10 FEB 09: All Four One, One For All
When a bank calls a news conference nowadays without giving a reason, it's enough to set off alarm bells. Could some executive be under investigation? Are earnings so bad that layoffs are coming? Or are that many bankers closet Democrats, who need a federal bailout?
Columbus Bank and Trust dared to call a mystery news conference Monday. But the reason turned out to be none of the above. President Steve Melton announced a merger with three other regional banks - all of them with CB&T initials. And you thought inter-family marriages like this only happened in the Ozarks.
Columbus Bank and Trust will consolidate with three fellow Synovus banks: CB&T of East Alabama, CB&T of Middle Georgia and Commercial Bank and Trust of LaGrange. There's one big advantage to a merger like this - you don't have to hire an expensive art department to develop a new logo.
Once federal agencies approve, the new four-bank combination will be known as "Columbus Bank and Trust NA." I assume those initials stand for "North America" - instead of executives who are not available.
(And before you scoffers head for the "write me" link - please notice Steve Melton is NOT heading a bank with N.Y. in the name.)
Steve Melton says the merger of four CB&T's will result in a stronger overall bank. Customers will be able to access their accounts across a wider area. It's only about four percent of the area of Wachovia customers, but it's a start....
But CB&T executives deny the consolidation is due to the shaky condition of many U.S. banks. In fact, one executive told WLTZ the merger will provide a "bigger lending limit." Uhhhh - isn't that the sort of thing which led to our money mess in the first place?
Steve Melton says the region served by the combined Columbus Bank and Trust was profitable last year, and should be profitable this year. So don't go into the bank and ask for a home loan this summer - ask to be part of their profit-sharing plan.
Yet as a whole, Synovus Financial lost $637 million last quarter. The company blames most of that on foreclosures in the Atlanta area. The people who lure young Columbus workers away with offers of big money apparently have big imaginations to match.
A check of the stock chart for Synovus Financial shows it hit a high for the day Monday, shortly after the consolidation was announced. But then the price slowly slid, and ended the day slightly lower at $4.05. If any other area bank would like to join the fun, you know what Steve Melton will say - "Thank you."
-> Our poker night last week had a bizarre moment which seems unbelievable, but really happened. Read about it at our other blog, "On the Flop!" <--
THE BIG BLOG QUESTION about Muscogee County schools ended late Monday - and the new superintendent and school board have some work to do. A large-sized 78 percent of our voters are against a one-percent sales tax for construction (14-4). Can we change the college "Habitat for Humanity" project this spring, and make it a grade school?
The main complaint made by voters against the school SPLOST involved the so-called "Taj Mahal" administration building. I can remember the good old days in Columbus, when that title was attached to the main library next door.
A supporter of the one-percent sales tax argued Muscogee County is behind many other Georgia school districts, with schools "in horrible condition." And imagine if the school board decides it has to use the old Baker High School building again....
But one critic wrote if base realignment is bringing thousands of military families to Fort Benning, the new schools should be built on post. But this would raise its own set of issues. Students might spend days on "lockdown," simply because a controlled burning is spreading smoke in the wrong direction.
Some voters brought a laundry list to complaints about Muscogee County schools - including some which raise conspiracy and ethics questions:
+ Did school board member John Wells have a conflict of interest, by having a family business paint schools? Does the paint odor explain in part Wells's desire to run with the bulls in Spain?
+ Are two Muscogee County superintendents dead today because they went against the school board -- including one who was murdered? Why isn't an author pursuing this angle, to write a sequel to "The Big Eddy Club?"
+ Is the school district's attorney making thousands of dollars in fees, because his brother is suing the district in the Education Park Coalition case? If so, which board member is related to the landscaper?
E-MAIL UPDATE: Speaking of that coalition....
Richard,
Here is a picture I took earlier today of the "back yard" of the Library. I have one more I am going to send you. The "Children's Plaza" that has been discussed is within the fenced area. What is planeed for the vast black top nothingness? Well, nothing.
Regards,
Josh
You may have to squint at Josh McKoon's photos to see that fence for the "Children's Garden." The rest of the open space could be put to a lot of creative uses - like making it the new home of "Fiesta Columbus" in May.
(In fact, Columbus tennis organizations missed a golden opportunity here. We could be hosting Davis Cup matches on the asphalt in March, instead of Birmingham.)
The Children's Garden outside the main library is a project of Newt Aaron and Associates. The owner told the library board last September the project should be completed by mid-December. Yet I haven't heard of it being used at all - so maybe the staff is waiting for grant money from Lowe's to grow some flowers.
We called Newt Aaron and Associates Monday to get an update on the Children's Garden, with hopes of learning about plans for the parking lot as well. But our call was not returned, leaving us with - well, vast nothingness.
Now a quick check of other items from a marvelously mild Monday....
+ Why yes, thank you - I am feeling better. The weekend cold disappeared enough for me to run outside Monday night. But then Missouri beat my old school Kansas in basketball, so the sickness might come back.
+ Columbus Police reported someone burglarized Tax 1 on Buena Vista Road by removing cinder blocks from a wall. C'mon folks - just because your finances are in the hole, that does NOT mean you can create a new one.
(A tax office in Opelika was burglarized as well. You know times are tough when people simply can't wait for a rapid refund.)
+ The principal of Drake Middle School in Auburn appeared in a preview clip for the upcoming season of "Survivor." Debra Beebee is a contestant, and she revealed one of her nicknames is "Bubbles." Hmmmm - does this mean children are allowed to chew gum or not?
+ Tim Green of the Columbus Cottonmouths was named S.P.H.L. player of the week. He had one goal and seven assists in three games last weekend. It's too bad WEAM-AM decided they don't matter, because it's broadcasting nothing but pro basketball now.
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