Montgomery Business Journal

Slideshow image

November/December 2015

NEW HIRE AT AIR UNIVERSITY

Maxwell Air Force Base’s Air University has hired its first chief information officer and it’s a big name in local technology circles. It’s Scott Baker, who served as director of Defense Information Systems Agency (DISA) the past three years at the Gunter Annex.

Baker has an extensive background with 27 years of experience in the IT industry, including stints at Fortune 100 companies. His new role at Air University includes everything from improving existing IT systems to advances in cyber to research and outreach.

“He understands the Air Force, understands the joint information environment and is a profound innovator who will help lead the transformation of the education mission of the Air Force going into the future,” Lt. Gen. Steven Kwast, president and commander of Air University, said in a statement.

In a statement, Baker said, “My experiences with various Fortune 100, DISA and DoD (Department of Defense) initiatives gives me a unique business and information technology perspective. I will be able to apply my agile and progressive thinking within the Air Force framework to an open field of opportunities within Air University for our next generation of leaders and war fighters.”

RECORD-SETTING PACE

Hyundai is on pace to break last year’s U.S sales record of 725,718 units and Sonata sales will likely top 200,000 for the fifth straight year.

After nine months, Hyundai sales were about 150,000 units from the all-time record and need to average around 50,000 units a month, but averaged nearly 65,000 monthly units from January-September. The Korean automaker sold almost 170,000 vehicles the final three months of 2014.

Elantra could set an all-time record with about 55,000 sales in the final quarter of 2015. Both the Elantra and Sonata are produced at the Hyundai Motor Manufacturing Alabama facility in Montgomery.

BUSINESS PARTNERS

Montgomery business owner Greg Calhoun and comedian Steve Harvey have bought the former site of a latex plant in Eufaula that is now called AmeriTech Glove.

The facility had been closed for five years, but reopened in September. The new owners announced plans to hire 300. It is the only latex glove factory in the country.

Harvey and Calhoun are long-time friends and established an investment firm called HarCal.

MILESTONE FOR CADENCE BANK

Cadence Bank has surpassed $500 million in transactions through its Cadence Bank signature debit card program powered by Discover Debit. The program was launched in April 2013.

The bank has been successful in building its debit rewards program and sees the potential to achieve “significant customer retention value and drive higher deposits.”

BIG-TIME GRANT FOR TROY UNIVERSITY

Troy University will receive $4 million-plus over the next five years for student support services. It is the largest grant to a four-year institution by the U.S. Department of Education for student support services.

More than 550 Troy students will participate in the Student Support Services project. The program is for first-generation, low-income and special needs students.

COUNTY SETS RECORD

Montgomery County set a record with sales tax revenue of $43.1 million in fiscal 2015, breaking the previous mark of $42.8 million set in fiscal 2007.

NEW PROBATE OFFICE

Montgomery County Commission is spending $900,000 to renovate the former Pier One building across from One Center to be used as a probate/revenue office. The project is expected to be completed in spring.

MAJOR MILESTONE

The City of Montgomery reached $100 million – $101.1 million to be exact – in sales and use taxes for the fiscal year that ended Sept. 30. The city had a previous high of $98.2 million for the 2007 fiscal year, but just two years later the Great Recession hit and sales tax revenue had declined to $83.7 million.

The $101 million in sales tax revenue was an increase of 4.6 percent over the previous fiscal year.

ALABAMA RANKED NO. 5

Site selection consultants ranked Alabama in a fifth-place tie in their annual survey of Top States for Doing Business in Area Development magazine.

Nine of the top 10 states in the rankings were in the South: Georgia (No. 1), Texas (No. 2), South Carolina (No. 3), Tennessee (No. 4), Alabama and Florida (No. 5), North Carolina (No. 7), Louisiana (No. 8), Ohio (No. 9) and Kentucky (No. 10).

The states were ranked in numerous areas including labor pool, taxes, incentives, training, skill level, energy costs, postsecondary schools, regulatory climate, cooperative state government, speed of permitting, transportation infrastructure and infrastructure/global access.

CLEARSPEND CARD DEBUTS

BBVA Compass has launched its prepaid ClearSpend card that features a budgeting app to keep track of spending.

“Our research shows a rapidly expanding market with more clients turning to prepaid cards to manage their budgets, stay out of debt and avoid overdraft and check-cashing fees,” BBVA Compass Chief Digital Banking Officer Jeff Dennes said in a statement.

The card automatically creates personalized budgets after 30 days of spending.

REGIONS PARTNERS WITH ONLINE LENDER

Regions Bank and Fundation Group announced an agreement to provide small businesses options to secure a loan with either financial institution.

Companies may access Fundation’s online application from Regions’ website or apply for Regions’ lending products. A Regions executive said that 20 percent of small business owners are using online lenders. “This unique agreement with Fundation allows Regions Bank to expand loan product offerings and method delivery for small businesses while also cultivating long-term revenue and loan growth opportunities,” Joe DiNicolantonio, head of Regions business banking, said in a statement.

COUNTY SUPPORTS SCHOOL DISTRICT

Since 2001 when Montgomery County increased its sales tax 1 percent and dedicated that money to fund Montgomery Public Schools – the school district has received more than $330 million. The total includes $26.7 million this fiscal year plus another $2.9 million for the school district’s debt service.

SERVISFIRST RECEIVES HONOR

ServisFirst Bank’s holding company has been named to the Sandler O’Neill’s Sm-All Stars Class of 2015. It was just one of 34 publicly traded banks with a market cap less than $2.5 billion to receive the honor.

SIGN OF THINGS TO COME

Building permit valuations for the City of Montgomery have soared from $118 million in 2012 to $271 million for the current fiscal year. The increase was an impressive 49 percent from $182 million in the 2014 fiscal year.

Related Links


Calendar of Events

Build a Relationship: A Guide to Effective Customer Communication Through Video, Text and Email
Thu, 29 Jun 2017
12:00 PM - 1:00 PM

Business After Hours
Thu, 29 Jun 2017
5:00 PM - 7:00 PM

BizTalk MGM Radio Broadcast
Mon, 03 Jul 2017
6:00 PM - 6:30 PM

Montgomery Women in Business Meet-up: Ladies Who Lunch
Thu, 06 Jul 2017
11:30 AM - 1:00 PM

Government Contracting 101 Webinar Series Event spans multiple days
Mon, 10 Jul 2017 -
Fri, 14 Jul 2017

11:00 AM - 12:00 PM

BizTalk MGM Radio Broadcast
Mon, 10 Jul 2017
6:00 PM - 6:30 PM

Easy and Affordable DIY Infographics For Your Business
Tue, 11 Jul 2017
12:00 PM - 1:00 PM

60 Minute Coffee
Wed, 12 Jul 2017
8:00 AM - 9:00 AM

Business Tax Update
Thu, 13 Jul 2017
11:00 AM - 1:00 PM

BizTalk MGM Radio Broadcast
Mon, 17 Jul 2017
6:00 PM - 6:30 PM

Business 101: Start It Up
Tue, 18 Jul 2017
8:30 AM - 9:30 AM

9 Secrets for Retail Success
Thu, 20 Jul 2017
12:00 PM - 1:00 PM

BizTalk MGM Radio Broadcast
Mon, 24 Jul 2017
6:00 PM - 6:30 PM

Business After Hours
Thu, 27 Jul 2017
5:00 PM - 7:00 PM


    41 Commerce Street, P.O. Box 79, Montgomery, Alabama 36101   Tel: 334.834.5200   Fax: 334.265.4745   Sitemap