Publisher
CLAUDIA JOHNSON
Editor-in-Chief
DARRELL KERLEY
Production Manager
JESSE KAUFMAN
Photo/Art Editor
Editorial Staff
Bobbie Maynard
Senior Staff Writer
Greg LaPlant
Amanda Russell
Heather Stitt
Matthew Spradlin
Advertising Staff
Julie Bruington
Advertising Manager
Lisa Glover
Niketa Hailey-Hill
Historic Crossville downtown building becomes home
CLAUDIA JOHNSON
The question of whether a person
can truly go home again has been
raised by writers as diverse as Thomas
Wolfe, Frank L. Baum and, most
recently, Jon Bon Jovi. Well, one
Crossville native believes she’s found
the answer to be an emphatic “yes.”
Tonya Hinch returned to her Upper
Cumberland roots in 2004 after a
successful and circuitous professional
route. Now, because her life includes
two places she calls home, she’s
learning to balance a dual residency in
Crossville three weeks each month and
in New York City for one.
“Although my roots were in
Tennessee, I knew I wanted to leave
and live in New York City from a
young age,” she said. “Based on this
dream, I left for college in 1981 and
vowed to never return.”
She spent most of the years between
1985 and 2005 in New York City living
in an old printer’s loft she bought in
the Flatiron District. After a successful
career in marketing for companies
like Neutrogena, Procter & Gamble
and Clairol and in management with
Edison Schools, she retired from the
corporate world in 2002, achieving a
personal goal of retiring before age 40.
During the next two years, she created
a coaching and seminar business,
worked on getting a book published
and traveled around the world. She’s
currently developing projects in New
York, Connecticut and New Jersey.
It was in late 2004 that her life
changed dramatically. Her father,
Crossville insurance agency owner
and well-known Rotarian Don Hinch,
underwent emergency heart surgery
and was diagnosed with a terminal
brain tumor.
“Although I originally moved back
to Crossville on a part-time basis to
help my mother with his care and
passing, I made the decision to make
the move back home official for two
major reasons,” she recalled. “First, my
family needed me to run the family
business. Second, both Crossville and I
had changed.”
Hinch soon realized that in the 20
years she’d been gone Cumberland
County had become one of the fastest
growing counties in the southeast with
the population exploding from 10,000
to more than 50,000.
“Occasional visits didn’t do justice
to my home town, but while caring
for my Dad, I came to appreciate the
charms of being back at home,” she
admitted. “With my Dad’s help before
he passed, I considered [purchasing for
residential renovation] almost every
possible building on Main Street.”
Finally she bought a 5,000-square-
Tonya Hinch bought a 5,000 square-foot, two-story building in downtown Crossville,
undertaking a massive renovation project that created living and office space in
addition to the garage, deck, roof garden, patio and courtyard.
foot, two-story brick and block
building at W. 5th Street in downtown
Crossville. The massive renovation
project created living and office space
in addition to the garage, deck, roof
garden, patio and courtyard.
“This is the first building in the Main
Street area converted from business
to personal living,” she noted. “The
trend for the past 25 years has been
the reverse – private homes have been
converted into offices or torn down for
new commercial office space.”
The building’s colorful past began in
1938 as a liquor store – a short-lived
incarnation since Crossville went “dry”
only three years later. After the liquor
store was forced to close the building
was transformed into a number of
different businesses through the years,
including offices for doctors, dentists
and realtors, a beauty parlor, shops
selling antiques and computers and a
pawn shop
“Although there’s no official record,
town legend and lore tell of a number
of ‘working girls’ who serviced the
train station around the corner and the
bus station behind the building,” Hinch
said. “These industrious ladies lived
on the second floor and sneaked their
‘dates’ up the side staircase.”
Throughout the14-month renovation
and since she took up residency in
December 2006, many of the locals
have shared their personal connection
to the building. Hinch and her English
bulldog, Butler, are adding another
chapter to the structure’s legacy as
they walk the few blocks to Hinch’s
insurance office in the historic Hotel
Taylor or to Mitchell’s drugstore across
the street for a milkshake.
“I wanted to re-create a living
environment that I enjoyed in New
York City – downtown living,” Hinch
said. “Although the downtowns differ,
the concept is the same – no yard,
the ability to walk to work, a sense
of community – in my Tennessee
downtown home.”
Her vision, she said, was to embrace
the history of the building and
community while imprinting her own
personal stamp. She admits that she
“begged” local contractors John and
Corey Legare, responsible for the
restoration of the Hotel Taylor, to
handle her project.
“At first they didn’t have any interest
in taking on a new project and rejected
my pleas but agreed to look over the
building I was buying and give me
their thoughts,” she recalled.
“After four hours crawling through
the basement and first and second
floors, John just couldn’t pass up
the challenge. [The Legares] were
creative, fun and incredibly focused
on delivering my dream. Working
with them was my favorite part of
renovation.”
Extremely interested in both the
growth of Crossville and the health
of its downtown, Hinch hopes her
renovation has started a trend.
“I’ve had a number of people and
other building owners express an
interest in doing the same,” she said.
“Crossville has been such a success
story in population growth but mostly
outside the downtown area. I feel
we are on the edge of an explosion
to create our own version of an
“old town” and want to be a part. I
want downtown Main Street to be a
destination and encourage people to
start small businesses where businesses
used to thrive.” n
Photos: Jesse Kaufman CBJ
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The Cumberland Business Journal is
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Hinch, who lives
in New York City
part
of
each
month, wanted to
re-create the Big
Apple’s downtown
living environment
in her Crossville
home – no yard,
the ability to walk
to work and a sense
of community.
4
April 2007
www.ucbjournal.com
Strike in Alpine community keeps Overton state’s top oil producer
CLAUDIA JOHNSON
Oil discovery in Overton County is
nothing new. As reported in the CBJ in
February, there are more active permits
issued for drilling in Overton County than
any other of the state’s oil-producing
counties. The 2005 statistics, which are
the most recent available, indicate that
Overton County was the leader in oil
production with 154,507 barrels, or nearly
33 percent of the state’s total.
Additionally, 2005 data show that
Overton County was home to Tennessee’s
five most productive new wildcat wells
(oil wells far from other producing fields
and on a structure that has not previously
produced). Until last month the Lucy
Newberry #11 operated by Young Oil
Corp. was the most productive well in the
state, yielding a total of 22,786 barrels in
2005 with a market value of more than $1
million.
On March 8 at a depth of 1,415 feet
beneath the surface of the Overton
County’s Alpine community, Young Oil
made one of the state’s three biggest
oil strikes in the last 30 years on the
property of Gayle and Rick Norrod.
Young Oil Corp. owner Anthony Young
said the well initially produced about
100 barrels of oil an hour but had to be
cut back to approximately 60 barrels an
hour so output could be managed. Young
estimates the well will produce $3 million
to $5 million worth of oil by the end of
the year.
Founded in 1996 Young Oil Corp.,
an independent exploration and
production company headquartered in
Knob Lick, Ky., is the leading producer
and most successful drilling operator
in the Appalachian Basin and is also
the largest producer of crude oil in
Tennessee by almost twice over the next
Young, the father-of-five hairdresser
turned oilman, said his company
continues to evaluate potential
acquisitions, screens drilling prospects
A smiling Anthony Young of Young Oil Corp stands in front
of crude storage units containing the black gold taken from
his Alpine community oil well. Right: a Young Oil derrick.
Photos: Claudia Johnson CBJ
There are thousands of potential productive
leases in Tennessee and Kentucky. We are going
to drill a lot of them, but we could do more with
some more good financial partners.
ANTHONY YOUNG – Young Oil Corporation
largest producer. The Tennessee Oil &
Gas Association named Anthony Young
Tennessee Oil Man of the Year in 1999
and 2004.
for economic and technical merit and
employs a conservative philosophy of
operations while using the latest scientific
methods available, often obtaining a
second opinion to verify their findings.
“I have the best geologist in this
part of the United States,” Young said
of his Cookeville-based geologist, Jim
Washburn, explaining, “The use of
recognized independent engineering and
geological consulting firms enhances the
chance of success in an industry known
for its high risk.”
Young utilizes his own rig to drill all
his company’s wells, which speeds up the
company’s exploration program and has
added to the company’s success in finding
Tennessee fracture-enhanced reservoirs.
Young focuses his exploration efforts on
shallow formations, less than 2000 feet. In
his first four years in business, he drilled
72 wells and struck oil 57 times. Each
year his ratio has improved, he said.
“There are thousands of potential
productive leases in Tennessee and
Kentucky,” Young said. “We are going to
drill a lot of them, but we could do more
with some more good financial partners.”
Like all oil prospectors, Young is a
dealmaker. He settles on a prospect,
secures a lease from the landowners, who
receive a 12.5 percent stake in revenues
from oil (or gas) found, and finds an
investor or partner to share the drilling
costs.
Young said he encourages anyone
willing to take the risk to talk to an
accountant about the numerous tax
benefits for investors in oil exploration.
For additional information on tax benefits
visit www.irs.gov. For information about
investing in Young Oil’s exploration
for oil and natural gas visit www.
youngoilcorp.com. n
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AFTC seeks federal and state heritage area designations
CLAUDIA JOHNSON
Fourteen counties have passed a
resolution in support of the designation of
the Cumberland Plateau National Heritage
Corridor and more are interested, reported
Alliance for the Cumberlands director
Katherine Medlock at the organization’s
second annual meeting earlier this year.
“The National Heritage Areas program
is designed to provide opportunities to
preserve a region’s natural, historic and
cultural resources by harnessing them to
promote rural economic development,”
Medlock explained. “The Cumberland
region has such a vast abundance of
natural, historic and cultural assets that
it seems the program was tailor made for
this region.”
Medlock said that a feasibility study of
the proposed corridor determined that the
region meets the National Park Service
criteria as “an assemblage of natural,
historic, cultural, educational, scenic or
recreational resources that together are
nationally important to the heritage of the
United States.”
The park service also requires that
an area so designated would exhibit
“distinctive aspects of the heritage of
the United States worthy of recognition,
conservation, interpretation and
continuing use.”
Passing resolutions in support are
Cumberland, Pickett, Franklin, Anderson,
Grundy, Morgan, White, Putnam, Overton,
Campbell, Claiborne, Marion, Roane and
Fentress counties.
“I believe we have to be good stewards
of the land and at the same time provide
good jobs so we can see our standard
of living increase,” commented Fentress
County Mayor John Mullinix. “We have
to achieve a balance, and I think we can
do that.”
Medlock said that designation under
the National Heritage Areas program
would provide an opportunity for the
Cumberland region to become nationally
known as a destination for eco and
heritage-based tourism.
“The best part of the program is that it
is locally driven and based on voluntary
participation,” she clarified.
U.S. Rep. Lincoln Davis spoke at
the Alliance conference to a crowd of
approximately 150, noting that his is the
and realize this resource will bring new
economic opportunities.”
Davis applauded the Alliance’s efforts
to work with private landowners and with
local and state officials to preserve the
natural heritage. He admitted there will
be “some hard fights,” but emphasized
that there is a need to “work together,”
concluding, “without debate, nothing ever
changes.” The congressman said he supports
the National Heritage Area designation,
explaining that it would “call attention
to a highly valuable asset for those of us
who live on the Plateau and would help
cement our unique regional identity in the
Southeastern United States.”
The National Park Service’s Heritage
I believe we have to be good stewards of the land
and at the same time provide good jobs so we can
see our standard of living increase. We have to
achieve a balance, and I think we can do that.
JOHN MULLINIX – Fentress County Mayor
fourth most rural Congressional district
in the nation in terms of people living
outside an incorporated area.
“The Cumberland Plateau is one of the
most ecologically diverse areas in the
United States,” Davis noted. “The people
that make up the Plateau are the salt
of the earth. Those of us living in the
Cumberland Mountains are eager to share
this valuable treasure of pristine views
Partnership Program encourages
establishment of state heritage areas
and provides guidance on setting
up a program. “Benefits of the state
designation include branding an area as
an exceptional region,” Medlock said. “It
is a formal recognition by state agencies,
encouraging interagency cooperation
across jurisdictional boundaries,
thus ensuring support from future
administrations.”
Medlock said these designations provide
encouragement for local governments
and organizations by setting out models
for success. As an added benefit, she said
that official heritage area designation
improves the ability to attract private
funds for projects.
In a separate initiative, Medlock has
submitted an application for funds from
the Federal Highway Administration
to conduct a feasibility study/corridor
management plan for a National Scenic
Byway.
“No new legislation is necessary, and
no new state or federal regulations are
imposed,” she emphasized, adding that
the program is one of “recognition, not
regulation.”
There are four proposed routes, three
of which encompass counties in the
CBJ distribution area. The Walton Road
National Scenic Byway includes Putnam
and Cumberland, while Cumberland
County is also included in the Sequatchie
Valley National Scenic Byway.
The Alliance is partnering with Historic
Rugby to obtain funding for a Northern
Cumberland Plateau proposed route,
which includes Clay, Overton, Pickett and
Fentress counties in the U.C. and four East
Tennessee counties.
With 50 members and many new
partnerships, the Alliance is continuing
to grow and to pursue a number of new
programs.
For more information on Alliance
initiatives and to read the full minutes of
the Alliance’s annual meeting, visit www.
allianceforthecumberlands.org. n
6
April 2007
www.ucbjournal.com
Heads in motel room beds means ringing
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CLAUDIA JOHNSON
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the 1,272 rooms in the local market
responded to a confidential fax survey.
“Putting heads in beds and making
RTM conducted a total of 118 market
cash registers ring” should be the
segmented visitor intercept interviews at
mission of the Convention and Visitors
various lodging properties, attractions
Bureau of the Cookeville-Putnam
and events in Putnam County.
County Chamber of Commerce,
The sites selected for interviews
according to a study by Randall Travel
were chosen to match demographic
Marketing Inc. (RTM) of Mooresville,
and market-segment data as reported
N.C.
by the lodging properties responding
Findings presented last month to
to the surveys. RTM conducted a total
Cookeville business leaders indicate
of 10 executive telephone interviews
that travel and tourism resulted in
with meeting and convention planners
2005 tax relief equaling $226 for
that brought or considered bringing
every household in Cookeville-Putnam
conventions to Cookeville-Putnam
County.
County. Additionally, all aspects of the
“Tax relief is created when visitors
CVB were analyzed and information
pay taxes and thus, relieve the local
collected from all sources was compared
residents from generating that tax
to state and national data so that
revenue,” the RTM study pointed out.
recommendations could be made.
“Leaders need to clearly understand that
The unmet needs that tested most
it is growth in per–visitor expenditures
significantly in this study included
that creates success.”
a desire for a “Mennonite village”
The RTM study reported that visitors
where visitors could eat and purchase
pay a total of 15.75 percent in taxes
furniture, crafts and goods and/or an
when visiting
in-town villageCookeville-Putnam
style shopping
County. County sales
& entertainment
Tax relief is
tax of 2.75 percent
district.
is collected on all
Among the
created when
purchases including
“dislikes” identified
visitors pay taxes
visitor spending for
during the study
lodging, dining, retail
the lack of fine
and thus relieve the were
purchases, etc., with
dining restaurants,
proceeds remitted to
local residents from the weather,
the county’s general
limited shopping
generating that tax
fund. Proceeds
opportunities,
from the 7 percent
low awareness
revenue. Leaders
Tennessee state sales
of attractions
tax is remitted to the
and difficulty in
need to clearly
State of Tennessee.
“way-finding.”
understand that it is Suggestions for
Putnam County
collects 6 percent
growth in per–visitor improvement
lodging tax. Oneincluded stores
sixth is allocated to
in the downtown
expenditures that
the CVB for tourism
staying open in the
creates success.
promotion. Oneevening. The greatest
sixth is allocated
percentage of
STUDY BY
for debt service for
visitors interviewed
Randall Travel Marketing, Inc.
local soccer fields.
for the study
Four-sixths is allocated to the Putnam
had visited the downtown, but the
County general fund.
satisfaction rating was low compared
Last year $780,000 was collected
to the fewer number who had visited
from the lodging tax, with $130,000
Burgess Falls and the Depot Museum.
going toward promotion of the county
Visitors pointed out that the quality
to visitors. That’s $102.20 spent per
of the rooms for lodging and the
available motel room. By comparison
comparative value of the price paid
Clarksville spent $967,000 or $358.14
was good, but the level of service and
per room to promote its 2,700 rooms.
the quality of staff training, especially
Approximately 40,000 vehicles per
as related to assisting visitors in
day travel through Cookeville-Putnam
area orientation or finding points of
County via Interstate 40 and other
interests, was poor. Further, lodging
major highways. Research for the
facilities are aging, with 62.4 percent of
RTM study showed that 39 percent of
the total room count built prior to 1990.
travelers who stay overnight in one of
RTM recommended developing a
the 16 lodging facilities in Cookevillegateway interpretive visitor center on
Putnam County travel for leisure.
Interstate 40 to be a “selling showcase”
Another 32 percent are attending
promoting Cookeville-Putnam County
conventions or meetings, and 16
as a convenient place to stay for access
percent are on individual or corporate
to scenic mountain beauty, amenities,
business.
fun and heritage. The focus should be,
Information for the study was
RTM emphasized, on lodging, dining,
obtained through a variety of methods.
shopping, craft/artisan goods and
A professional reconnaissance team
outdoor recreation. The consultant
visited the Cookeville-Putnam County
further recommended creating
area in August 2006 to evaluate the
impressive gateways into Cookevilleregion from a tourist’s perspective.
Putnam County that create “a sense of
Eleven properties representing 892 of
place” for the area. n
How to
spotlight
your
business
Has someone in your business recently received a
promotion or honor? Has your business itself been given an
award or distinction? If so, then the CBJ is the best medium
for spotlighting your business’s achievements.
If you have news highlights from your business that
you would like to submit, please email the information to
claudia@ucbjournal.com.
Please include your name, phone number and any other
relevant contact information with your email so the CBJ can
reach you to verify the submitted material.
MOVABLE FEAST
www.ucbjournal.com
April 2007
7
New York Grill: big city meets hometown in McMinnville, TN
MARCIA MANSELL
info@ucbjournal.com
When you think of great cities with
great food, what comes to mind?
Chicago, New York, McMinnville? McMinnville?
That’s exactly what comes to
mind for anyone who’s dined at
McMinnville’s New York Grill.
Scott Garing, Long Island, NY, native
and owner of New York Grill, moved to
the Upper Cumberland nine years ago
with his three children after answering
a “land for sale” advertisement in a
newspaper.
“It said, ‘Rolling hills, beautiful
rivers’ and I said, ‘I’m there,’” Garing
laughed.
What was to become New York Grill
had humble beginnings as a country
store in Rock Island.
“We sold jellies and jams as a hobby
business,” Garing recalled. “I started
bringing in deli meats from New York
for me and my family to eat,”
“People would come in and say,
‘you got anything to eat?’ I would say,
‘we’re not really a restaurant, but I can
make you a sandwich,” he said.
One thing led to another and
before long Garing developed a loyal
customer base and changed his name
from Garing’s Country Store to New
York Deli.
“People would drive 30–40 minutes
with a cooler, buy meat and drive it
home,” Garing said.
He expanded his menu to include
hand-carved steaks and eventually
became New York Grill.
New York
Grill
CASUAL BISTRO
STYLE DINING
in McMinnville
Three years ago Garing, looking to
make a move to a bigger city, came
across a 95-year-old building on Main
Street in McMinnville. Now settled
in the building, which originally
served as one of the only Durant car
dealerships in this area, New York
Grill’s
menu has
expanded
to include
an eclectic
choice of
dishes.
Garing’s
habit of
listening
to what his
customers
want has
led him
to include
sushi, which he cuts and rolls himself,
on the menu every Wednesday and
Thursday night.
When asked about his most sought
after dish, he was hard pressed to give
a single answer.
“It depends on who you talk to you,”
he said. “You come in and talk to
someone on a Wednesday night, they
say sushi. You come in on Saturday
when we have All You Can Eat Crab
Legs, they’ll say crab legs. You talk to
a steak lover, and they’re going to say
the hand-carved steaks.”
If you like
cheesecake
there’s no
denying
what your
favorite
dish will be.
New York
Grill’s White
Chocolate
Cheesecake
is a decadent
dish that
consists
of a thick
heap of velvety cheesecake, wrapped
in an éclair pastry crust, topped with
Bavarian crème and sliced almonds
and served with a side of real whipped
cream.
As good as his food is, Garing says
that alone does not keep his customers
coming back, sometimes driving from
far reaches of the Upper Cumberland.
It’s the combination of great food and
the casual ambiance.
The historic building that is home
to New York Grill still has the original
solid oak floors and 13-foot ceilings.
The 15,000-square-foot expanse
consists of a main dining room with
ample seating and even storefront
seating that offers patrons a bird’s-eye
view of Main Street and downtown
revitalization.
A full bar is located in the center of
the restaurant with bartenders who can
whip up just about any concoction that
comes to mind. A house specialty is
the Big Apple, a fruity blend of vodka,
sour apple, amaretto and cranberry.
The back portion of the restaurant
is appropriately named the Central
Park room and creates the feeling
of dining under the stars in a quant,
New York bistro. Diners are served on
black-checkered tablecloths amidst
decorative trees strung with lights.
A hand-painted mural depicting a
breathtaking New York skyline covers
the back wall.
In the large arcade and game room,
vintage video games such as Ms.
Pacman, Donkey Kong and Centipede
line the back wall. If that’s not your
style, there are four pool tables to
exercise your billiards skill.
Whether it’s the great food, the New
York flair or the smiles that greet you
at the door, New York Grill is making a
name for itself in McMinnville as well
as all the Upper Cumberland. n
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Protecting What’s Yours
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COOKEVILLE
1459 Interstate Dr. Ste 201
Cookeville, TN 38501
(931) 372-1222
(931) 372-2762 fax
SPARTA
287 N. Spring St.
Sparta, TN 38583
(931) 836-2675
(931) 836-8459 fax
SMITHVILLE
117 E. Bryant St.
Smithville, TN 37166
(615) 597-4375
(615) 597-4390 fax
JAMESTOWN
1007 Old Hwy 127 S.
Jamestown, TN 37556
(931) 879-5923
(931) 879-6637 fax
WOODBURY
813 West Main Street
Woodbury, TN 37190
(615) 563-5931
(615) 563-5932 fax
8
April 2007
www.ucbjournal.com
[ PROFILE ]
E X E C U T I V E
Rex Buckner – faith big enough to build Mustard Seed Ranch
CLAUDIA JOHNSON
Rex Buckner grew up with parents who loved and supported him.
He was a star athlete at Cookeville High School, who after graduating
in 1988, played baseball for Mississippi State University. In addition to
playing across the country, he had the rare opportunity to participate
in the College World Series.
“I had the chance to play professional baseball, but I elected to get
married instead,” he said without regret. “That was 13 years ago.”
His bride was the former Julianne Flatt, a hometown girl who had
been his high school sweetheart.
Despite the hundreds of miles
between them for four college years
(she was earning a biology degree
at Abilene Christian in Texas), they
had remained in touch.
Rex did a stint in Atlanta, Ga.,
with Averitt Express, then moved
to Raleigh, N.C. Julianne worked
in ophthalmology, and Rex took a
position as a regional manager for a
Michigan-based company. Julianne
zeroed in on the perfect profession
for her, a physician’s assistant,
and the couple moved for her to
pursue training at the surgery center
of the University of Alabama at
Birmingham, while Rex continued
traveling with his job.
A move back to Cookeville,
where Julianne began working for
a neurosurgeon, and first daughter
Ellie’s birth in 2000 took away
Rex’s desire to travel. Rex became
vice president for Tennessee Lasik
Associates. The Buckners were
investing in rental property, and
their family was growing. The goal
was to have everything paid for by
age 48.
“I was consumed with building
my kingdom,” he said. “I was doing
a lot of things business people do
and neglecting the most important
things in my life: God, my wife
and my family. From a worldly
standpoint, it looked like we had it
all figured out.”
Rex credits his wife with getting
their lives “back in order” and
taking a “proactive” approach in
bringing focus to their family (which also includes 4-year-old Reed
and Liza Beth, 2).
“We started getting ‘real,’” he said, explaining that weekly Bible
study with other couples and specifically the book, A Purpose Driven
Life, were among the factors that led him to the most important
decision of his life. “Three years ago on March 1, I asked Christ into
my life. I wanted to be baptized. That’s when the journey started.”
In 2005 the Buckners opened Marble Slab Creamery and Rex began
his transition from the lasik business, which was final in August of
2006.
“I was still afraid to give up security and act in faith,” he said. “Once
T H I S
E X E C U T I V E
P R O F I L E
You & Us.
Working together to address
your financial needs.
I was willing to submit everything, to give it up, my life changed.”
Things began falling into place when Rex flipped the remote and
caught a special feature on ESPN about Big Oak Ranch, a ministry
serving neglected, abused or orphaned children founded by former
Alabama football star John Croyle. Several months later when he and
Julianne visited the ranch, they both felt they were being led to build
a similar neighborhood in Cookeville and made the commitment after
much praying and searching of scripture.
“Land was one of the biggest problems,” he said, remembering how
he talked to dozens of landowners, targeting those who owned 50
acres or more. “Finally, one of the
first pieces we looked at is what we
ended up with.”
Through the land acquisition
process Rex learned perseverance
and faith.
“He wanted me to go through
rejection,” Rex said. “Part of the
process was to share the vision for
the ranch with others.”
Along the way a local person
contacted Rex, revealing that a
foundation had been established
for children and widows. The offer
was made for funds to purchase
land as long as the donor remained
anonymous. In time Rex returned
to owners of the first property he’d
considered. In support of Rex’s
“Mustard Seed Ranch” vision, outof-town heirs agreed to make the
property available at a price the
benefactor would cover. On Dec. 23,
2006, all the pieces came together,
positioning the dream much closer
to reality.
“The ranch will embrace all
children regardless of race or
religious belief,” Buckner said.
“With separate houses for boys and
girls, each home will be staffed with
Christian house parents for eight
children.”
“We want to be part of the
solution,” Buckner said. “These
children are going to be part of our
communities someday.”
Buckner suggested various
Photo: Jesse Kaufman CBJ
types of support for businesses
and individuals desiring to help
build the ranch and its programs:
prayer, monthly financial offerings, memorial or honorarium gifts,
volunteerism, service as house parents or relief for house parents, gifts
of trust, life insurance, personal or real property, securities or estates.
“As a 501(c)(3) nonprofit organization we really want to partner with
businesses and be a choice for them as a charitable organization for
their employees,” Rex said.
A May 3 project awareness event at the Leslie Town Centre will
launch fundraising. For more information visit mustardseedranchtn.
org.
“We have true joy and peace knowing what our purpose is for the
rest of our life – and that is helping children,” Rex said. n
B R O U G H T
T O
115 N. Washington Avenue
931-528-5426
800-359-2723
©2006 UBS Financial Services Inc. All Rights Reserved. Member SIPC.
Y O U
B Y
U B S
April 2007
www.ucbjournal.com
Nonprofit clinic seeks to meet
needs of uninsured in the U.C.
CLAUDIA JOHNSON
Providing medical insurance for
employee is a struggle for many
companies. With the cuts to TennCare
and limits on the availability of the
Cover Tennessee program, some
companies and individuals are left
looking for assistance. One possible
solution for residents of the Upper
Cumberland is the new Rural Health
Clinic of the Cumberlands.
The clinic is a non-profit organization
located in Pleasant Hill that provides
continuous medical care to the
underinsured and uninsured of the
Upper Cumberland who cannot afford
to pay for medical care or necessary
prescriptions. Also provided are basic
laboratory tests and x-rays.
“We are monitoring many patients
with multiple health problems such as
diabetes, high blood pressure and lung
disease,” explained clinic employee
Katherine Reed. “We are also are
promoting patient education programs
and early detection of many diseases.”
Reed said these activities help
to identify health problems before
they become major medical issues,
potentially saving employees lost work
time and high medical bills. However,
the clinic is not an emergency room or
a surgical facility.
“To date we have held six one-day
clinics and have seen many individuals
by private appointment,” Reed said.
“Our patient case load is now more
than 100 people and growing. We have
provided sample medication to many
patients, provided more than 200 lowcost prescriptions and enrolled more
than 25 patients in direct drug company
programs (RX Assist).”
The clinic’s permanent facility is
located at 9400 Sparta Hwy. in Pleasant
Hill. Reed said that renovations to bring
the building up to ADA codes underway
with the help of volunteer labor from
the area, and the clinic is expected to be
fully operational soon. The staff consists
of two volunteer doctors, several
volunteer nurses, patient advocate, and
clerical personnel. Dr. Harold Lowe is
certified in both cardiology and internal
medicine. Dr. Darrell Smith is board
certified in internal medicine.
“The people of this area desperately
need this clinic,” Reed observed.
“Maintaining the health of those
individuals who are uninsured but
able to work is vitally important. They
must be able to work to provide basic
needs for their families. With the cost
of health care continually rising it has
made it a daily struggle for employers
to meet those health care needs.”
Reed urged employers to
recommend the Rural Health Clinic
of the Cumberlands help to help meet
the needs of employees who need
assistance. For more information about
health care, to make a donation or to
volunteer to help the nonprofit clinic,
call (931) 484-3369. n
Red Boiling Springs to purchase gas utility,
customer rates are still expected to rise
BOBBIE MAYNARD
The City of Red Boiling Springs
passed a motion last month in
favor of purchasing the RBS Gas
Utility for $250,000. Prior to
that decision, Cookeville-based
nonprofit Community Initiative Inc.
was recommended by Receivership
Management Inc. to take over
operation of the troubled utility.
“The rates for RBS customers
will be about $15 per mcf,” said
Kenneth Hollis, mayor of Red
Boiling Springs. “For Community
Initiative under AUI, it would
have been $16.50 per mcf and
$17 per mcf under Receivership
Management. The city taking over
the operation of this utility will be
best for the whole town.”
In a previous council meeting
held in February, the Red Boiling
Springs City Council failed to
pass a motion to grant the utility
franchise to Community Initiative,
citing higher administrative costs
to customers if the franchise were
to pass. As a result, Receivership
Management indicated it would
raise current gas rates by 42
percent. According to Hollis, that
scenario has now been avoided.
“The town can run the utility
the cheapest,” said Hollis. “That’s
what we’ve put into motion by
offering $250,000 for it. If all goes
as planned, we should close on this
deal by the end of March.”
As reported last year in the
CBJ, RBS Gas Utility entered into
receivership when the Tennessee
Regulatory Authority (TRA) filed
a motion in the Macon County
Chancery Court that prompted a
court order appointing Receivership
Management Inc. as the receiver of
RBS Gas Utility Inc.
According to the TRA, Atmos
Energy Marketing (the wholesale
gas supplier for RBS Gas Utility)
had previously issued notice of
termination for non-payment of
services. Through the courts TRA
received a restraining order to halt
termination of services to RBS Gas
Utility’s estimated 215 customers in
Red Boiling Springs.
By definition a company enters
into receivership when a receiver is
appointed by bankruptcy courts or
creditors to run the company. The
responsibility of the receiver is to
recoup as much of the unpaid loans
and bills as possible. Oftentimes
receivers find that the best way to
pay back loans is to liquidate the
company’s assets, which would
effectively put it out of business. n
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SINCE 1957, J&S has successfully
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9
10
April 2007
The
LEGACY SERIES
a cultural retrospective
www.ucbjournal.com
Banking historically a very important industry in U.C.
CLAUDIA JOHNSON
The oldest continuously operating bank
in the Upper Cumberland appears to be
First National Bank (of McMinnville),
established in 1874 by Warren County
native William H. Magness. However,
there are a number of other 19th and
early 20th century banks that have
survived depressions, recessions, mergers
and a plethora of changes in the region’s
financial climate.
In 1807 the Bank of Nashville was the
Granville Security Bank
first state bank established in Tennessee,
operating until its failure in 1819. Two
more attempts at establishment of a state
bank failed, but in 1838 eight branches
were created by an act of the Tennessee
legislature, one of which opened in
1840 in Sparta. Although it survived
the Civil War, the Sparta branch closed
in 1866 along with all the state banks
in Tennessee. No other banks organized
in White County until January 1885
when the Bank of Sparta was chartered,
bolstered by coal mining and the success
of the railroad. Soon shareholders wanted
a connection with the national bank, and
in December 1886 the First National Bank
opened. The bank operated until the late
1980s when it merged to become part of
Dominion Bank, the first in a number of
mergers.
Bank of Hartsville was established on
April 21, 1884, and has undergone several
name changes, including Community
First, AmSouth and currently Peoples
State Bank of Commerce. Another old
Trousdale County bank, The Citizens Bank
(Hartsville), celebrated its 100th year in
2006.
Jackson Bank & Trust began as the
Bank of Whitleyville in 1916. On Aug. 31,
1933, the Bank of Whitleyville changed
its name to the Jackson County Bank and
opened its main office in Gainesboro.
On Dec. 20, 1934, Jackson County
Bank purchased Security Bank & Trust
Company of Gainesboro. In July 1995
Jackson County Bank changed its name to
Jackson Bank & Trust, preparing the bank
for expansion into Putnam County.
Red Boiling Springs Bank opened
July 1, 1919, with a paid-in-capital of
$12,500 and 56 stockholders. During the
construction of the branch in Lafayette,
which opened in 1965, the name of the
bank was changed to Macon Bank & Trust
Company. In October 2001 Macon Bank
acquired a branch office of Union Planters
Bank in Celina.
Citizens Bank (Lafayette) was organized
under state charter on April 10, 1909,
and incorporated for $12,000. There
were 83 original stockholders who each
purchased $100 or $200 worth of stock.
A Red Boiling Springs branch opened in
Bank of Hartsville
1977. In 1987 a branch was opened in
the Siloam Community but was moved
to Westmoreland in 1994. In 1986 the
stockholders voted to form a one-bank
holding company, Citizens Bancorp,
which purchased the stock of Dale Hollow
Holding Company. Dale Hollow Holding
Company owned all of the stock of the
Bank of Celina, and the two banks merged
in 1987. In August 1993 Citizens Bancorp
purchased the assets and liabilities of
Smith County Bank from SunTrust Bank
of Nashville.
Citizens Bancorp purchased the majority
interest in Liberty State Bank, DeKalb
County’s oldest bank, in July 1999.
Liberty State Bank traces its origin to the
Bank of Liberty, formed in 1898 by A.
E. Potter, the father of the late J. Edward
Potter, founder of Commerce Union Bank
of Nashville. In 1918 the Bank of Liberty
and American Savings Bank merged into
Liberty Savings Bank, which remained
open during the Great Depression. Edgar
Evins, father of Congressman Joe L. Evins,
obtained an interest in the bank, with the
family leading it until April 1969 when
J. Roy Wauford, Jr. acquired the Evins’
interest.
At that time, the total assets of the bank
were slightly more than $1.3 million. In
February 1973 the name was changed to
Liberty State Bank and in November 1973
the first branch opened in Alexandria.
In March of 1982 First National Bank of
Lebanon was acquired by Liberty State
Bank. Current assets are in excess of $96
million.
Early Putnam County banks were the
Bank of Cookeville, which operated from
1890-1910, Peoples Bank (1906-1911) and
The Cookeville Bank (1911-1914). Farmers
State Bank was organized in 1910 but
never opened. The Bank of Algood existed
from 1910-1930. Baxter Bank and Trust
Company operated from 1906-1932. Bank
of Buffalo Valley survived from 1912 until
1926. Buffalo Bank organized in 1919 but
did not open.
At some time in the 1920s the Bank of
Monterey had a branch near Wilder in
Fentress County called the Bank of Laurel.
Union Bank and Trust Company was
formed in 1922 and merged into Bank of
Monterey in 1931.
The oldest surviving bank in Putnam
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Cookeville: (931) 528-5516 · Smithville: (931) 597-4284 · Sparta: (931) 836-2211
April 2007
www.ucbjournal.com
County originated as Bank of Monterey
in 1901. In 1976 it merged with Bank
of Cookeville (established 1968) and
became Bank of Putnam County. First
National Bank of Cookeville (established
1910) became part of First Tennessee in
1972. Citizens Bank (established 1914)
was acquired by Union Planters (now
Regions Bank) in the 1980s. Those three
were the only banks to survive the 1930s
depression and were the only banks in
the county from the 1930s until 1968.
James W. Dorton founded First
National Bank of Crossville in 1900.
When he died at the onset of the
depression, his son Moses E. Dorton was
only 20 years old, rendering him legally
underage to operate a bank. Special
legislation declared him legally of age,
and the youngest bank president in the
state continued in his position for 55
years. Four generations of the Dorton
family were at the helm of the bank
during its existence. It was the only bank
in Cumberland County for six decades.
In 1960 Highland Savings and Loan and
Bank & Trust Company, was chartered on
Oct. 25, 1932, and formed by the uniting
of Old Farmer’s Bank and Citizen’s Bank
with capital stock of $50,000.
In Cannon County both Braxton and
Gassaway had early banks, neither of
which remain. The first bank organized
in Cannon County appears to be the Bank
of Woodbury, which opened Feb. 11,
1888. It was purchased by local investors
in 1941 and the name changed to Bank
of Commerce. Later it was purchased by
Union Planters Bank who recently sold to
Regions Bank who currently operates it
today.
Van Buren Bank in Spencer began
circa 1906 with D. L. Haston owning 50
percent of the shares. n
Editor’s note: The information contained in
this article was provided by various individuals
throughout the Upper Cumberland at the request
of the CBJ. According to CBJ research, no
comprehensive history of early U.C. banks exists,
and this Legacy series installment is not presented
as such. To comment on this article or provide
additional information, please visit www.ucbjournal.
com.
FASTSTATS
MEDIAN INCOME
for Full-Time, Year-Round Employed Workers
Alexandria
Algood
Allardt
Auburntown
Baxter
Carthage
Celina
Centertown
Cookeville
Crab Orchard
Crossville
Dowelltown
Gainesboro
Hartsville
Jamestown
Lafayette
Liberty
Livingston
McMinnville
Monterey
Morrison
Pleasant Hill
Smithville
South Carthage
Sparta
Spencer
Viola
Woodbury
Women
$21,429
22,872
18,929
26,250
19,118
20,417
15,096
25,833
21,710
15,809
20,217
20,469
21,932
21,429
16,094
19,676
19,125
20,991
20,693
18,895
21,250
20,250
20,705
20,577
20,295
20,735
31,250
19,231
Men
$27,083
32,443
27,333
31,429
21,731
30,531
21,494
35,625
28,013
24,135
26,735
28,750
24,091
27,232
23,750
28,994
27,750
25,183
28,474
21,772
28,125
23,750
29,231
31,080
26,970
25,329
35,313
28,636
Source: U.S. CENSUS BUREAU
For Over Half A

HOME n AUTO n BUSINESS n
Protecting the Dreams of
our Families and Friends
Red Boiling Springs Bank
Cumberland County Bank (now part of
Bank of Putnam County) opened. First
National Bank of Crossville sold in 1987
to Union Planters but continued to
operate under its own name and charter
until 2000, when it finally adopted the
Union Planters name.
Jamestown’s Union Bank was
established in 1933, the result of a
merger by Bank of Jamestown (1904) and
Farmer’s Bank (1922). Currently the bank
employs 45, has resources in excess of
$153 million and operates a main office
in Jamestown, a branch in Clarkrange
and mortgage offices in two locations.
Citizens Bank (Carthage) opened in Oct.
26, 1929, and the stock market crashed
three days later. But the bank survived
the Depression, has expanded with nine
offices in Smith, White and Putnam
counties, has never merged and remains
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12
April 2007
www.ucbjournal.com
5TH EXIT
FROM PAGE 1
ensure the exit was built.
“The people who owned land were
more than willing [to sell it for the
construction project],” she said, adding
that opening of the Hartmann Drive
exit has stimulated development for the
community.
Currently there is another exit under
construction at Beckwith Road east
of Lebanon, which when completed
will provide a western exit for the
Eastgate Technology Park. Vanetta said
companies within the park were eager to
have the exit built, rallying support from
local officials in Lebanon and Mt. Juliet.
Cookeville city officials, as well
as the multi-county rural planning
organization of which Putnam is a part,
have identified a 5th Exit for Cookeville
as a transportation priority. But recent
controversy, especially concerning the
northern connector road, could endanger
the project, according to Charles Bush of
TDOT.
“Opposition has killed a lot of [TDOT]
projects,” Bush said.
March 27 was the final date for the
public to file written comments for
inclusion in the public record, but a
decision is not expected for several
months as state transportation officials
perform the final steps in a lengthy
review process.
“It’s not a vote,” said TDOT’s Tom
Love, who conducted the public hearing
in Cookeville March 6 to receive public
comments. “It is vital that we hear from
everyone.”
TDOT estimated that there were “more
FOR than AGAINST” the exit attending
the hearing, which drew a crowd of 350400. Among the audience were business
leaders, elected officials and residents
of area west of Cookeville where the
proposed exit and its accompanying
connector road will have the greatest
physical impact.
“I’m glad both sides were
represented,” Love said, adding that
community opinion is “factored into the
equation.”
Several TDOT officials, both at the
meeting and afterwards, commented
that it is rare to see a large crowd of
supporters at a public hearing on any
issue, since opposition is usually more
vocal and more organized.
route, federal funding for the project
may not be provided.
Cookeville city manager, Jim Shipley,
noted that the city along with Putnam
County have spent approximately $5
million acquiring property south of the
interstate for an industrial complex,
observing, “to make it work to the fullest
potential [the project] has to be built.”
Shipley pointed to two factors
that seem to have caused the greatest
controversy. One is the argument that a
northern connector road would impact
residents and farms. The other stems
from what Shipley said is “the early
The northern loop is deader than a
door knell. It is not going to happen.
The funding has gone
to Clay and Overton counties.
JIM SHIPLEY - Cookeville City Manager
Love was quick to point out at the
public hearing that the 5th Exit is not
associated with an earlier proposed
project bypass or circumferential route
proposed as part of the Corridor J
project.
“This route has been eliminated as
a result of a change in concept on the
Corridor J project,” Love said.
Several offering comments at the
hearing, both for and against the 5th
Exit, took issue with construction of a
northern connector route being built
from I-40 to US 70N (SR 24). However,
Love explained that the Federal Highway
Administration requires that an “exit or
interchange have a logical termini into
a ‘good’ road.” Without the connector
idea” that such a road would ultimately
become part of a northern loop around
Cookeville.
Mike Richardson was one of several
opponents who posted that kind of
comment on the CBJ’s Web site.
“I am opposed to the so called
“required” connector road to Hwy. 70,”
Richardson wrote. “I am not opposed
to building a 5th interchange for the
purpose of providing good access to I-40
for the proposed industrial park.”
Richardson stated that he believes
the connector “is an unnecessary and
wasteful use of tax dollars” that would
“further fragment and disrupt the rural
landscape, injuring rural home and farm
owners.” He is also afraid the connector
would be the “foot in the door” for
eventual completion of a loop road from
Overton County, through Putnam County
and into White County, a proposition
he calls “a massively destructive and
wasteful use of dollars and resources.”
“The northern loop is deader than a
door knell,” Shipley said. “It is not going
to happen. The funding has gone to Clay
and Overton counties.”
One long-time advocate of
transportation improvements to the
community is former Cookeville city
councilman Dr. Steve Copeland, who
serves a chairman of the local chamber
of commerce transportation committee.
Representatives of the all-volunteer
group visited with state legislators,
TDOT officials and Gov. Phil Bredesen
last month to discuss the reasons the
project is supported by the business
community.
“We have a governor who has said
he is concerned about the Upper
Cumberland, about the fact that as a
region we are close to the bottom in per
capita income,” Copeland said. “One of
the ways you address that is through
improvements in infrastructure and
roads. Our governor is sympathetic to
that. It may be a long time before we
have an opportunity like this again.”
Copeland said that the fact the city
and county has made a $5 million
commitment for land and is prepared
to spend another possible $3 million
to prepare it for industry has sent an
important message to the governor
as well as state and federal funding
authorities.
“This is a good time to build,”
Copeland said of the northern connector,
which he acknowledged was the primary
point to contention associated with the
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5th exit. “There are only a few residents
who will be displaced now, but if we
wait until the area is more heavily
populated, it will make it more difficult.
We have to show some vision and
anticipation for future needs.”
Copeland admitted that a problem
with the northern connector alternatives
as proposed is that there is less than
adequate access from the road to the
land.
“Charles Curtis is working on an
alternative,” he said. “People have
to have access to their land. We are
looking at access similar to the access
to Highway 111 between Livingston and
Cookeville. You just make the value of
the land increase if you give them better
roads with good access.”
The 66-page environmental impact
study for the exit and connector is
available for review at the Putnam
County Library and on the Internet.
This study identifies and proposes
to address the project’s impact on land
use, farmland, environmental justice,
water quality, the economy, air quality,
wetlands, historic/archeological as well
as residential homes and commercial
buildings.
Copeland said his interest in the
project is a “vested interest in my
community” rather than an interest for
personal gain.
“Other than my house in White Plains,
I own absolutely zero real estate outside
the city limits of Cookeville,” he said. “I
also have no close friends or relatives
who have a vested interest in the
development of the exit and connector.”
The TDOT study supports the project
as proposed with an exit and northern
connector, noting “improved community
and regional connectivity between
businesses and residents could be
realized.”
“These improvements would
contribute to the economic improvement
efforts and quality of life improvement
goals as set forth by local and regional
officials,” the study states. “These efforts
are being made to reduce poverty and
unemployment rates and to improve
income.” n
TOOLBOX
For Financial Resources
Tennessee Bankers Association www.tnbankers.org
USDA Rural Development www.rurdev.usda.gov
Upper Cumberland Association of Realtor www.ucar.org
Internal Revenue Service www.irs.gov
Securities Exchange Commission www.sec.gov
TN Department of Financial Institutions www.tennessee.gov/tdfi/
NASDAQ Stock Market www.nasdaq.com
New York Stock Exchange www.nyse.com
Federal Deposit Insurance Corporation: Deposit Market Share www2.fdic.gov/sod/sodMarketBank.asp?barItem=2
Tennessee Technological University: College of Business www.tntech.edu/cob/
Nashville State Community College: Cookeville Campus www.nscc.edu/cookeville/index.html
MINE
FROM PAGE 1
commission meeting. Among potential
negative issues identified by the group
were pollution, loss of property values,
use of county roads, water impact and
diminished quality of life. The resolution passed and distributed
by the commission addresses concern
about Cumberland County’s streams
and watersheds and the possibility of
fracture in rock formations underneath
the county’s lakes. The resolution
also expresses its concern about the
“general damaging effect on the quality
of life for the citizens” living nearby.
The Meadow Creek Conservation
Coalition is appealing TDEC’s decision
to the state water quality board.
“Our concerns include the fact that
the decision and proposal changes
were made at the agency level with
no opportunity for comment,” said
coalition member Carolyn Powell,
adding, “To date, no economic or social
impact studies have been conducted
as required by the [TDEC] antidegradation statement.”
Powell said many questions have
been raised about changes that were
made, including the coalition’s concern
over the non-specified chemicals that
will be used in the process.
“We are still awaiting the decision
of the U.S. Army Corps of Engineers
whether they will allow us a public
hearing on this matter,” Powell said.
“We are keeping people informed
through our Web site at www.
nosandquarry.org.”
According to Powell, Cumberland
Lakes has an estimated 647 lots, all of
which have been sold. She also said
approximately 40 or so homes have
been built in the area, with home
values ranging between $200,000 and
$300,000. n
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14
April 2007
www.ucbjournal.com
Electronic transactions set to become banking standard
BOBBIE MAYNARD
bobbie@ucbjournal
Remote deposit, direct debit, online
payments – all of these modes of
electronic transactions have gained a
firm foothold in the banking industry
nationwide and across the U.C., and are
today considered a standard means of
transferring funds.
“The number of people who do online
banking now is growing at a phenomenal
rate,” explained Don Calcote, president
of Community Bank of the Cumberlands.
“It’s a lot simpler for people to keep
up with their bills to set them up as
recurring payments online. Consumers
are used to electronic transactions and
not really surprised by them anymore.
I think everyone realizes we’re going to
a paperless society, which will probably
take hold in the next decade or so.”
The traditional e-payment types,
including credit cards, debit cards and
ACH transactions, are the driving forces
moving the U.S. payments system
forward. In fact, debit cards are the most
rapidly growing payment type in the
United States.
Some reports indicate that annual debit
card transaction growth has averaged an
estimated 53 percent in recent years, and
that debit cards now account for more
than 4 percent of total transactions. A
recent Federal Reserve Bank of Kansas
City survey reflects these trends: 77
percent of responding banks now offer
debit cards, and an additional 14 percent
plan to do so within a year.
“Electronic transactions have changed
our industry dramatically,” said Larry
Vickers, chief executive officer of
Putnam 1st Mercantile. “I’ve been in the
banking business for over 40 years. I can
remember in 1960, when people discussed
that we’d have a paperless society in five
years. Of course it’s taken much longer
than that. The number of checks written
grew steadily until the mid-1990s. Today,
more and more people are enjoying the
availability of electronic transactions.
They can now conduct banking from
transformed the banking industry,” Steve
Rains, president and CEO of Progressive
Savings Bank and the Rains Agency,
commented. “New technologies have
enabled banks to provide online services
in a real time environment. We have seen
a rapid and dramatic increase in debit
card use and Internet bill pay. I don’t
think paper checks will be going away
any time soon, but their use is definitely
on the decline.”
According to a 2006 bill payment study
made by checks will drop to 37 percent
by 2010, down from over 54 percent in
2006. At the same time, the percentage
of payments made online at financial
institutions’ Web sites will reach 28
percent by 2010, up from 14 percent in
2006. In addition, online bill payment
processors that support U.S. financial
institutions’ Web-based bill payment
services will grow their transaction
volume 19 percent over the next few
years.
Recently, the Federal Reserve Board
issued a rule governing electronic checks
that requires merchants to inform their
customers when they plan to covert a
check to an electronic debit from the
customer’s bank account. This rule, which
became mandatory on Jan. 1, states that
merchants must post signs at the point
of sale, and also note the debit on the
customer’s receipt. n
These types of transactions have really
transformed the banking industry. New
technologies have enabled banks to provide online
services in a real time environment. We have seen
a rapid and dramatic increase in debit card use
and Internet bill pay. I don’t think paper checks
will be going away any time soon, but their use is
definitely on the decline.
STEVE RAINS – Progressive Savings Bank and the Rains Agency
home, which has changed banks’ needs
for brick and mortar facilities.”
The introduction of Internet banking,
online bill payments, debit cards and
more has provided financial institutions
with a variety of services for their
customers, enabling customers to transfer
funds and make payments without having
to handle cash or checks.
“These types of transactions have really
Findingyour
way
conducted by the Aite Group (“Online Bill
Payments: Chasing the Next Big Thing,”
October 2006), over the past few years,
consumer bill payment behaviors have
advanced. This advancement has resulted
in impressive revenue growth for the
electronic bill payment industry. In the
future, this trend is expected to continue.
The October 2006 study also states
that the percentage of bill payments
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15
www.ucbjournal.com
A century of banking intertwined local lives in one small U.C. town
LANA BAKER ROSSI
lvgraphics@twlakes.net
As I sit here in the old Farmer’s Bank
building casually switching money from
one account to another online, I am
reminded of how important banks have
been to the vitality of our community. The banks in small rural towns had
their own unique set of challenges and
rewards since, like most small towns,
everyone knew everyone else and their
lives were intertwined.
Pickett County was officially formed
from parts of Overton and Fentress
Counties in 1881. The town of Byrdstown
was soon incorporated as the county
seat. In September 1904 Pickett County
Bank and Trust was established in a
small building adjoining the square in
Byrdstown. It remained the only bank
in town until Farmers Bank and Trust
Company was organized in December
1927.
According to an excerpt from the
memoirs of R.A. Harwell, the charter to
operate came later so they did not get
to open for business until early 1928.
Harwell wrote in verse about his interview
for clerk of Farmers Bank.
“The first question I was asked was a
surprise to me. The reason for it, I could
not see. They wanted to know which
political party I belonged to. Well, since
I had never given politics much thought,
I hardly knew. Then someone told me the
truth of the matter. Like getting a note on
a silver platter!
He said the old Pickett County Bank
was known as the Republican Bank and
this new one was to be the Democrat
Bank. Therefore they could not afford to
hire me, if a Republican I happen to be.”
During WWI farmers were encouraged
to increase their production to support
the war effort, so they took out loans to
finance their equipment and crops. When
the war ended quickly, demand for crops
fell and prices dropped, leaving farmers
unable to repay their loans. Banks in
small towns and rural communities began
closing by the end of the 1920s.
Having only been open for a few years
the Farmers Bank and Trust Company,
rather than close its doors, was merged
with Pickett County Bank and Trust
$5,000. Thus if a bank closed, the Federal
Government would reimburse the losses.
The newly merged Pickett Bank legally
had to close during the bank holiday but
the officers of the bank went to work
every day to reassure their frightened
customers that their money was still there
and still safe. Pickett Bank was one of
the few banks that did not have to accept
a federal bail out during the depression.
Around 1956 it reached the level of $1
million in assets. Long-time employees
tell some interesting stories of dealing
with the public over the years. They tell
Pickett Bank was one of the few
banks that did not have to accept
a federal bail out during the
depression. Around 1956 it reached
the level of $1 million in assets.
Company in 1931.
“The assistant cashier of Pickett County
Bank and Trust Company (the Republican
Bank) was a Democrat. How could they
tolerate that?” Harwell wrote.
President Franklin D. Roosevelt declared
a bank holiday from March 6 until March
13 in 1933. The closing of all banks
was so that a general plan to protect the
savings of the public could be developed.
Congress passed new banking laws,
the most important being the Federal
Deposit Insurance Corporation, FDIC. The
FDIC insured everyone’s savings up to
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of one customer who always carried all of
her money safely tucked away in her bra,
of Alvin C. York being a bank director
for a short time, and of the time when
a state bank auditor asked to see the
bank president’s security measures and
he pulled out his desk drawer showing
the auditor a gun. They also tell of the
time in 1974 after a devastating tornado
when the community had no electricity
for several days and the bank stayed open
using hand operated adding machines. In
November 1978 Pickett County Bank and
Trust had assets of around $13 million. Lisa Ingram
206D Main Street
Carthage, TN 37030
615-735-9874
Also in November 1978, with equity of
only $500,000, a new bank was started in
Pickett County. Peoples Bank opened with
six employees in the old Farmers Bank
building on the square in Byrdstown.
They stayed in the old building for about
five years until 1983 when they built a
new one, moving their accounts and the
vault door to where the Byrdstown Town
Hall now stands. In 1995 another move
was made to the present facility that is
beside the Pickett County Courthouse.
Starting with only six employees,
Peoples Bank has grown to a two-bank
holding company with a bank located
just over the border in Albany, Ky. More
than 200 shareholders in the community
have realized dividends on their original
investments of more than 1,500 percent.
The two banks support over 35 employees
who have the opportunity to participate in
an ESOP (employee ownership program).
U.S. Rep. Lincoln Davis, who was mayor
of Byrdstown in 1978 (and well knows
the history of banking in Byrdstown), was
assigned to the House subcommittee that
oversees banking in the United States.
(Recently when he was in town he asked
one of the Peoples bank officers if he
knew that Peoples Bank is rated eighth in
its class in the nation in return on assets.)
Pickett County Bank and Trust
Company was acquired by Union Planters
(now Regions Bank) in 1988 and still
has a large presence in Pickett County.
The old Farmers Bank building has been
carefully (and lovingly) restored by this
writer. Politics no longer seem to be a
banking issue in Pickett County as we
take full advantage of the services of both
successful banks n
16
April 2007
www.ucbjournal.com
Business education and careers are more in demand, growing
Area institutions offer
courses for students
and
professionals.
BOBBIE MAYNARD
With national trends showing an
increased demand for employees with
business skills such as accounting and
management, the financial industry as
a whole is rife with opportunities for
students just launching their careers and
for professionals who want to advance.
Locally in the U.C., educational
courses in business are offered at several
community colleges and at Tennessee
Tech University, the region’s only fouryear college.
“We offer many courses under the
College of Business that count toward
different degree specialties,” said Virginia
Moore, associate dean of the College
of Business at TTU. “We have degrees
in accounting, economics, finance,
marketing, business management with
a concentration in human resources,
management information systems and
world cultures and business, which is a
joint program with the College of Arts
and Sciences.”
According to Moore, the total
enrollment for TTU’s College of Business
was 1,277 undergraduate students as of
Fall 2006. Approximately 170 graduate
students are participating on campus
and online with the university’s MBA
program.
“Accounting and finance are our
most popular programs,” said Moore.
“Although the university does not grant
any professional certifications, we do
have professionals who enroll in several
of our accounting classes, for example,
so they can be prepared for the CPA
[Certified Public Accountant] exam.
Financial experts indicate that much
of the interest can be attributed to the
passage of the Sarbanes-Oxley Act.
Also known as the Public Company
Accounting Reform and Investor
Protection Act of 2002, the Sarbanes-
Most of these business classes are offered on
campus in Cookeville and on the Web. With that
online capability, the program really works great
for people with full-time careers who want to
advance their education.
BILL PARDUE – Nashville State Community College
Some professionals will do the same
thing with real estate classes to prepare
for the realtor’s exam. They take a few
courses instead of doing an entire degree
program.”
Across the country demand in
accounting careers is on the rise.
Oxley Act is a U.S. federal law passed in
response to a number of major corporate
and accounting scandals, such as those
affecting Enron.
Accounting, however, is not the only
career that’s on the rise. According to
Fast Company magazine, other jobs in
high demand that also require business
skills include: personal financial advisor,
sales manager, marketing manager,
management analyst or efficiency
consultant, financial manager, actuary
and securities sales agent. Many of these
jobs require at least a four-year degree.
Getting a foundation rooted in
basic business skills, however, doesn’t
necessarily mean a commitment to a fouryear degree program. At Nashville State
Community College’s Cookeville campus,
students can earn an Associate of Applied
Science degree in business management
in two years.
“We have three concentrations that
students can focus on in that particular
degree program,” said Bill Pardue,
instructor of business management
at the Cookeville campus. “The first
concentration is in small business
administration, which is probably the
most general. Then you have a marketing
concentration, which is more retailoriented. Our third one is in financial
services for those who want to work in
banking or financial planning.”
According to Pardue, some of the class
credits for this degree will transfer if
a student wants to pursue a four-year
degree.
“Most of these business classes are
offered on campus in Cookeville and on
the Web,” said Pardue. “With that online
capability, the program really works great
for people with full-time careers who
want to advance their education.”
In addition to the A.A.S. degree, Pardue
added that Nashville State does offer a
career certification in entrepreneurship. n
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17
www.ucbjournal.com
Rural Development, local banks help businesses grow through loan programs
Federal agencies, local
businesses and banks partner
to
create new jobs.
CLAUDIAJOHNSON
Several Upper Cumberland businesses
have benefited from the financing
partnership between a federal agency and
a rural power supplier.
The Caney Fork Electric Cooperative,
through the Department of Agriculture,
secured zero-interest loans through
a Rural Economic Development Loan
(REDLG) program designed to promote
sustainable rural economic development
and job creation projects.
Sparta’s Precision Molding Inc. received
a $450,000 loan to assist with a $3.4
million expansion project. In business
since 1987, PMI is a tier one supplier
to the automotive industry for plastic
molding and blow molding products.
The company has grown from a 20,000square-foot facility to the current
72,000 square-foot facility and from 20
employees to 112.
When the loan was extended in 2003
for a 16,000 square-foot expansion and
equipment purchases, it was expected
to grow the company’s sales from $7.5
million to $10 million annually and create
41 new jobs.
The funding program utilized by PMI
may be used for business expansions
and startups, including cost of buildings,
equipment, machinery, land, site
development and working capital.
Funds are available for community
infrastructure necessary for economic
development and job creation purposes
and community facilities and services
necessary for economic development and
job creation purposes. Also considered are
loans for medical facilities and equipment
to provide medical care to rural residents.
Educational facilities and equipment are
Business and Industry program.
Caney Fork participated in another
USDA program in which intermediaries
establish revolving loan funds so
collections from loans made to ultimate
recipients in excess of necessary operating
expenses and debt payments will be used
for more loans to ultimate recipients.
The funding program utilized by PMI may be used
for business expansions and startups, including
cost of buildings, equipment, machinery, land, site
development and working capital.
eligible for funding if used to provide
training and job enhancement skills to
rural residents to facilitate economic
development. Emerging enterprises may
benefit from the program’s funding of
business incubator projects.
In addition to Caney Fork, Tri-County
Electric is involved in the REDLG
program.
Jeff Callahan, owner of AUI, received
funding through the USDA’s Guaranteed
Regal Craft Kitchen Inc. in Smithville,
which began manufacturing cabinets
in 1979, obtained $80,000 for a portion
of a $420,000 project, a second one
for the company. In 1989 RCK started
manufacturing fireplace mantels along
with kitchen cabinets. In 1990 a decision
was made to stop the manufacturing
of kitchen cabinets and concentrate on
fireplace mantels due to the large market
in Canada and the United States. Sales
increased from $350,000 in 1989 to $3
million in 1995 and $5 million in 1999.
The expansion funded by the Caney
Fork-USDA loan partnership enabled RCK
to increase sales by approximately $2
million and increase employment from 11
to 26.
Southern Manufacturing Group Inc.
(SMG) in Morrison opened for business
in September 1994. The $370,000 zerointerest rural development loan SMG
received through Caney Fork Electric
Cooperative was used to purchase its
manufacturing facility. Ray Jones, owner
of SMG, said he “lived” in the building
during his company’s first year in
business, rarely seeing his family. SMG
received another $165,000 loan from
Caney Fork through the revolving loan
fund last fall. Jones said he credits the
loan and the one-year deferment as major
factors in the company’s survival in its
first few years. SMG manufactures and
ships valves worldwide and performs a
coating process on metal.
The Intermediary Relending Program
(IRP) is administered through Cumberland
Area Investment Corp. (CAIC), housed
in the Upper Cumberland Development
District and headed up by Earl Carwile.
In 1991 CAIC received $2 million at 1
percent interest rate. These funds were
to create a revolving fund for CAIC to
loan to businesses – either startup or
expansions of existing businesses in 14
Upper Cumberland counties. There is a
limited amount an applicant can borrow.
In 1993 CAIC received another $1 million
for lending in the revolving loan funds
program. n
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18
April 2007
www.ucbjournal.com
Local realtor talks U.C. housing market, regional association
QA
&
Q: What is UCAR? How
place is filled with special mementos,
does it help realtors?
including drawings and letters from
RHONDA: UCAR is a local
association under the National
Association of Realtors. It has 382
realtor members and many other
affiliate members. In fact, our
membership has almost doubled in
the past two years. The biggest benefit
of becoming a member is access to
the multiple listing service (MLS).
MLS is a database that allows brokers
representing sellers under a listing
contract to share information about
properties with other brokers who
are representing potential buyers. It
combines all the listings of available
properties and provides a way to
distribute that information efficiently
among a market’s real estate brokers.
When a real estate office joins UCAR,
all of its agents are automatically
members.
Besides MLS access, the other
biggest benefit is the great networking
opportunity the association represents.
It’s a great way for realtors to interact
with colleagues and to stay up-to-date
on changes in the real estate industry.
Plus, there’s always the possibility of
connecting sellers with buyers when
realtors interact. We meet as a group
every other month.
her now grown children, as well as
many photos of her family to make
you feel right at home.
Originally born in Cumberland
County, Elder has worked in the real
estate business since 1976, when she
earned her license. She moved to
Pickett County shortly thereafter with
her husband, Doug, and later opened
her own business – Elder Real Estate.
Several years ago, Elder sold her
brokerage to Jeff Elder of Livingston
but continues to work out of her
Byrdstown office.
Rhonda Elder
Staying active in the U.C. real estate
Elder Real Estate
community, she was recently elected
BOBBIE MAYNARD
to serve as president for the Upper
With a warm smile and gracious
hospitality, Rhonda Elder will make
you feel more like family than visitor
when you walk into her office in
downtown Byrdstown. Her work
C
Cumberland Association of Realtors
(UCAR), which represents realtors in
nine counties of the U.C.: Clay, DeKalb,
Jackson, Pickett, Putnam, Overton,
Smith, Van Buren and White counties.
ROCK SOLID
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Q: How did you become
involved with UCAR?
RHONDA: I’ve been a member
since 2000. First, I served as secretary
for two years, then president-elect and
now president. So, I’ve been involved
with UCAR’s board for about five
years. I’ve also received an award of
excellence from the association for
maintaining $1 million in sales for five
years, so I am now a lifetime member.
Q: With a lot of discussion
focused on the cooling of the
real estate market nationwide,
do you see that trend here in
the U.C.?
RHONDA: No, we are not in any
way cooling down. I just came back
from the Tennessee Association of
Realtors conference in Nashville, and
they reported that Tennessee is one of
the few states that continues to show
growth. Our state is really in a good
position because we are far enough
south to have four seasons and not
be too cold, while at the same time
far enough north to avoid hurricanes.
Property prices here continue to go up.
In some cases, I’ve seen them double
and even triple.
Q: What are buyers looking
for in the U.C. market?
RHONDA: We are getting a lot
of investors in Overton, Pickett and
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Putnam counties that are buying up
large tracts of land for development.
Here in Pickett County, most of our sales
are with the properties on Dale Hollow
Lake. Many of the local people don’t
see the value of properties on the lake
because the lake is always accessible to
them. I’ve seen prices for lake lots go
from only $2,000-$3,000 and jump to
$50,000-$75,000. A lot of larger homes
are being built here with people retiring
to the area, but many homes built on the
lake are vacation residences with people
coming in seasonally. For example at
Star Point Village, there are about 200
homes with only 15 or so permanent
residents.
Q: So, for Pickett and
surrounding counties, Dale
Hollow Lake is the biggest
draw for buyers?
roughly $334 million. For conventional
residential listings, the average price was
$138,792. For conventional commercial,
the average price was $269,363. Overall,
we had a really good year. n
Rhonda Elder, realtor and current
president of the Upper Cumberland
Association of Realtors, sells real estate
from her office in Byrdstown. Elder says
the Upper Cumberland market shows
no signs of slowing down, with the
multiple listing services up an estimated
16 percent in growth from last year.
According to Elder, the region remains
an attractive location for buyers with a
low cost of living, low taxes and scenic
views.
RHONDA: Yes, there wouldn’t be a
real estate market here without the lake.
We certainly wouldn’t have any out-ofstate buyers. The population of Pickett
County is only around 4,900, yet we
have half a million visitors to the lake
each year. Another asset Pickett County
has is a low tax base that helps us
compete against some of the Kentucky
counties to the north.
Q: How did the U.C. real
estate market fare in 2006?
RHONDA: We had a growth of
about 16 percent in the MLS since the
year before. A total of all sold listings
was 2,878 with a total dollar volume of
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Other banks rounding out the top
10 in the region by market share
include: B.P.C. Corporation (8.08
percent), Citizens Bank with its main
office in Smith County (7.50 percent),
First National Bank of Tennessee
(7.29 percent), First Tennessee Bank
(5.29 percent), Wilson Bank & Trust
(4.77 percent), First National Bank of
McMinnville (4.68 percent), U.S. Bank
(4.54 percent) and Citizens Bank of
Lafayette (4.50 percent). All banks in the
region can be seen on the “U.C. Banks’
Deposit Market Share” chart.
“I believe the Upper Cumberland is
a very aggressive market,” said Don
Calcote, president of Community Bank
of the Cumberlands. “We have lots
of new people moving in, and new
business opportunities are popping up
everywhere.
“When it comes to the increasing
number of banks in the area,” he added,
“competition is best for all of us, and
very good for customers. We do have a
lot of banks in our area. The secret is to
carve out a niche to attract and retain
customers.”
“I sense that banks are very interested
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The Current U.C. Market.
nD
With the U.C.’s total bank deposits up
$380 million from June 2005 through
June 2006, Regions Bank still holds the
top slot with 11.42 percent of the total
market share. AmSouth Bank came in
second with 9.13 percent.
As reported in the July 2006 edition
of the CBJ, Regions and AmSouth
announced last summer that the two
banks would merge under the Regions
brand. Both banks are considered
“megabanks,” which are commercial
banks with assets over $100 billion.
After the merger, the new company
would become the 10th largest bank in
the nation with $137.5 billion in assets.
The merger is expected to be completed
by 2008.
“On the one hand, the merger of
the two large regional institutions
may reduce competition in the Upper
Cumberland,” said Bob Wood, Heidtke
professor of finance and director of MBA
studies at Tennessee Tech University.
“However, given the large number of
traditional and non-traditional banking
alternatives, this reduction should be
minimal. On the other hand, the merger
should allow the two institutions to
take advantage of economies of scale,
improve administrative efficiency and
Federal Reserve Board, the U.S. housing
market is in a cooling period nationally,
with existing home sales flattening
out, and single-family housing starts
dropping more than 30 percent since the
beginning of last year.
“The slowdown will reduce the
demand for loans and reduce overall
economic activity since so many
sectors of the economy are directly
and indirectly related to the housing
market,” explained Wood. “In addition,
the decrease in loan demand will lower
interest income for the banks. Also, the
economic slowdown could potentially
increase the number of defaults on
existing loans, especially for the subprime non-traditional lenders.”
Although there are numerous reports
about the overall national effect of the
slowing housing market, some believe
the U.C. may be protected.
“The Upper Cumberland is pretty
insulated from the national slowdown
in the housing market,” explained
Bowman, “because we never saw a true
run up in inflated prices to begin with
like those that were seen on the East and
West coasts and in Florida.”
Chadwell added, “Cumberland County
in particular continues to have a good,
stable housing market in large part due
to the number of retirees coming in.
The only slight effect we are feeling is
that since housing sales have slowed in
California and Florida, fewer people are
able to sell their homes and move here.
So, that’s an indirect impact on our local
market.”
Steve Rains, president and CEO of
Progressive Savings Bank and the
Rains Agency, said there continues to
be a favorable climate for the banking
industry in the Upper Cumberland.
E
Making Sense Of Mergers
in the Middle and East Tennessee
areas. For big banking, it’s one of the
more favorable areas to look at,” Jack
Chadwell, president and chairman of the
board of Highland Federal Savings &
Loan in Crossville, commented. “I predict
significant growth over the next 10
years in this area. We’re still a hot area,
and haven’t reached the over-saturation
point yet.”
According to Wood, the deregulation
of the industry and entrance of nontraditional competition has forced
local independent banks, as well as
the regional and national banks, to be
more efficient in their operations. The
banks are also being forced to increase
customer focus, convenience, lower costs
and provide services that traditionally
have not been offered by the banking
industry.
“Across the whole U.C. area, people
really do get competitive services from
banks and get their dollar’s worth,” said
Chadwell. “I’ve seen times where one or
two banks had a monopoly in this area
because of its rural nature. That’s not the
case anymore.”
“The strength in terms of number of
deposits is very strong, especially for
our market here in Putnam County,”
Larry Vickers, chief executive officer of
Putnam 1st Mercantile, explained. “It
indicates that more money is circulating
in our market, which aids growth and
development in the community. In fact,
the number of deposits per office has not
declined, and we see continued growth
in the number of banks present, so the
market is supporting that.”
Besides increased competition, other
economic factors, such as the housing
market, can have an impact on the
banking industry. According to the
AC C R E D
“The number of banks is meaning
less and less as we have inter-county
banking going on,” explained Bowman.
“At this point, I can’t say whether or
not our market is approaching oversaturation in terms of number of banks
and branches. It appears the market is
still supporting development, with many
banks constructing new buildings.”
reduce costs.”
As reported by the CBJ, Regions
and AmSouth will most likely have to
close some branches once the merger is
complete because of proximity to each
other.
“The Regions and AmSouth merger
is interesting,” Bowman observed. “A
lot of it has to do with governmental
regulation controls, which means
they may have to do adjustments in
getting rid of branches and paring back
resources.”
n
BANKING
FROM PAGE 1
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crmchealth.org
April 2007
www.ucbjournal.com
U.C. Banks’ Deposit Market Share
Institution Name
Number of Offices
Regions Bank
16
Amsouth Bank
10
B.P.C. Corporation
13
9
Citizens Bank (Main office in Smith County)
First National Bank of Tennessee
5
First Tennessee Bank
2
Wilson Bank & Trust
5
First National Bank of McMinnville
5
U.S. Bank 6
Citizens Bank of Lafayette
8
Macon Bank & Trust Co.
6
Jackson Bank & Trust (FSG Bank National Assn.)
5
Progressive Savings Bank
4
Union Bank
2
Security Federal Savings Bank of McMinnville
2
Cumberland Bank 3
Community Bank of the Cumberlands
3
People’s Bank & Trust Co. Pickett County
1
First Volunteer Bank of Tennessee
4
Citizens Bank (Main office in Trousdale County)
1
Union Bank & Trust Co.
2
Bank of America
1
American Bank & Trust of the Cumberlands
2
Liberty State Bank 3
Highland Federal Savings & Loan
2
Beacon Federal
1
First National Bank of Manchester
1
BankEast
1
Homeland Community Bank
2
Citizens Bank of Spencer, TN
1
Citizens Tri-County Bank 3
Putnam 1st Mercantile Bank
1
Number of Institutions in the U.C. Market: 32
130
Deposits ($000)
Market Share
587,666
11.42%
415,685
9.13%
254,379
8.08%
386,177
7.50%
375,091
7.29%
272,431
5.29%
245,325
4.77%
240,923
4.68%
233,617
4.54%
231,618
4.50%
204,758
3.98%
139,943
2.72%
130,809
2.54%
126,376
2.46%
107,074
2.08%
90,917
1.77%
90,078
1.75%
85,747
1.67%
78,933
1.53%
68,539
1.33%
66,471
1.29%
65,465
1.27%
63,472
1.23%
54,575
1.06%
51,997
1.01%
49,710
0.97%
48,839
0.95%
47,002
0.91%
45,109
0.88%
27,446
0.53%
24,645
0.48%
19,945
39.00%
5,146,133
100%
Source: FDIC; deposits as of June 30, 2006 - Counties include: Cannon, Clay, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Smith, Trousdale,
Van Buren, Warren and White
“That’s evident by the number of
banks here and the continued growth
in the number of branch offices,” Rains
observed. “The Upper Cumberland is
an attractive market with its low cost
of living, good business climate and
sophisticated business people. All those
factors continue to help us grow.”
Trends In Banking
In an effort to attract more
consumers, many banks are
incorporating additional services
beyond the standard checking and
savings accounts. These services
typically include both insurance and
wealth management services – making
banks a one-stop-shop for consumers’
financial needs.
“Banks are evolving into different
financial venues, but I also think the
same is true for other companies,
like investment, getting involved in
banking,” said Vickers. “We are seeing
a consolidation of several types of
services into one institution.”
“Banks will continue to become
the encompassing family financial
center, as far as the law allows that to
occur,” Caldwell said. “With so many
banks offering free checking and free
online banking, they are at the same
time branching out in these additional
services to make up the difference for so
many fee-free services.”
Rains said he believes customers
will continue to turn to their local
community banks for additional
financial services for one simple reason
– trust.
“People here in our area like to do
business with community banks because
it comes down to the elements of trust
and familiarity that large banks and
brokerages just don’t convey,” Rains
said. “That’s why I believe you will
continue to see customers look to
their hometown banks for advice on
investments and retirement strategies.”
One trend that could be on the
horizon is national retail chains opening
their own banks. Retail giant Wal-Mart
recently sought federal approval to
create an industrial loan corporation
(ILC).
Currently, federal law prohibits the
mixing of banking and commerce, but
an exception is made for ILCs to allow
commercial companies to own federally
insured banks.
“The Wal-Mart effect will be
significant if they are able to develop
a banking subsidiary in their stores,”
noted Wood. “Anticipating the
competition, many traditional banks
have already opened branches in retail
outlets and shopping centers. The
increased convenience and competition
among the banking entities will be
beneficial for the consumer.”
According to news reports, Wal-Mart
officials had indicated they were not
interested in competing with traditional
banks, but only wanted to handle
an estimated 140 million electronic
payment transactions processed each
year. Proponents also claim that ILCs
will benefit consumers with lower fees
and rates.
Wal-Mart recently withdrew its
federal application.
“This action follows January’s FDIC
decision to extend the moratorium on
a number of pending ILC applications,”
stated Wal-Mart financial services
president Jane Thompson in a released
statement. “Unlike dozens of prior
ILC applications, Wal-Mart’s has
been surrounded by manufactured
controversy since it was submitted
nearly two years ago. At no stage did
we intend to use the ILC to establish
branch banking operations as critics
have suggested – we simply sought to
reduce credit and debit card transaction
costs.” n
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21
22
April 2007
www.ucbjournal.com
$284,400 funding awarded for
multi-purpose center
BIZ BUZZ
FROM PAGE 1
Funding of $284,400 was awarded to
finance the construction of a multi-purpose
center to house the educational and cultural
programs of the Fairfield Glade Art Guild in
Cumberland County.
“Public infrastructure is essential if we are
to maintain the quality of life that makes
our rural communities attractive and well
prepared to take advantage of economic
opportunities,” said Rural Development
Area Director Joe Woody. “This multipurpose center will play an important
role in Cumberland County by providing a
facility where people can come together
for educational and cultural opportunities.
I am glad that Rural Development is able to
partner with the Art Guild as they build for
the future.”
The Rural Development low-interest loan
of $240,000 will be used to construct a
2,900 square foot multi-purpose building
will allow for the expansion of programs
and serve as home for the Fairfield Glade
Arts Guild. The facility will serve as a
regional arts center providing education
and cultural opportunities to people in the
Upper Cumberland area. The Art Guild is
contributing $44,400 for a total project
funding of $284,400.
“Our Art Guild is extremely pleased that
Rural Development has granted us the
opportunity to achieve our dream of a
permanent home in Fairfield Glade,” said
Art Guild president Ray Butkus. “We look
forward to helping our community grow
through the arts with a building that allows
artistic creation and perception and provides
creative outlets to enhance their personal
lives.”
Cumberland counties gave the thumbs-up
for the funding that would place the park
on a spot of land that is on both sides of the
Morgan and Cumberland county lines.
McLain Named River Park
Hospital CEO
John R. McLain is the chief executive
officer of River Park Hospital in McMinnville.
A native of Chattanooga, McLain obtained
a bachelor’s degree. in biology and religion
from Emory University in Atlanta, Ga., and
a master’s degree in
health administration/
master’s of business
administration
from Georgia State
University. McLain’s
health care career
began at Wesley
Woods Geriatric
Hospital while a
student at Emory.
McLain
He later moved to
Hamilton Medical Center, a 282-bed facility
in Dalton, Ga., to serve as a director for
multiple hospital departments.
In 1997 McLain joined South Pittsburg
Medical Center as administrative director,
which was soon replaced by a newly
constructed facility, Grandview Medical
Center, where he was promoted to chief
operating officer. In 2002 before his most
recent post as CEO of Wytheville Medical
Center in Virginia, McLain served as COO of
Vaughn Regional Medical Center in Selma,
Ala.
McLain is a member of the American
College of Healthcare Executives. He is also
involved in Rotary International and places
great value on church involvement with his
family. For more information on River Park
Hospital and its services, call (931) 815-4000
or visit www.riverparkhospital.com.
Malpractice case awards
family $4.1 million
A McMinnville nursing home was ordered
to pay $4.1 million in a lawsuit for medical
malpractice.
▼
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520-8558
The McMinnville nursing home, owned
by Murfreesboro-based National Healthcare
Corporation, was the target of a lawsuit from
family members of home resident Cheatum
Myers.
Medical malpractice is an issue that
the legislature will soon face, with the
introduction of legislation that would
prevent juries from awarding such sums.
NHC company is reportedly planning to
appeal the verdict.
Myers was allegedly found with bedsores,
an undiagnosed hip fracture and other
problems, according to lawsuit allegations.
Governor awards job
training grant
Crossville Inc. in Cumberland County
was awarded a grant of $5,500 through
the Tennessee Department of Labor and
Workforce Development.
The Incumbent Worker Training grants are
designed to assist existing employers with
training needs to avert possible layoffs. Over
the past three years the grants have totaled
more than $5.9 million to assist more than
24,000 employees.
The Incumbent Worker Training program
has been structured to be flexible to meet
the business’s training objectives. Based on
the nature of the training, the business may
use its own training or it may use public or
private training. For more information visit
www.state.tn.us/labor-wfd.
Judge awards beer permit
A lawsuit that was filed in July 2006 has
been settled, granting Don Sergio Jr. a permit
to manufacture beer.
The lawsuit, which was originally filed
against the White County Beer Board, was
settled last month in circuit court. Sergio had
initially filed the lawsuit after he was denied
a permit in a May meeting of the beer board
last year.
The lawsuit was based on the grounds that
after receiving an opinion from the Attorney
General favorable to Sergio and meeting all
requirements necessary to receive a beer
permit, Sergio was still denied.
In December 2006 the beer board
submitted to Judge John Maddox all
documentation of the meeting with Sergio.
When the two parties met again on Jan. 17,
the judge ruled that the permit should have
been awarded to Sergio. He then ordered the
beer board to issue the permit within the
time prescribed by law.
Sergio is working with Tennessee
Department of Agriculture and Tennessee
Department of Revenue to make sure he
has met all required guidelines. The Blue
Springs Road facility is expected to be in full
operation soon. However, Sergio is involved
full-time with his family’s construction and
contracting business, and beer making will
be only a part-time job.
For more information about the beer laws,
refer to Tennessee Code Annotated 57-5105.
Cumberland Insurance Group
presenting sponsor for bass
competition
Steve Copeland of Cumberland Insurance
Group displays a sign announcing the
Tennessee State Bass Championship
April 2007
23
www.ucbjournal.com
with tournament planner Regina Walker.
Cumberland Insurance Group was the
presenting sponsor for the tournament
held recently at Ragland Bottom on
Center Hill Lake. The Tennessee State Bass
Championship, hosted by Leadership Putnam,
featured prize packages totaling more than
$12,000 with a $4,000 guaranteed first
prize.
Train ride offered in
Putnam County
Tickets are now available for the Tennessee
Central Railroad Museum train excursion
that will arrive at the Cookeville Railroad
Depot on May 5, and take a leisurely journey
to Algood and back in conjunction with the
2007 Railroad Rendezvous SpringFest.
The cost of tickets for adults is $15.
Children 3 to 12 pay $10, and children
under 2 ride free in an adult’s lap. All dome
seats are $30. The tickets are on sale at the
Cookeville Chamber of Commerce. For more
information call (931) 526-2211.
HVAC contractor recognized
for best practices model
What is the “Next Big Idea” in the HVAC
industry? CHC Mechanical Contractors
and five other of the nation’s top HVAC
contractors were selected from over 100
submissions to present their ideas at the
39th Annual Air Conditioning Contractors of
America Conference and Indoor Expo, held
March 6-8 in Orlando, Fla.
CHC Mechanical president and CEO
Garry Floeter shared with the group how
to establish a safety-conscious work
environment. His company’s secret? To
“bribe” employees with paid days off, a plan
good enough to be selected as a finalist in
the competition.
For every full year without a lost-time
accident, Floeter explained, he provides his
employees with an additional day off with
pay.
“Our industry carries with it plenty of
Garry Floeter
inherent safety challenges,” explained
Floeter. “The safety program that we’ve put
in place has proven to be effective, which is
not only a benefit to our company, but to our
clients as well. A good safety record lowers
our overhead, leading to more competitive
pricing and overall cost savings.”
Earlier this year, CHC Mechanical received
the Governor’s Award for Excellence for
Workplace Safety, and last year celebrated
four consecutive years without a lost-time
accident.
CHC Mechanical Contractors has been
serving the Upper Cumberland, as well as
Middle Tennessee and the Southeast, since
1969. Located at 347 East Stevens St. in
Cookeville, the company can be contacted at
(931) 528-5514, or on the Internet at www.
CHCcompanies.com.
19th Hole under new
management
The Lake Tansi Property Owners
Association recently signed an agreement
with Ken and John Forte of “Forte’s at
Tansi.” restaurant. The agreement calls for
the Fortes to operate as a subcontractor to
the association and provide management
services. Plans are to keep as much staff
intact as possible. All current employees
will remain as employees of the association.
The 19th Hole restaurant plans to make the
transition from a snack bar to a full service
restaurant.
DEBBIE KESSLER, GAMP Regional Manager
3126 Middleford Drive • Cookeville, TN 38506
931-537-9924 • Email: trusthim@charter.net
www.teamgulfstream.com/dkessler
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LOCAL
526-3022
P.O. Box 3482, Cookeville, TN 38502-3482
Realty offices announce
changes
Center Hill Realty announces the
promotion of Ron Sifford to broker in its
Silver Point office and the addition of Kristie
Campbell as an agent at its Smithville office.
Sifford, a native of Greeneville, retired
from the U.S. Navy in 1999, after more than
20 years of service following a brief career as
a disc jockey at Smithville radio station WJLE
in the early 1970s. He and wife Patsy reside
in Smithville and are the parents of three
grown children. He has had his real estate
license since 2000 and broker’s license since
2004.
A multi-million dollar seller each of the
past three years, he’s a two-time recipient
of the Silver Award for sales excellence from
the Eastern Middle Tennessee Association of
Realtors. At Center Hill’s Silver Point office
he will manage a staff of seven agents.
For Campbell, the position at Center
Hill Realty marks the beginning of a new
career. A White County native, she and her
husband Scott, a communications contractor,
are the parents of three sons and reside in
Dowelltown.
ARC open under
new management
Cookeville’s ARC-Diversified, which closed
after filing for Chapter 11 bankruptcy in
July 2006, has resumed packaging dry
mixes and export oils with 48 employees.
AUI Management LLC, headed up by
Jeff Callahan, bought LMM&M LLC, the
partnership formed late last year to provide
interim financing so the plant could remain
open as reorganization continues. Progressive
Savings Bank is serving as lender for the new
management company. Bankruptcy trustee
Michael Collins negotiated a settlement with
federal agencies that allows the agency to
continue production of export oil despite
months of contention over government oil
pricing. Dr. Michael Barrett, the Cookeville
businessman who has been operating ARC
since December 2006, has retained his
position as chief operating officer under
the new AUI Management contract. Glen
Tilton is chief financial officer. Meanwhile,
numerous hearings are set in the bankruptcy
case, including a hearing on motions by
former ARC director Terri McRae set for April
26 at 9 :30 a.m. at the federal court house in
Cookeville.
Incentives available for
energy savings
The Tennessee State Department of
Energy gives free energy audits to assist
the local economy as part of the Three
Star program, according to the program’s
regional coordinator Karen Brown. Some of
the benefits include a 0 percent interest loan
up to $500,000 for local government energy
loans and a 0 percent interest loan up to
$300,000 for small business energy loans.
The energy department aides in the biodiesel program, that gives a 75 percent grant,
up to $12,000. Educational energy programs
and school loans assist in purchasing light
bulbs.
During 2006 Upper Cumberland region to
advantage of these benefits, saving $6,134.
More more information contact www.state.
tn.us/ecd/energy.htm.
Correction
In the March 2007 CBJ it was incorrectly
reported in the commercial property
transfers that Katherine W. Goff had sold
a parcel of property in Cookeville for $1.25
million. The property in question is located at
1851 S. Jefferson Ave., Cookeville. According
to Putnam County records, at the time of
the sale the property covered 5.7 acres and
contained one metal structure. The total
market value was listed at $456,600 with
the owner listed at Cookeville Auto Auction
Inc. The property sold for $1.25 on Jan. 3 to
Cookeville Auto Auction of TN LLC. The CBJ
regrets any confusion this error may have
caused. n
24
April 2007
www.ucbjournal.com
Learning how to mingle during business social function is an art form
Today more than ever before,
business relationships are developed
and strengthened in social settings.
These associations take place over
meals, parties, receptions and even on
golf courses. It is evident, then, that an
understanding of the art of hosting or
being a guest is important to make the
most of these professional and social
gatherings.
Let us think about invitation
etiquette. Whether you are the host,
hostess or guest, protocol dictates that
you observe certain courtesies.
When you are the host or hostess,
send invitations three to four weeks
prior to the event. Make it easy for
your guest to respond to the invitation.
Include a reply card with a stamped
envelope.
You may even address the reply
envelope as further courtesy, or
perhaps you may prefer to list a
telephone number so guest may call in
their replies. In either case, be sure to
request a date by which you would like
a reply instead of R.S.V.P.
Being at ease at a social gathering
can be difficult for people. Even the
most professional people can suffer
from “mingle-phobia.” For some, the
mere thought of hosting an event or
attending a function where image and
the ability to “schmooze” are important
can bring on a racing heart and sweaty
palms.
Studies show that more than 60
percent of all adults suffer from some
anxiety. If you are one of these people,
P’s & Q’s
with Linda Riser
Studies show that
more than 60 percent
of all adults suffer
from some anxiety.
If you are one of
these people calm
down. You can do
something about the
disturbing symptoms
of “mingle-phobia.”
calm down. You can do something
about the disturbing symptoms of
“mingle-phobia.”
Before attending a business or social
function, create your own itinerary.
Think of people who may be there and
make a point of talking to them. You
may want to make a list of information
about some of the guest’s recent events
in their lives. By going to a gathering
with a purpose, you will find it easier
to enter a room full of people you do
not know very well.
Read body language. A person
standing alone may welcome your
company. Groups of three or more
may be approachable. Nevertheless,
beware of the twosomes. Pay attention
to the body language. Remember the
old saying “two’s company, three’s a
crowd” sometimes still applies.
If you do not know anyone at the
gathering, be honest about it and take
the initiative. When approaching a
group of people whose body language
appears to be open to having others
join them, say, “I don’t know anyone
here, so I thought I’d introduce myself.
My name is John.” Be sure you know
the correct way to shake hands. Most
people can remember being in your
shoes and will make you feel welcome.
When you are making small talk,
be sure to be sincerely interested in
the questions you are asking. If the
person with whom you’re conversing
represents an industry totally
unfamiliar to you, try asking general
questions like, “How’s business?” The
person will say something that will
prompt further conversation.
After mingling for a while with
persons you have just met, give
yourself an intermission and talk with
persons you know. After 10 minutes
of conversation move on. Exit the
group gracefully by excusing yourself
immediately after you have spoken
rather than after someone else has
finished speaking.
If you are not part of the clean-up
committee, do not be the last one to
leave.
There are certain niceties that
identify you as a good guest. Arrive
promptly. If you have been invited
to bring your spouse or colleague, be
sure to brief him or her about other
guests who will be there so he or she
can mingle and feel comfortable doing
so. If nametags are not available and
you have forgotten someone’s name,
simply re-introduce yourself by saying
your name and initiating a handshake.
In doing so, the other person will
probably do the same.
The food table is the last place you
want to go. Always carry your drink
in the your left hand, keeping the right
hand free and dry for shaking hands.
Remember mingle, mingle. mingle. n
Linda Riser is a seminar leader in etiquette,
protocol, customer service and manners
for children and is co-author of
“Becoming the Professional Woman.”
You may e-mail questions to her at
etiquettepro1@frontiernet.net
April 2007
25
www.ucbjournal.com
Choosing the right financial advisor crucial for financial goals
If you’re like most people, you have
a variety of financial goals: college
for your children, a comfortable
retirement, a vacation home and so on.
You might be able to achieve all these
goals on your own - but you will likely
find it a lot easier if you get a little
help from a financial advisor.
But how do you choose the right
one? For starters, ask your friends,
relatives and co-workers whom they
use. Then interview some of the people
they recommend. What questions
should you ask at such an interview?
Consider these:
• What are your qualifications? Make
sure you are talking to someone who,
at a minimum, has all the required
licenses for selling securities.
• What type of experience do you
have? Find out how long someone
has been a financial advisor, but don’t
rule out a person with only a limited
amount of experience - a new financial
advisor frequently brings a great deal
of enthusiasm to his or her work. A
financial advisor’s longevity is less
important than whether he or she has
had experience working with someone
like you - someone in your financial
situation, with your goals and your
investment preferences.
• What is your investment philosophy?
Try to learn if someone favors
a specific style of investing or a
particular class of investments. These
styles or classes may be well-suited
FINANCIAL FOCUS
with Lisa Ingram
Your association with
a financial advisor
is one of the most
important business
relationships you’ll
ever have, so make
sure it’s a good one right from the start.
for some investors but inappropriate
for others. If you believe the person
you’re talking to has a “one size fits
all” mentality, you might want to look
elsewhere.
• How will you communicate with
me? Financial advisors run their
business in different ways, so there’s
no one “right” way of communicating
with clients. However, you need to
feel comfortable that someone will
always be available to answer your
questions, review your accounts,
evaluate your situation and make
appropriate recommendations. If you
are interviewing someone who has a
partner or an assistant, find out whom
you are likely to be communicating
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• What services do you provide? Find
out just how a prospective financial
advisor can help you. For example,
some people sell investments only,
while others offer investments and
insurance. Keep in mind, though, that
you don’t need to be a “one-stop”
shopper when it comes to obtaining
a wide range of services. In fact,
you might want to ask a prospective
financial advisor if he or she has
developed working relationships with
legal and tax advisors. This “team”
approach can be quite beneficial to
you, especially when you get into the
area of estate planning.
• How are you paid? Financial advisors
get paid in several different ways:
fees, commissions, salary or some
combination of these methods. One
way isn’t necessarily any “better” than
another, from your point of view, but
you should have a clear understanding
of what type of compensation is being
used.
Your association with a financial
advisor is one of the most important
business relationships you’ll ever have,
so make sure it’s a good one - right
from the start... n
Lisa Ingram is a financial advisor with
Edward Jones. Her office is located at 206 D
Main Street in Carthage. She may be reached
by phone at (615) 735-9874
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26
April 2007
www.ucbjournal.com
Choosing a retirement plan for you, your business and your employees
Most of us look forward to enjoying
the freedom of a financially secure
retirement. Of course, how well you
live tomorrow is largely determined by
how well you plan – and save – today.
It used to be that most workers could
rely on Social Security payments as
a major source of retirement income.
But that’s no longer the case. Social
Security was not designed for the
America of today who are living longer
and could spend up to 30 years or
more in retirement.
There are a number of effective ways
for business owners, professionals and
their employees to save for the future –
and many retirement plan alternatives
from which to choose.
A retirement plan can offer
important advantages to business
owners:
•tax-deductible contributions to the
plan reduce your current tax bill
•a valuable recruiting tool, which
may be positioned as part of your
business’s total benefits package can
help you attract and retain valued
employees
Whether you are considering
adopting a retirement plan for the first
time or evaluating an existing one, it’s
important that you understand your
options.
What Are Your Options?
In general, retirement plans fall into
two categories – defined benefit and
defined contribution plans.
With a defined benefit plan, each
participant’s retirement benefit is
INVESTMENT STRATEGIES
with Larry Taylor
Social Security was
not designed for the
America of today
who are living longer
and spend up to 30
years or more in
retirement.
determined by the formula set forth in
the plan, which is funded entirely by
the employer. Employer contributions
vary to meet benefit requirements,
and the plan sponsor takes on the
investment risk.
Since annual contributions are based
on the amount required to provide
the promised benefit, the closer your
employees are to retirement, the
larger the permitted tax-deductible
contribution will tend to be. Therefore,
you may be able to contribute more
to a defined benefit plan than to a
defined contribution plan, which has
specific contribution limits.
With a defined contribution plan,
an employee’s retirement benefit is
the amount of assets in the individual
account at retirement. The plan
may be structured so that each plan
participant takes on the investment
Upper Cumberland Decorating
A new Benjamin Moore Signature Store
More than just a paint store:
• Wallpaper Sales & Installation
• Stainmaster Carpets & Vinyl
• Laminate Wood & Hardwood
• Window Treatments
• Ceramic Tile
risk of his/her own account. These
plans can also be structured to include
employee contributions as well as
employer contributions. Some of the
plans available include simplified
employee pension plans (SEPs), profit
sharing plans, 401(k) plans and savings
incentive match plans for employees
(SIMPLEs).
A SEP is for business owners
seeking a flexible, low-cost retirement
plan that is easy to establish and
maintain. Each eligible employee sets
up an individual retirement account
(IRA) into which the employer makes
contributions. Since the employees
each have their own individual
accounts, they bear the investment
risk. This plan may be especially
desirable for new businesses or
companies with cyclical profit histories
since the employer can vary the
amount to be contributed from year to
year – or even choose not to contribute
at all in less profitable years.
A profit sharing plan is for business
owners seeking more flexibility. A
profit sharing plan can have additional
features, such as a vesting schedule to
reward longer-term employees, loan
provisions and various methods to
allocate contributions.
For employers who want their
employees to share in the funding of
their retirement plan, a 401(k) plan,
which allows employees to make salary
deferral contributions, may be a viable
choice. The employer may choose to
make matching and/or discretionary
contributions on a tax-deductible
basis. Before adopting a 401(k) plan,
the employer should consider the
administrative requirements and any
potential administrative costs.
A SIMPLE is for businesses that
have 100 or fewer employees and
do not currently contribute to a
retirement plan. It enables a business
owner to establish a 401(k)-type
savings plan without the typical costs
and complexities associated with a
traditional 401(k). A SIMPLE plan can
be established either as an IRA or as
a 401(k) plan. Employees can elect to
make salary deferral contributions. In
addition, the employer is required to
make contributions each year under
one of two formulas.
Where To Get Help
Providing sufficient retirement
income for you and your employees
at a reasonable cost to your business
requires careful planning and
investing. Whether you want to
establish a retirement plan for the
first time or have your existing plan
evaluated, you should consult with
a professional to help you identify
investment alternatives and programs
best suited to your needs and those
of your plan and your employees.
Planning for retirement is far too
important to put off. n
Larry Taylor is a financial advisor with
UBS Financial Services located at 115 N
Washington Ave. in Cookeville. He may
be reached at (931) 528-5426 or at larry.
taylor@ubs.com.
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Benjamin
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Decorators
COOKEVILLE
931-510-4646 cell
Upper Cumberland Decorating has been the only authorized
Benjamin Moore Paints dealer for more than 30 years!
In 1977, Joe Maxwell had a vision to bring a high-quality, unique paint brand to
the Cookeville area. That marriage was realized with Benjamin Moore.
Today, Upper Cumberland Decorating is more than just a paint store. We
offer many services and a wide array of product mix for both residential and
commercial venues and applications.
Upper Cumberland Decorating was selected by Benjamin Moore Paints as one
of the national “Signature Store” formats that helped standardize the company’s
new premium paint initiative.
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512 E. Spring Street • Cookeville
931-528-1212 • Fax: 931-528-1097
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to the Business News Source of
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to recieve your complimentary
subscription to the Cumberland
Business Journal go to:
www.ucbjournal.com
AND SIGN UP TODAY...
April 2007
27
www.ucbjournal.com
Coverages to consider when renewing commercial insurance
Your business is your livelihood.
It feeds your family; it provides jobs
in your community; it secures your
future. So when you sit down this year
to review your business’s insurance
coverage with your insurance agent,
you want to know that your business is
protected as affordably as possible.
Insurance agents and clients do a
good job of discussing your building
and its content, and protecting you
from any general liability exposures.
However there are many additional
insurance coverages to tailor your
policy to fit your specific needs. Here
are three coverages that you may be
overlooking but are critical to your
business’s insurance plan.
PROTECT YOUR Business
by Art Gernt
Hired & Non-owned Auto
Liability
Business Interruption
Business Interruption insurance
is critical to the survival of a
business after a catastrophe. Business
Interruption (also referred to as
Business Income) covers the profits that
the business would have earned had
a disaster not occurred. It also covers
operational expenses, such as remaining
utility bills and payroll, and will cover
extra expenses if you have to operate
out of a temporary location.
Because the insurance company bases
the claims settlement on your financial
records, it is important to have these
records securely backed up. It also is
essential to have a catastrophe plan
in place to deal with contingencies in
case your business activities come to an
unexpected halt. Hurricane Katrina and
the World Trade Center put the focus
on business interruption coverage, but
Business Owners Policies (BOP) have
this coverage included on their policy
with no limit except the term of the
policy. However, if your business has a
Package Policy, this coverage usually
has to be added separately. Also,
coverage and time limits will need to be
determined.
catastrophes can happen anywhere. Sit
down with your insurance agent and
run through some worst-case scenarios. Ask questions like, “What would I
do if my building was destroyed? Do
I have access to a temporary location?
How long could it take to re-open?”
This planning is essential to
determining the appropriate business
income limit that you need to carry.
How Is This Coverage Sold?
Typically, small businesses that have
Hired Auto insurance covers
businesses for their liability to
third parties while renting or hiring
vehicles; Non-owned Auto Liability
covers businesses for their liability
when employees use their personal
vehicles while performing company
business. Non-Owned Auto is necessary
due to the legal doctrine “Vicarious
Liability” – one person is liable for the
negligent actions of another person.
This coverage is highly recommended
for all businesses, as it is common to
rent vehicles or have employees use
their personal vehicle for business. This
coverage is not very expensive and is
easily available.
How is the coverage sold?
In most cases Hired and Non-Owned
Auto Liability is combined and sold
either by endorsement to a Business
Owners Policy or it is added to your
Business Auto policy as part of the
Commercial Package policy.
Employment Practices
One of fastest growing problems for
businesses is a employment practices
lawsuit, and coverage for these
claims is excluded on your business’s
liability insurance policy. If you have
employees, your business is at risk for
employment practices litigation.
Over the past 15 years, the frequency
of Employment Practices lawsuits has
increased dramatically. This litigation
is expensive and time-consuming
for employers, and therefore many
are turning to insurance companies
for Employment Practices Liability
Insurance (EPLI). EPLI policies typically
offer coverage for claims of:
1. Wrongful Termination
2. Discrimination/Retaliation
3. Failure to Hire or Promote
4. Sexual Harassment
Most companies that offer your
other commercial insurance will be
able to provide insurance for EPLI as
well. However, it is important to find
an experienced insurance company for
this coverage, because they can help
your business by offering loss control
recommendations.
How Is Employment
Practices Insurance Sold?
This coverage is typically sold
separately from your Business Owners
policy or your Commercial Package
policy. This coverage isn’t cheap, but
the risk is too great to ignore. n
Art Gernt is owner and president of Art E.
Gernt Insurance in Crossville. He has been an
independent insurance agent for over 16 years.
He holds the Certified Insurance Counselor
designation and is president-elect of the
Professional Insurance Agents of Tennessee. He
may be reached at artjr@gerntinsurance.com.
28
April 2007
www.ucbjournal.com
MAXXimizing your security while minimizing your risk
TJX – the name is current,
happening and highly reminiscent of
what can happen when a business fails
to properly keep customer data secure.
Maybe you are not the owner of a
large, international corporation. Maybe
you only have a few employees. Maybe
the FTC does not even care you are
in business. Nevertheless, you can bet
your bottom dollar someone does. Are
you engaged in health care? banking?
Do you do business in California or
another state with personal data laws
similar to CA SB1386? Then you
have legislative worries as well as the
potential for a PR nightmare.
In mid-February TJX officials
stated they believed the intrusion
into their system occurred from May
2006 through January 2007. TJX
further admitted its computer system
was hacked during July 2005 and on
various subsequent dates in 2005. That
COMPUTER BIZ
by Eric Karkau
is an incredibly long time span – 19
months! Someone had access to TJX
computer systems and data contained
in them for 19 months. Do you have
a TJX-branded credit card? Was your
personal information compromised?
Something you have to realize
is this – the hacker of yesteryear is
no longer the major problem. The
compromise of personal data is now
one of the primary focus areas of
organized crime. “The Mob?” you say.
Yes, organized crime. That personal
data could have easily been available
on black market Web sites (sites
specializing in the resale of private
information) for 19 MONTHS!!!
What can you do? How do you
protect your (or even more importantly
– your clients’) personal data and
(hopefully) prevent a PR nightmare,
legal woes, and an all-around bad day?
• PATCH YOUR SYSTEMS No
matter your size, big of small, you
must patch your systems. Be sure
to update antivirus signatures and
spyware sweeper software. Update the
operating system and use the vendorsupplied support for your specialized
applications to keep them up-to-date.
You have paid for them. Use them.
• USE STRONG PASSWORDS* I
simply cannot over-emphasize this
step enough. Think smart – use
strong passwords to log into your
workstation, systems, and Web-based
applications. A strong password is at
least nine characters long and uses a
minimum of two upper case, two lower
case, two special characters, and two
numbers. If your systems allow long
passwords with special characters, use
a passphrase and substitute letters and
special characters for normal text. An
example is the phrase “I like to eat
pizza. ” The sentence is 20 characters
long – a good start. Next, substitute
in special characters and numbers for
normal letters – e. g. “| l1k3 t0 3@t
p1zz@. ” It is the same phrase, just
more secure. Finally, substitute a few
uppercase letters – e. g. “| L1k3 T0
3@t P1zz@. ”
• USE ANTIVIRUS AND
ANTISPYWARE SOFTWARE Always
use antivirus and antispyware
software to protect your system and
personal data while using the Internet.
Whether you use Symantec, McAfee,
AVG, etc. is a matter of personal
choice. Use antivirus software on all
systems, including (and especially)
on server hardware platforms. Use
antispyware and antiphishing software
on all workstations, regardless of the
operating system in use.
• ENABLE AUDITING Enable
auditing on all workstations and
servers. The worst thing you can do
for your corporate security is to accept
the default auditing profile set up by
the most popular desktop and server
installations. If you want to be able to
track and catch problems and violators,
enable auditing on all systems.
• USE FIREWALLS Firewalls are
not just for corporate perimeter
security – they should be in place on
most devices. A good firewall will
allow you to customize it to ensure
appropriate inbound access is granted
to authorized systems.
• ENCRYPT PRIVATE DATA Use
built-in encryption and user access
control rights to restrict access to data
on systems to those individuals with a
need to view this information.
• SECURE USB STORAGE Have
your IT staff lock down the capability
to access mass storage devices via
USB ports on your business systems.
Will this prevent your receptionist
from using her iPod? Yes. Will it also
prevent her son from stealing your
corporate data by copying it onto his
mother’s iPod? Yes. Enough said.
• TRAIN YOUR IT STAFF Do not
expect your administrative assistant
to maintain your network. If you
are too small to afford a full-time IT
staff, outsource one from a reputable
company that truly understands the IT
world. Ask for references and verify
them. Use a reputable, professional
company, and check it out. If you can
afford an IT staff, send them to annual
training. They must stay abreast of
current trends and changes within the
IT marketplace to do their job properly
and professionally. Finally, (and most
important of all)...
• TEST YOUR SECURITY
REGULARLY Most new legislation
(including GLBA, HIPAA, etc.) requires
regular (in most cases, annual) testing
of your security. Collaborate with a
reliable firm to have your security
tested. If a regulatory agency calls on
your business to validate your data
protection plan, they do not want to
hear you say, “We’re secure. ” They
want to see proof. It is true. It is one
thing to say your systems are secure;
it’s an entirely different statement to
show proof those same systems were
tested and found secure. n
Eric Karkau is director of information security
services for TCS Technologies (www. tcstech.
com). He can be reached at (615) 277-3352
or ekarkau@tcstech. com.
April 2007
29
www.ucbjournal.com
Pension Protection Act of 2006 places burdens on employers
Many businesses offer retirement
plans as a benefit for their employees.
It can be one of the most challenging
and rewarding benefits an employer
can offer.
Last year the Pension Protection
Act of 2006 placed additional burdens
on employers who offer a retirement
plan benefit: They must have either
a defined benefit (pension) plan or a
defined contribution (401(k)) plan. The
act ultimately placed added focus on
the fiduciary responsibility that an
employer takes when providing either
type of retirement plan as a benefit
to employees. To make matters worse,
most people overseeing retirement
plans are likely not fully aware of
the fiduciary responsibilities they are
burdened with.
What Is A Fiduciary?
A fiduciary is a person in a position
of confidence or trust, with regards
to other people’s finances. Thus,
anybody that has interaction with, or
responsibility for, a retirement plan
is a fiduciary and carries a fiduciary
responsibility.
In some cases there may be one or
two trustees, usually the owners of
the business, who make decisions for
the plan. In other cases, there may
be an informal group of persons that
make decisions due to their daily
involvement with the plan. Many of
the payroll and administrative actions
involved in operating a business place
the person performing them in a
fiduciary position, with regard to the
retirement plan.
FINANCIAL STRATEGIES
by Travis Giffey
The Significance
People with fiduciary responsibility
are subject to a high standard
of conduct, both ethically and
legally, because they act on behalf
of participants in the plan. Their
responsibilities include:
•Identifying appropriate investment
alternatives for plan participants
•Understanding plan fees and keeping
them low
•Making sure that participant
contributions are invested in a timely
manner
•Having a process that follows a
documented set of written procedures
•Providing complete and timely
educational materials to plan
participants. (401(k) plans)
•Identifying and implementing
a properly diversified investment
strategy (pension plans)
The duty to act prudently makes
up the core of the responsibility. It
requires experience in areas such
as investments and fees, as well as
knowledge of the federal Employee
Retirement Income Security Act
(ERISA) regulations. Often the prudent
selection of investment options is
considered the bulk of fiduciary
responsibility and a common belief
is that offering all the funds that are
provided under a particular provider’s
retirement plan product is a way to
meet the requirements. However,
the responsibility goes beyond just
approving the options, and fiduciaries
cannot look solely to a product
salesperson for compliance.
You cannot rid yourself completely
of your fiduciary responsibility.
However, if you do not have the time
or desire to gain all of the experience
necessary to fulfill the requirements,
you do have the option of hiring a
service provider to handle the fiduciary
functions. As a plan sponsor you can
appoint an investment manager that
is a registered investment advisor,
bank or insurance company. You are
then responsible for the selection of
the manager but not for the decisions
the manager makes. However, you are
still required to monitor the manager
periodically.
Keeping It In-House
With responsibility, comes the
potential for liability. Employers that
do not follow the basic standards of
conduct may be liable to restore any
losses to the plan and participants.
If outsourcing is not your ball of
wax, you can limit your liability by
following some basic steps.
While funds and fees are a big part
of fiduciary responsibility, a bigger
issue is perhaps the administration of
the plan. Therefore, the first step is
to have a written investment policy
statement. This document should
contain the guidelines by which the
retirement plan is administered. The
second step is to have a process,
complete with a formal committee.
The committee should hold periodic
meetings in which all aspects of the
plan are reviewed.
The committee will have the most
important and most misunderstood
role, which is to manage the process.
The committee should be made up of
all the constituencies involved with the
plan, including executive management,
investment professionals, service
providers and in-house administrators,
as well as plan participants. Their
goals should be to monitor investment
performance, review the fees being
paid, confirm that participant
contributions are appropriately made,
and provide educational information
to the participants, as well as assuring
that plan filings required by law are
accurate and timely.
Having a committee may sound
like a large endeavor, but the best
retirement plan sponsors understand
that they must do everything to the
best of their ability to protect the
interests of plan participants. [You are
very likely in a fiduciary position if
you have a great deal of authority or
responsibility for a retirement plan.]
Thus, you are liable for proper and
prudent administration of the plan. If
you cannot or are unwilling to, carry
this burden, you must find someone
to carry it for you. Not only is this
required by law, but also your business
and employees deserve it. n
Travis Giffey is a registered investment
advisor providing financial guidance to
businesses as well as individual investors
with Compass Advisory Group (www.
compassadvisorygrp-cookeville.com). Contact
him at (931) 526-2190 or tgiffey@compassad
visorygrp.com.
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S I G N U P T O D AY !
30
April 2007
www.ucbjournal.com
Businesses must learn to protect customers from identity theft
Late last year TJX companies,
which owns TJ Maxx and Marshall’s,
revealed its computer systems had
been hacked and customer data had
been stolen. The company reported
that hackers had broken into a system
that handles credit and debit card
transactions as well as checks and
merchandise returns. According to the
Federal Trade Commission, complaints
of identity theft have more than tripled
over the last five years. More than 50
percent of the complaints arise from
the 30-50 age group. Likewise, more
than 50 percent of the complaints deal
with credit card fraud. The average
victim spends 175 hours recovering
from identity theft, and spends $1,374
recovering from identity theft.
This year as part of National
Consumer Protection week, the
Tennessee Attorney General released
a statement reminding citizens to be
attentive to the risk of identity theft
and to be aware of a new Tennessee
law that is designed to reduce the risk
of identity theft.
The new consumer law, which went
into effect on Jan. 1, makes it illegal
for a business to print more than
five digits of a credit card number
or expiration date on the receipt
given to a customer or retained by
the merchant. The law only applies
to electronically printed receipts and
not when the receipt is handwritten.
Any merchant violating the law has
committed an unfair or deceptive
trade practice, which is considered a
misdemeanor.
LEGAL FORUM
by Mark C. Travis
According to the Federal
Trade Commission,
complaints of identity
theft have tripled over
the last five years.
Consumers should also be aware of
federal laws governing identity theft.
The Identity Theft and Assumption
Deterrence Act of 1988 makes it a
crime to produce or transfer personal
identifying information such that is
found on a social security card or
driver’s license.
In order to reduce the risk of
identity theft, a few simple
suggestions are advisable:
• Carefully review your credit, debit
and bank account records. If you do
not recognize a charge, notify your
creditor and question the bill.
• Make note of your credit billing
cycles and look for the bill in the mail,
if that is how you receive it. A thief
may have stolen your statement and
changed the address to cover his or her
tracks.
• Destroy all unnecessary documents
and papers containing your social
security number, receipts, account
numbers, passwords, and birth date.
Shred all documents containing private
personal information and install hard
drive shredding software on your
hard drive before discarding a home
computer.
access your account” present a red
flag.
• Documents containing private
personal information that you wish to
retain should be kept in a safe place,
and not out in the open, even in your
home or office.
• Contact the fraud department of
each of the three credit bureaus and
the creditors of any accounts that have
been tampered with.
• Guard your mail from theft. Take
outgoing mail to the post office and
not into your mailbox.
• Regularly request a copy of your
credit report, even if you are not
aware of identity theft. By law, you are
entitled to a free credit report every 12
months from each of the three major
credit bureaus.
• Never, never, give out or verify
your social security number or account
numbers over the phone.
• Do not use personal information to
register to win a prize and be careful if
someone calls or emails you to verify a
purchase or confirm a prize. “Phishing”
is a common method of identity theft,
where thieves use fake emails and Web
sites to gain personal information,
posing as real companies but only exist
to get your account numbers.
Unsolicited emails with subject
headings such as “dear valued
customer” or “click the link below to
In the unfortunate event
you are the victim of identity
theft, the following steps can
help minimize the damage:
• Contact your local police
department and the Consumer Affairs
Division of the Tennessee Attorney
General’s office in Nashville, and
the Federal Trade Commission in
Washington.
• Keep a dated log of all
communications, including the names
of all persons with whom you spoke.
• Place a fraud alert on all accounts,
close all exploited accounts, and
change any passwords on all other
accounts.
In conclusion, remember that
identity theft prevention begins with
you. Be alert and cautious when
dealing with your personal credit
information. n
Mark C. Travis is the regional managing
member of the law firm Wimberly Lawson
Seale Wright & Daves, PLLC. The firm
represents management exclusively in labor
and employment law issues and litigation,
with offices located in Cookeville, Nashville,
Knoxville and Morristown. Travis is a Listed
General Civil Mediator of the Tennessee
Supreme Court.
Manage Your Risk.
Labor, Employment
& Commercial Law
1420 Neal Street | Suite 201 | PO Box 655
Cookeville, TN 38503 | 931-372-9123 tel
931-372-9181 fax
www.wimberlylawson.com
At BB&T Insurance Services, that’s exactly what we do, every day, for
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1420 Neal Street, Suite 101, Cookeville, TN
931-526-2191
Cookeville Knoxville Nashville Morristown
April 2007
31
www.ucbjournal.com
Preying on trust: The high cost of scams against seniors in the U.C.
Senior care experts are warning
the public to be aware of fraudulent
income tax schemes and other scams
currently targeting senior citizens in
Cookeville, Crossville and throughout
the Upper Cumberland. While con
games have changed with the times, the
practice of defrauding consumers of all
ages is nothing new.
Consequently, these scams are not
only robbing the victims of their
money but also costing all business
professionals the trust that legitimate
businesses have worked so hard to
earn. As a business community we
cannot afford for our consumers and
clients to be stripped of their financial
well-being.
When the target is a senior, however,
the stakes are particularly high. Senior
scams are costing older adults their life
savings, their homes and even their
lives. Seniors often worry they will
outlive their money and are concerned
that they might not be able to continue
to live the lifestyle to which they have
become accustomed. Some may get
caught up in these schemes because
they are looking for ways to improve
their financial situations.
Sadly, it takes every member of our
community, business professionals
included, to be on guard to help protect
potential victims from falling prey to
these unforgivable scams. Research by
the National Association of Triads Inc.
(a division of the National Sheriff’s
Association) has identified the top five
senior scams and compiled a list of tips
to help seniors and family caregivers
protect themselves from con artists.
SENIOR ECONOMICS
with Kim Driver
Top Five Senior Scams
• Prizes and sweepstakes scams.
Seniors are told they’ve won a
sweepstakes and all they need to do is
send a check to cover the taxes. Or they
receive a fake check for $5,000 and are
encouraged to deposit the money and
send back $2,000 to cover the taxes.
By the time it’s determined that these
checks, which often come from an
overseas bank, are worthless, the senior
has lost his or her money. Magazine
sale scams in which seniors order
magazine subscriptions that never show
up are also prevalent.
• Home improvement frauds.
Criminals will knock on a senior’s door
offering to fix their driveway, then
paint it black and charge the senior
$3,000. Or seniors are asked to pay up
front to have their roof fixed, never to
see their alleged repairman again. One
81-year-old woman who was caring
for her husband with Alzheimer’s
disease paid a criminal $800,000 and
drained her savings to have repairs
done on her home, according to the
National Association of Triads Inc.
• Phishing schemes. Seniors receive
a call from someone claming to
represent a bank or other reputable
financial institution. They’re warned
that their financial information or
credit card has been compromised and
are asked to verify their bank account
number or call an 800 number where
they’re asked for their personal
financial information.
• Internet fraud. Seniors, unfamiliar
with how to use the Internet, can
unwittingly give their credit card
number to a scammer.
• Identity theft. Seniors who give
up their birth date and social security
number can open up their entire
financial history to a thief.
have befriended an older person. Lonely
or isolated seniors may be vulnerable
to criminals who befriend them and
provide them with companionship. Ask
to talk to the new friend to find out
more about him or her. A thief won’t
stick around long to chat.
What You Can Do To
Protect Seniors
1. Watch for unusual activity. Seniors
Help seniors far from family to build
a support network. This can include
neighbors, friends, trusted church
members or professional caregivers. n
who are scammed may be embarrassed
and try to hide what happened. Watch
for changes in their lifestyle as well as
any other unusual financial or business
activity.
2. Be on guard for individuals who
3. Investigate organizations looking for
money. Often seniors want to donate to
organizations and other worthy causes.
Help check those out by requesting
written information on the organization
and reviewing that thoroughly, or
contact the Better Business Bureau.
4. Assist seniors with their finances. If
a senior can no longer handle his or her
finances, encourage putting a plan in
place that can help ensure bills are paid
and his or her assets are protected. That
plan may include the senior designating
a financial power of attorney.
5. Destroy information that could be
compromised. Make sure all financial
information and credit card offers are
shredded before discarding them in the
trash.
6. Seek out a second set of eyes.
Kim Driver is Community Service Director for
Home Instead Senior Care (www.homeinstead.
com), a non-medical care company for
seniors in the Upper Cumberland. He may
be reached at (931) 526-1127 or by email at
kimdriver22@gmail.com.
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32
April 2007
EVENTS CALENDAR
www.ucbjournal.com
CIVIC EVENTS
cumberland county
Apr. 6-May 9 “Little Women” presented
by the Cumberland County
Playhouse. Contact the Playhouse at (931)484-5000.
(615)644-5179 or Shirley Anderson (615)699-2340.
For more information, call the Macon County
Chamber (615) 666-5885.
Pickett county
Apr. 14 Youth Expo. The Expo will
showcase and celebrate the visual
art, writing performance, and
music of the youth in Cumberland
County. Contact Sharron Eckert (931) 277-5425.
Apr. 21 East TN Children’s Hospital Charity
Bass Tournament, 7am-3pm, East
Port Marina & Resort. Entry fee
$50.00/boat - 2 man buddy system.
To register contact East Port
Marina & Resort (931)879-7511 or (800)736-7951.
Apr. 21 The MS Walk. Money raised will
fund research into the cause,
treatment, and cure of Multiple
Sclerosis. For more information
contact Shara Cross at PO Box 909
Kingston, TN 37763.
For more information, call the Pickett County
Chamber (931) 864-3879.
PUTNAM county
Apr. 27-29 Annual Spring Flower and
Garden Show. Admission is $3 at the
Community Complex. Contact Anita
(931) 456-3654. For more information, call the Cumberland
County Chamber (931) 484-8444.
Apr. 5
Apr. 6,7 6th Annual Edgar Evins Spring
Fling. Presentations, wildflower
and bird hikes. Contact Margaret
Waggoner (931)858-2446.
Fentress county
Apr. 4
Economic Development Seminar:
Community Leadership Conference.
1:30pm, Training Room of
Progressive Saving Bank - 500 N.
Main Street, Jamestown.
Apr. 19-22 Wildflower Trail Ride. Enjoy
pampering along the trail while
soaking up Springs’ beauty. Contact
East Fork Stables (800) 97-TRAIL.
For more information, call the Fentress County
Chamber (931) 879-9948.
Apr. 7
Apr. 7
Standing Stone Easter Egg
Hunt. Children 12 and under
welcome. Contact Shawn Hughes (931)823-6347.
Apr. 11-12 12th Annual Rural Development
Conference, “Growing Economic
Opportunities”. Registration Fee
$75. Opening Reception April 11,
5:30pm at Leslie Town Centre in
Cookeville. Sponsored by USDA
Rural Development, TVA, and
Tennessee Technological University. Apr. 13,14 Windows on the World (WOW). macon county
Apr. 4
Lions Club Walking Horse Show,
5pm, Hyder-Burks Pavilion. Contact (931) 526-6111.
2nd Annual Friends of Scouting
Breakfast. Tentative Date. Contact
Lois Smith Woodard (615) 666-6692.
April Parade of Beauties.
Registration 3:30pm, pageant
5:00pm. Macon County Jr. High
School. Contact Amy Roark (615) 888-6697.
Festival celebrating world cultures,
food,and crafts. TTU’s Roaden
University Center, 11:30 am-6:30
pm. Contact Katie Kumar(931)3726197 or www.tntech.edu/wow
Apr. 14 National Barrel Horse Association.
Training Barrels begin at 10am
with show to follow mid-afternoon.
Hyder-Burks Pavilion. Contact (931) 372-6967.
Apr. 19-21, 23, 24, 26-28 “The Importance
Apr. 20,21,22 Arts in Bloom, Macon
Bank & Trust. Sponsored by
the Macon County Chamber of
Commerce. Contact Nancy Doss
of Being Earnest”, 6-8pm, Backdoor
Playhouse. Contact (931)372-6596.
Apr. 21 3rd Annual Children’s Discovery
Day, 10am-2pm, Dogwood Park.
Contact Susan Capron (931)267-7359
or visit www.cookevillechildrens
museum.org
Apr. 22 Choral Masterwork!, 3pm,
Bryan Symphony Orchestra.
Contact (931)372-6088 or www.bryansymphony.org
Apr. 28 Tennessee Central Railway
Excursion Train. From Cookeville to
Watertown. Contact the Chamber of
Commerce (931)526-2211.
For more information, call the Putnam County
Chamber (931) 526-2211.
Apr. 11 “Go Red for Women” luncheon,
11am-1pm, McMinnville Civic
Center. Sponsored by the American
Heart Association. Contact Melanie
Lanier (931)473-1009.
Apr. 14,28 Bluegrass Concerts on Rocky
River. Music starts at 7pm,
admission $5 for ages 10 and
over. Rocky River Community
Center. Contact James Johnson (931)686-2693 or Doran Thomison
(931)686-2945.
For more information, call the Warren County
Chamber (931) 473-6611.
White county
SMITH county
Apr. 14 Upper Cumberland Women’s Show, Apr. 24 Smith County Industrial Alliance
Quarterly Meeting, “Family Medical
Leave Act”, 11:30am-1:00pm,
Gordonsville Civic Center. Contact
the Chamber Office (615)735-2093
to RSVP or for more information.
Apr. 9-14 Community Playground
Construction Week. Every day from
daylight to dark, rain or shine,
next to Crump Paris Park. Contact
Annette Hord (615)774-3841 or Josh
Dixon (615)774-3903.
Apr. 21 Smith County Heart Walk,
registration 8am, walk 9am,
Riverview Regional Medical Center
North Campus. Contact Dani
Schwegler (615)340-4103.
10am-4pm, W.C. Fair Agricultural
Building. Admission $7 at door,
$6 in advance. Contact Christie
Hatmaker (931) 836-6404.
Apr. 21 The Cruise-In, 5pm-8:30pm. Come
out to Liberty Square in Sparta and
enjoy some oldie cars. Contact Bill &
Kathy Saylors (931)761-8687..
Apr. 28 Rebuilding Together (formerly
Christmas In April). Rebuilding
Toether makes wishes come true
by refurbishing several homes
for families in need of assistance.
Contact Helen Pate (931) 738-9003.
For more information, call the Sparta-White
County Chamber (931) 836-2216.
Apr. 28 Riddleton Annual Community
Health Fair by the National Kidney
Foundation of Middle TN/KEEP
screening. Free health screening
for diabetes, high blood pressure,
anemia, lipids, and kidney
disease. 10am-2:30pm, Williams
Chapel AME Church. Contact (615)383-3887.
For more information, call the Smith County
Chamber (615) 735-2093.
warren county
Apr. 7 Eggstravaganza/Ultimate Egg Hunt,
2pm-8pm, McMinnville Civic Center
Jungle Jym. For ages 2-9 and 10-16.
Contact (931)473-1212.
America’s Premium
Bottled Water
Since 1871
C AT F I S H FA R M
Add your
meeting to
this list!
call
800-499-2332
or email
Claudia@ucbjournal.com
A M E R I C A’ S
Original
H E A LT H
DRINK
• Free Delivery
• Coolers Available
• Diamond Spring Water
• Clear Mountain Spring Water
• RESTAURANT
• CATERING SERVICES
• PAY LAKE
• CAMPGROUND (full RV hookup)
• FISHING TOURNAMENT
• BAIT & TACKLE SHOP
FISHING TOURNAMENTS BEGIN THIS MONTH
Fishing Tournaments at Twin Lakes Catfish Farm will begin
April 7th and continue every Saturday through mid-October,
from 4:00 p.m. to 10:00 p.m. There are 1st, 2nd and 3rd place
trophies and money. Look for upcoming dates on our Kid’s
Fishing Tournaments.
Come visit our Restaurant from
4:30 p.m. to close and enjoy ALL
YOU CAN EAT CATFISH or relax
outside while eating dinner.
AS ALWAYS, we’re available for
party reservations and catering.
580 Gainesboro Hwy. • Baxter, TN • www.twinlakescatfish.com
OUR HOURS:
Mon, Tues, Thurs: 11 am - 9 pm
Fri: 11 am - 10 pm • Sat: 8 am - 10 pm
Sun: 12 pm - 9 pm • CLOSED WED
(931)858-2333
MENTION THIS AD
and get Two FREE
Bottles with New
Customer Sign-Up.
CALL to Schedule a
Delivery Today.
Proud Distributors of Mountain Valley Spring Water
(931) 537-6643
http://www.foutchs.com
NEW BIZ LICENSES
www.ucbjournal.com
Cumberland COUNTY
Briando Marine
Boat Dealer
April 2007
33
Badcock Home Furnishing Center
Shenandoah Apartments
Furniture Stores
Tennessee American Drywall
Coop’s Used Furniture
Custom Sewing
Used Furniture/Antique Stores
Sewing
Cumberland Hall
Double D Masonry
Rental Hall
Masonry Work
Cumberland Sleep Consultants LLC
F.Z. Webb & Sons Gifts
Bolman Tile
Sleep Lab
China & Gifts
Other Service Not Elsewhere Classified
Cut & Roll Paint Services
Mack Air Inc.
Browns Greenhouse & Florist
Paint Services
Aircraft Services
Florist
Elliott’s Upholstery
SCB Enterprises
Cookeville Glass & Mirror Inc.
Upholstery
Pets Supplies
Glow
Smithville Pets
D. F. Chase Inc.
Skin Care - Aesthetician
Pets
Happy Hound Realty
WIN LLC.
Master Builders
Haycox Construction Demo and
Hauling Other Construction
Set A Part Flooring
Home Energy Concepts Corporation
Real Estate
Retail Gifts
J and R Stone Consulting Services
FENTRESS COUNTY
Consulting
Jarosz Plumbing
Owayne Swallows Roofing
Plumbing
Jeff Miller Construction
General Building Contractor
Kenzie’s Kloset Consignment & More
Consignment & Accessories
Kilburn’s Masonry
Limited Additions Decks &
Landscaping Miscellaneous Special Trade
Ellis Construction
Heavy Construction Except Highway
Ron Miller - Towing & Auto Repair
Granville Market
Towing & Auto Repair
Other General Merchandise Store
Smallwood Mobile Home Setup &
Service Mobile Home Installation
Tailwaggers Lodge
Southside Muffler
Thelma’s Diner
Animal Daycare Services
Eating Places
Tennessee Mountain Builders LLC
Residential Building
Troyer’s Lawn Service
Lawn Mowing/Yard Maintenance
Tru View Glass & Screen
Glass Windows &Screens
Vandever Feed and Hunting Supply
Feed Store
Macon County
B B & G Repair Service
Mobile Home Repair
J H Farms
Jack’s Heating & Cooling
Joe Bergdorf
Virtual Tours
Welch Builders
General Building Contractors
dekalb County
E Solutions Company
Other Retail Trade
Expedite Courier Inc.
Delivering Parts
Greg’s Detail Center
Auto Service Except Repair
Hash Hardwood Flooring Co.
Hardwood Floors
Energy Star Certifications
Wright Angle Construction
Jennifer’s Trees and Bees
JSH Liquidation Service
Putnam County
Upholstery Shop
Construction
Other Retail Trade
Cookeville Auto Auction LLC
white COUNTY
Auto Auction
Creative Colors
Brumfield Auto Sales
Painting Contractor
Auto Sales
Cumberland Tank
Cedar Grove Enterprises
Septic Tank Sales
Accounting
D&T Decorating
Cherry Creek Construction
Painting Contractor
Construction
Fabrication Group
J and M Masonry
Sewing
Masonry Work
Faces
Virtual Imagery
Barnes Home Improvement
jackson county
Contractor
Muffler Shop
Diamond Construction Inc.
Overton County
Price Rite Wholesale Merchandise
Chaffin Refrigeration
Masonry
Other Retail Trade
Roofing
Variety
C&W Mechanical & Fabrication
Little Tavern
M & M Contracting/Construction
Security Fire Protection Co. Inc.
JE Crain & Son Inc.
Cosmetic Sales/Spa
Construction
Harris and Son Affordable Cleaning
Mower Speciallyst
Cleaning
Mowing Service
Plateau Wholesale
Panda Garden Corp.
Wholesale Food & Drink
Restaurant
Southern Medical Supply
Wachter Network Services Inc.
Medical Supplies
Data/Voice Cabling
T and W Auto Sales
Watson Woodcraft CNC
Auto Sales
Woodcrafter
The Library - A Collegiate Bar & Grill
Inc. Restaurant/Bar
Visible Changes
Painting Houses
WARREN COUNTY
Notes: Listings are for licenses issued in February and
March 2007. Clay County does not require a license
to establish or operate a business. As of press time,
Cannon, Overton, Pickett, Smith, Trousdale, and Van
Buren counties’ data was not available. Licenses have
been edited for space.
BANKING
YOUR
DREAMS...
Commercial &
Business Banking
At Its Best!!
Check out our CD & Money Market Rates
851 South Willow Avenue, Suite 101 • 931-528-1122
www.claytonbank.com
Introducting the
Super Large
Capacity Washer and Dryer.
Built on
a
foundation.
solid
Largest capacity
front load system
on the market.
931-403-1000 tel • 800-264-0836
www.wocc.com
Across from the Depot • 121 W. Broad Street • Cookeville
KBgallery.net • 931.526.5119
Commercial
|
Insurance Restoration
|
Water Management
|
Industrial/Manufacturing
34
April 2007
www.ucbjournal.com
www.ucbjournal.com
COMMERCIAL REAL ESTATE
Crossville
MLS #477459
6.10 Acres in downtown business area.
Perfect for retail center. Established
businesses surround this ideal location
with high traffic count.
Thomas C. Bean (Agent)
Bean & Associates, Inc.
931-456-2888
Crossville
MLS #529294
Frontage on main street and Hwy 101.
Extremely high traffic count. Perfect for
professional offices or retail center. One
existing building currently leased. All
city utilities. $395,000.00
Thomas C. Bean (Agent)
Bean & Associates, Inc.
931-456-2888FOR SALE COMMERCIAL
BUILDING ON 3 ACRES - Commercial
building located at 157 Georgia Lane
SMITHVILLE, TN. Building located less
than 1 mile from new Wal-Mart. 3 acres
of level land, building has frontage
on 3 streets. Building is block with
bar joist, 12,000 sq. ft. Loading dock,
asphalt paved parking lot, security
fence. Building is equipped with water,
sewer, natural gas. This building is in
excellent condition, suitable for light
industrial mfg., storage, has potential
for many uses, also several office
spaces. LOCATED next to previous
Texas Boot/Genesco Bldg. in Smithville.
Easy access to Hwy 70 and Hwy 56.
Approx. 12 miles from Interstate 40.
Please contact Jim Driver @ (931) 6074982 or Don Driver @ (615) 597-4815 for
appointment or further information.
1. Attention Investors: Manufacturing
Building for Sale No Landlord
responsibility National Credit Tenant
Guaranteed Income $214,000 per
yearAsking Price: $2,500,000
2. Retail Space for Lease: Dogwood
Plaza, professional atmosphere, busy
hub, follow the success of a new WalMart store and open your business or
a new location in Smithville, emerging
CLASSIFIEDS
35
April 2007
To place your CBJ Classifieds call Beth @ 800.499.2332
market, consider your bottom line for a
new location, affordable space, 600 SF
or 6000 S.F. of business success.
3. Family Restaurant, good location,
good reputation, 80 seats, owner
moving
THE DO-IT-ALL TEAM... GETS RESULTS!
BUYING?
SELLING?
AUCTIONING?
4. Pet Shop, reduced price, year round,
15 years in business, Cookeville, Pond
Plants and Accessories, Water Garden
business, fun and easy to learn, good
profit center, owner moving
MER
6.97
SURVEYED
ACRES
CIAL
6.97 Surveyed Acres. I-40 Visibility.
$375,000
PRIME
COMMERCIAL
LOCATION
5 .Investors: building for sale with
guaranteed income
6. Retail Store: Speciality Foods,
$500,000 income per year, owner
retiring
COM
We Do It All!
Algood Station with 3-bay Car Wash. Owner
Retiring. Many Possibilities. $339,500
call Michaela Driver 423 240 3474
onecall@michaela1st.com
Coldwell Banker Commercial Hamilton
& Associates
(931) 528-1573
If you need
to move your
property quickly
do it the auction
way! With over 25
years experience,
put the “Do-It-All”
team to work
for you!
6.97 surveyed acres COMMERCIAL I-40
visibility $375,000
Prime location - COMMERCIAL Algood
- Station with 3-bay car wash. Owner
retiring. Many possibilities $339,500
PROFESSIONAL OFFICE SPACE AVAILABLE
FIRST REALTY
Bob & Judy Johnson
116 S. Lowe Ave.
OFFICE: 931-528-1573
Bob CELL: 931-265-3773
Judy CELL: 931-265-3774
COMMERCIAL FOR LEASE
COMMERCIAL SPACE FOR LEASE MCMINNVILLE, SMITHVILLE: Smithville
- 1250 sq. ft. - High traffic area, located
between 2 established businesses. 402
E. Broad St.
McMinnnvile - 2100 sq. ft. - High
traffic area, located across from Gas
Company 568 N. Chancery St.
Cookeville’s Historic Varsity Cinema
As low as $12 sq. ft.
1600 sq. ft. available
Convenient location
Fully furnished or open design
Minimum one-year lease
Common area access (along with
mma) to two conference rooms
& multi-media presentation room
(931) 528-8852
CALL FOR LEASING INFO
CALL RANDY (615) 418-7501
931-707-2100
Toll Free: 1-888-824-2121
Cell: 931-248-2100
Email: pam@c21fountain.com
GENESIS ROAD EXIT 320- I-4O
High traffic location in growing area. 3.1 acre corner tract.
building. Frontage on Genesis Road, Woodlawn Rd. and Tabor
Drive. Inside city limits. $965,000.
3867 Peavine Road • Crossville, TN 38571
Fax: 931-707-2105 • www.c21fountain.com
MULTIPLE LISTING SERVICE
REALTOR
®
PARK LANE INDUSTRIAL PARK EXIT 322 & I-40
High traffic location. 2.72 acres tract . Inside city limits.
$450,000
LOCATED ON PEAVINE ROAD EXIT 322 –I-40
Excellent location on highly traveled road with 16,000 traffic
daily. 1920 sq. ft. building for retail, office, business service
or professional service. Includes Real Estate. $225,000
LOCATED AT EXIT 322 –I-40
Peavine Road property with 3.60 acres with great potential
for commercial development. Great visibility, only 1,000 ft.
from I-40. All public utilities. $900,000
FAIRFIELD GLADE: BROWNSTONE STORE
Excellent established business. Includes real estate. Exclusive
distributorship on several lines. Inventory to be purchased at
cost at time of contract. $350,000
127 S. GREAT POTENTIAL FOR PROFESSIONAL USE
3300 Sq. ft. building on 6.22 acres. Building can be renovated
to accommodate growing commercial area. 4 additional
acres back up to creek. Could be used as homesite. $599,000
CUMBERLAND COUNTY- BAR – Very clean establishment
in Cumberland County. Approx. 4032 sq. ft. w/Pool tables,
dart boards, big screen TV, band area, horseshoe pit. See
agent for complete list of equipment. $143,000
LOCATED CLOSE TO EXIT 322 AND I-40
Excellent opportunity to own an established convenience
store. 2146 sq. ft. Gas pumps, fast food, lottery sales,
deli/dining area. Includes Real Estate. $369,000
LOCATED AT EXIT 320 & I-40 – Great visibility, great
location on 4.16 acres. Prime commercial property. Includes
residence and a spacious 10,860 sq. ft. building, out buildings
and security fence on perimeter of property. $1,200,000
LOCATED CLOSE TO EXIT 322 I-40
Great potential for commercial use on 16.60 acres. Located
across from Bean Pot Campground. $399,000
PARK LANE INDUSTRIAL PARK EXIT 322 I-40
High traffic location. 5 acre tract with 14’x36’ mobile office
building. All public utilities. Inside city limits.
$1, 200,000
LOCATION OFF PEAVINE ROAD EXIT 322 I-40
Great steel building w/ 5000 sq.ft. located on 2.33 acres.
Utilities available include: gas, electric, telephone, city water.
Septic. $349,000
WITHIN CITY-MAIN ST. LOCATION
-CLOSE TO EXIT 317 & I-40
Prime commercial real estate on 1.69 acres. 564’ road
frontage. $850,000
we’ll print it
collate it
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trim it
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deliver it
address it
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a
ServiceS:
cTP Output
(computer-to-Plate)
Page Layout
color Scans
Black & White Scans
Digital color Proofs
Digital Bluelines
industrial Silk Screens
Shipping & Fulfillment
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Saddle Stitching
Perfect Binding
Laminating
Shrink Wrapping
Folding
embossing
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varnishing
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national change of address
cOLOr PrOMOTiOnaL PrinTeD MaTeriaLS:
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Posters
catalogs
Point Of Purchase
Magazines
Displays
calendars
Perfect Bound Books
Programs
Hard Bound Books
annual reports
Business Forms
Product Sheets
Business Stationery
newsletters/Bulletins
Business cards
Flyers
Letterhead
Training Materials
Second Sheets
Manuals
envelopes
Labels
note Pads
Pocket Folders
nderson Performance Printing, inc.
(aPPi) is an established, respected,
full-service, commercial printer and
service bureau in cookeville, Tennessee.
Since its inception in 1976, aPPi has
committed to producing the highest
quality products and services possible.
We do this by continuously investing in
our equipment, our professional staff
and you, our customers.
With cutting-edge technology,
equipment, traditional printing values,
and the demonstrated ability to develop
new and customized solutions and
ideas, we strive to meet and exceed your
expectations. We believe we look good
when you look good.
MeMBer:
Printing industry association of the South, inc.
graphic arts Technical Foundation
national association for Printing Leadership
Mailing & Fulfillment Service association
Call or fax us today for a free, customized
estimate: 931.528.1561 • Fx 931.528.2304
Or send us an email: info@appisolutions.com
Or visit our website: www.appisolutions.com.
654 West Spring Street • Cookeville, TN 38501

New exits spur growth in nearby Lebanon

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