• Dole Food CEO launches takeover bid
The Dole Food Company, one of the world's biggest fruit largest producers, received an unsolicited buyout offer from 90-year-old CEO David Murdock.  The deal values the company at just over $1 billion.

The buyout news sent Dole shares up 22% to $12.46 on Tuesday (June 11). Murdock’s offer was $12 per share.

The proposed deal is the latest in a string of management-led acquisition bids, topped by Michael Dell's $24 billion offer to take over the computer giant he founded.

"We see this proposed offer as an attractive transaction that is likely to proceed at or relatively close to this price level, especially given Murdock's strong ownership position, CEO role, and apparently strong personal liquidity position," said Jonathan Feeney of Janney Capital markets.

Murdock owns a 40% stake in the company, and recently returned as CEO in February after David DeLorenzo left to run two businesses sold by Dole to Japan's Itochu Corp.

Murdock said he is confident he will get the financing needed to complete the deal and Deutsche Bank would advise on the transaction.

A profile of Murdock by Forbes indicates he was a high school dropout who ran the company from 1985 until 2007. As chairman he took Dole Foods public in 2009. He told Forbes he wants to live to be 125 years old, pinning his hopes on a strict diet and daily exercise.

•  General Mills raises profit forecast
General Mills Inc. raised its profit forecast for fiscal 2013 adjusted with an earnings per share ranging between $2.68 - $2.69. This is up from previous guidance of $2.66 - $2.68.

The company also reiterated guidance for fiscal 2014 of high single-digit growth in adjusted earnings per share and increased cash returns to shareholders.

General Mills’ fiscal 2013 ended May 26. The company expects to report full-year results for fiscal 2013 on June 26.

Arvest Bank said Wednesday (June 12) it originated more than $1 billion in mortgage loans for the 11th consecutive year and achieved this milestone in record time.

The bank cited growing strength in the housing market and a robust environment for refinancing as two of the reasons for the busier year.

“The increase in purchase money transactions we saw during the first quarter, along with the continuous low mortgage rates that have encouraged homeowners to refinance, allowed us to reach this milestone quickly,” said  Steven Plaisance, president and chief operating officer of Arvest Mortgage Company.  

In a 13.8%  increase from last year, the company originated more than $624 million in new mortgage loans in the first quarter of 2013.

In total, mortgage loans at Arvest increased 7.8% during the first five months of 2013 over the same time period in 2012. Mortgage refinancing accounted for 56.7% of that total increase.

The lender said 2012 was a record-breaking year as well, reaching about 62,000 loans. The outstanding balance of these loans grew from $6.3 billion in 2011 to $7.1 billion in 2012, or an increase of 12% in the value of loans being serviced.

“We pride ourselves on providing customers with service after the sale because we retain servicing on 99% of the loans we make. We are truly partners with our customers, and they can still call us years into their mortgage with any need related to their loan.” Plaisance said, 

Girls Inc. of Fort Smith recently presented more than $10,000 to Sarah Edgmon, Destiny Gordon, Jessie May, Stephanie Poarch, Danielle Huggins, Kylie Ballard and Rebecca Bass.

Since 1980, when the scholarship program was established, Girls Incorporated has given more than $260,000 in scholarships to high school seniors and returning college students. The funds are awarded to applicants who have been involved in the program for at least two years, and who embody the organization’s motto ‘Strong, Smart, Bold’.

Edgmon is a sophomore at the University of Arkansas at Fort Smith where she is studying human resource management. She works at ABF, but was previously employed at Girls Inc.  and attended as a child starting at the age of five years old.

Gordon has worked for Girls Inc. since 2008. She recently graduated from the University of Arkansas at Pine Bluff with a bachelor’s degree in psychology. She was recently accepted into the graduate program at the University of Arkansas in Little Rock.

May is a junior at the University of Arkansas at Fort Smith where she is pursuing a degree in radiology. She began attending Girls Inc. at the age of seven years old and is currently employed there.

Poarch is an accounting student at the University of Arkansas at Fort Smith. She worked at Girls Inc. for two and a half years and often led many of their national program efforts.

Huggins is planning to teach middle school after graduating with a bachelor’s degree in education from the University of Arkansas at Fort Smith where she is a senior. She is employed at Girls Inc.

Ballard recently graduated from Southside High School and plans to attend the University of Arkansas at Monticello. She played volleyball and basketball at Girls Inc. growing up, where she developed a love for the game, and continued her success in sports throughout high school as a starter for both the softball and volleyball teams.

Bass recently graduated from Southside High School and will attend Central Baptist College. She was a member of Girls Inc. for three years where she attended a year of summer programming and three years of basketball. She also returned to volunteer coach while in high school.

Following are those who have supported the scholarship program:
• June Alexander and her husband Jim, who started the first scholarship fund in 1980;
• The families and friends of Roger and Charlene Curtis who established an endowment scholarship fund in their memory;
• Dr. W.C. Holmes; and,
• The Arkansas Best Corporation “do gooders club” who donates to the fund annually.

Visa USA Inc. sued Wal-Mart Stores Inc. in New York federal court on Wednesday (June 13) in a bid to block the retail giant from pursuing more damages after opting out of a $7.25 billion antitrust settlement in the interchange fee multi-district litigation.

"We are disappointed that VISA chose to file this unwarranted and unsupportable lawsuit in retaliation for our decision to opt out and object to an unfair settlement agreement," said Randy Hargrove, Wal-Mart spokesman.

"The proposed settlement would allow credit card companies and big banks to perpetuate a broken system that costs consumers billions of dollars each year, and we, like more than 7,000 other conscientious merchants who have opted out, cannot go along with it," he said.

The credit card giant accused Wal-Mart of trying to endlessly litigate many of the same issues over its interchange fees in multiple cases, pointing out that it already paid Wal-Mart a significant settlement to resolve an earlier round of litigation over its practices.

And even though Visa, MasterCard Inc. and several major banks have already agreed to pay roughly $7.25 billion in a settlement to resolve an MDL accusing the companies of conspiring to keep rates high, Wal-Mart indicated that it planned to pursue another suit over the same alleged conduct, according to the new complaint. After more than a decade of litigation, Visa said enough was enough, urging the court to rule the company hadn't violated the antitrust laws.

Dozens of retailers have spoken out against the settlement offered by Visa and the National Retail Federation also disapproves.

“This settlement does nothing to disclose the hidden fees or otherwise create transparency to encourage competition that would lead to lower fees,” said Mallory Duncan, NRF General Counsel.
 

In the latest legislative session, Arkansas lawmakers passed a measure touted as a jobs creator, the New Market Tax Credits.

The bill encouraged private sector investment in small businesses, particularly in low-income regions, by providing tax credits tied to private capital investments including at existing businesses.

On Tuesday (July 9), Heartland Renaissance Fund, an affiliate of The Arkansas Capital Corporation Group, said it will provide $10 million in New Markets Tax Credits to SGL Group’s Ozark, Ark. manufacturing facility.

The money will be used to replace the current operations with a new state-of-the-art graphitization process for the manufacture of graphite electrodes, which are used for the production of steel in electric arc furnaces.  SGL Group employs around 90 workers in Ozark.

The $10 million New Markets Tax Credit financing is part of a $26 million overall investment at the plant.

“High tech manufacturing projects like SGL Group are invaluable to the economy of the state and provide valuable jobs to the community,” said Sam Walls, chairman of the board for Heartland Renaissance Fund. “The Heartland Renaissance Fund is the only Arkansas-based New Markets Tax Credits program dedicated solely to Arkansas-based economic development, and it is critical to ensuring Arkansas businesses have access to the capital needed to both expand and remain competitive. We are excited to be working with SGL on this project.”

The new SGL Group facility is expected to be completed by June 2015. (Link here to the original story on the SGL expansion.)

• Barnes & Noble CEO resigns

Barnes & Noble Inc. executive William Lynch stepped down as CEO this week, effective immediately. The resignation comes on the heels of weak sales and mounting losses.
Lynch spent three years in the role as the retailer has struggled to find success.

Chief Financial Officer Michael Huseby will become president of the company and CEO of its Nook Media unit. Controller Allen Lindstrom will succeed Huseby as chief financial officer.


Revenue at stores open at least a year dropped 8.8% and overall retail sales, which include Barnes & Noble bookstores and online sales, tumbled 10%, in part because of store closings.

Lynch came to Barnes & Noble from the home shopping network HSN Inc. as president of its online business in February 2009, taking over as CEO in 2010.

• Williams-Sonoma management shuffle
The San Francisco-based Williams-Sonoma hired David Jimenez as senior vice president of visual and store experience and has given three of its existing senior vice presidents new roles.


Jimenez came to Williams-Sonoma from Hallmark, where he was vice president for visual merchandising and store design. Prior to that, he worked at several other Bay Area-based retailers, including Gap, Restoration Hardware and Pottery Barn.

Peter Sassi was promoted to senior vice president of stores for the Williams-Sonoma brand. Sassi has been with the company for the past 10 years as senior vice president of inventory management.

Jeff Howie, formerly senior vice president of inventory management for the Pottery Barn Kids and PBteen brands, was tapped to fill Sassi’s place.

Meanwhile, John Trifoso will expand his role as senior vice president of Pottery Barn’s inventory management to include the Pottery Barn Kids and PBteen brands.

Williams-Sonoma reported net revenue of $888 million in the first quarter of this year, up 8.6% year over year. It operates 587 stores.

Wal-Mart was one of 17 U.S. retailers and suppliers to agree to a five-year safety pack needed to improve workplace conditions at dozens of garment factories in Bangladesh.

The safety initiative sets aggressive timelines and accountability for inspections, training and worker empowerment.
•100% of alliance member factories must be inspected in the first year.
•Common safety standards will be developed within the next three months.
•Inspections results are transparently shared
•All alliance factories must also actively support the democratic election and successful operation of Worker Participation Committees (WPC) at each factory.

As part of the agreement, Wal-Mart, Gap, Target and other U.S. companies have given $42 million in funding toward safety initiatives. Another $100 million in loans are being made available as well.

Wal-Mart and Gap refused to sign an accord with 72 other retailers, mostly European, which was agreed to following the deadly fire and factory collapse that killed 1,127 workers.

Gap and Wal-Mart did pledge their own efforts to improve safety standards which gathered steam among other U.S. retailers, resulting in this five-year agreement.

“There are two strong plans created to improve working conditions in factories – the Bangladesh Worker Safety Initiative that we are announcing today, and the plan created by stakeholders in the EU. The next step is for all of us to work together, in collaboration with government, factory owners, and NGOs to change increase safety and improve the quality of life of the women and men in our supply chains whom we depend on to make our products. Our progress against these plans is essential, and we look forward to making progress together,” said Jay Jorgensen, global chief compliance officer at Wal-Mart.

Other retailers signing this agreement include Macy’s, Kohl’s, Sears, J.C.Penney, L.L. Bean, Nordstrom, Carter’s, The Children’s Place Retail Stores and Gap.

Jason J. Degn of Omaha, Neb., has accepted the position of technology/chief information officer for NorthWest Arkansas Community College.

Degn was one of 40 applicants for the position and he will begin word Aug. 19.

“Jason has experience with strategic technology planning and execution to improve instructional and operational units within a college,” said Debi Buckley, chief financial officer at NWACC.

“He also has significant experience providing day-to-day leadership of institutional technology personnel while providing timely client support. These skills sets and experience will be invaluable as the college continues to offer cutting-edge technology in the classroom, both on the ground and online,” she said.

Degn holds a similar position at the College of Saint Mary, a private higher education institution in Omaha, where he worked for more than 10 years.

He holds a bachelor’s degree in computer science from the University of Nebraska at Kearney and is pursuing a master’s degree in management information systems from the University of Nebraska at Omaha.

He has served on the Network Nebraska Advisory Group since 2012 and was named “30 under 30” top young professionals in Omaha in 2010.
 

• General Mills expects stable food pricing
General Mills Inc. chairman and CEO Ken Powell said food retail prices should remain stable over the next year, which means companies will have to rely on higher sales volume to see improved top line growth.

Powell was in New York Tuesday (July 9) for the company’s annual shareholder meeting.

The company will launch more than 200 new products in the first half of fiscal 2014, ranging from a new version of its Yoplait Greek yogurt to protein-rich varieties of Nature Valley cereal.

Powell doesn't see the need to cut prices of any of its products further this year. Last year, General Mills used "selective" price cuts, lowering prices on items like Yoplait's core yogurt cups.

"Our pricing for all of our core and major brands is in the zone that we want it to be," he said.

General Mills has a large sales office in Rogers and is a major supplier to Wal-Mart Stores Inc.

• Del Monte looks to sell canned business
Pinnacle Foods and Fresh Del Monte are among the companies considering offers for Del Monte Foods' canned foods business, a deal that could be worth more than $1.5 billion, according to media reports by Reuters.

Del Monte Foods has reportedly been exploring a sale of its slow-growing canned foods business as it looks to concentrate on its pet foods unit.

The companies are in the early stages of talks.

Del Monte Foods, no longer part of Fresh Del Monte, is owned by private equity partners KKR and Centerview, who purchased it for $5.3 billion in 2011.

In the fiscal year ended April 2013, Del Monte Foods posted net sales of $3.82 billion. The consumer foods business, which also includes Contadina tomatoes and College Inn broths, accounted for 48% of sales.

The remaining portion of its revenue came from its pet food business, which has brands such as 9 Lives cat food and Milk Bone dog biscuits.

Del Monte Foods is a supplier to Wal-Mart Stores Inc. with a local sales office in Bentonville.

Mexico-based Bachoco, owner of O.K. Foods, is expanding its investment in Arkansas as the poultry company signed a deal to acquire the breeding assets of Morris Hatchery Inc. located in south Arkansas, near Warren.

These assets comprise mainly equipment and bird inventory. This operation has a capacity of around 350,000 thousand laying hens that produces hatching eggs.

"This is a strategic acquisition for our company for several reasons; first, it will rapidly reinforce our supply of hatching eggs for our Mexico and U.S. operations, thus ensuring a proper supply of chicken for our customers. Secondly, it represents a step towards our organic growth,” said Rodolfo Ramos CEO.

He said the location in south Arkansas is far enough from its other breeding complexes, thereby” increasing dispersion and reducing sanitary risks.”

This acquisition will take effect immediately

Several city and county governments in the Fort Smith and Northwest Arkansas areas received a portion of more than $2 million in grants from the Arkansas Historic Preservation Program, an agency of the Department of Arkansas Heritage.

The agency’s $2,009,349 in grants reached projects in 41 Arkansas counties through its County Courthouse Restoration Subgrant, Historic Preservation Restoration Grant, Certified Local Government Subgrant and Main Street Downtown Restoration Grant programs.

Crawford County received an $11,950 County Courthouse Restoration Subgrant to restore the chimney at the courthouse in Van Buren. The City of Van Buren received a $10,000 Historic Preservation Restoration Grant for monument stabilization at Fairview Cemetery and a $5,700 Certified Local Government grant for training, website development, and an outreach film.

Eighteen counties shared $1,399,801 in County Courthouse Restoration Subgrants, which are financed through Real Estate Transfer Tax funds distributed by the Arkansas Natural and Cultural Resources Council for rehabilitation of historic county courthouses across Arkansas. Funding requests totaled $3,715,669.

Other counties receiving courthouse grants were Boone, $124,469; Bradley, $37,401; Calhoun, $103,000; Conway, $160,000; Greene, $77,784; Izard, $133,750; Lincoln, $70,386; Little River, $66,729; Logan, $94,968; Lonoke, $141,300; Madison, $65,114; Monroe, $123,000; Prairie, $19,556; Randolph, $23,715; Saline, $25,269; Searcy, $72,410 and Union, $49,000.

Sixteen projects shared $440,466 in Historic Preservation Restoration Grants, which distribute funds raised through the Real Estate Transfer Tax to rehabilitate buildings listed on the Arkansas or National Registers of Historic Places and owned by local governments or not-for-profit organizations. Grant requests totaled $1,062,190.

Seventeen recipients shared $89,982 in grants through the AHPP’s Certified Local Government program, which is open to Arkansas cities and counties that contain a historic district commission and a historic district protected by a local ordinance, as well as to cities and counties that are seeking to join the CLG program. These grants provide training opportunities to local historic district commissions and can fund other local preservation projects. At least 10 percent of the AHPP’s annual appropriation from the federal Historic Preservation Fund goes to CLG cities as grants for local projects. Grant requests totaled $170,143.

CLG grant recipients included Eureka Springs, which received $3,480 for training and the “Green Old House Day” event; Fayetteville, which received $1,200 for training; Fort Smith, which received $5,200 for training and survey work to expand the Fishback Neighborhood Historic District; and Rogers, which received $5,355 for administration and training; and Texarkana, which received $1,200 for training.

There are 19 Arkansas cities in the CLG program: Little Rock, North Little Rock, Fort Smith, Van Buren, Hot Springs, Eureka Springs, Helena-West Helena, Conway, Pine Bluff, Morrilton, Texarkana, Rogers, Russellville, El Dorado, Fayetteville, Batesville, Benton, Osceola and Blytheville.

Thirteen Main Street Arkansas programs shared $74,100 in Downtown Revitalization Grants, which are funded through the state Real Estate Transfer Tax and are available to certified Main Street programs for building rehabilitations, parks, streetscape improvements and other design-related projects that will have major long-term impacts in the local Main Street area.

Main Street programs in Blytheville, Dumas, El Dorado, Eureka Springs, Hardy, Helena, Ozark, Paragould, Rogers, Russellville, Searcy, Siloam Springs, and West Memphis each received $5,700 grants through the program.

The Arkansas Historic Preservation Program is the agency of the Department of Arkansas Heritage responsible for identifying, evaluating, registering and preserving the state’s cultural resources. Other agencies are the Arkansas Arts Council, the Delta Cultural Center in Helena, the Old State House Museum, the Arkansas Natural Heritage Commission, the Mosaic Templars Cultural Center and the Historic Arkansas Museum.

Crystal Bridges Museum of American Art recently added four members to the staff.

Dina Wood, of Springdale, will assume duties as the museum’s director of development. Suzanne Navarra, of Bentonville, has been chosen as manager of the museum’s guest services team. Barbara Tillman, of Bella Vista, joins the special events staff as outside sales manager. Chad Alligood of Perry, Ga., joins Crystal Bridges as assistant curator for special projects.

Wood worked in the administration of President William Jefferson Clinton, serving consecutive appointments in the U.S. Department of Veterans Affairs, the White House office of presidential personnel, and in the Overseas Private Investment Corporation (OPIC) as director of the office of congressional and intergovernmental affairs, all in Washington, D.C.

She also served as assistant attorney general for the Arkansas attorney general and as attorney and director of special programs for the Arkansas Commissioner of State Lands. Most recently, Wood held the position of senior director of development and external relations for the J. William Fulbright College of Arts and Sciences, a position within the division of advancement at the University of Arkansas.

“We couldn’t be more pleased to have Dina joining the Crystal Bridges team,” said Director of Advancement Jill Wagar. “Her proven track record in private gift support, coupled with her passion for the arts will help propel the museum’s ambitious initiatives.”

Navarra, guest services manager, came to the museum from the insurance business, where she has served several companies in client services and provider relations. Most recently, she served as account manager for Stephens Insurance Co. in Fayetteville. Prior to relocating to Bentonville, Navarra was with Principal Financial Group, serving as the client services director for sales offices in Dallas and Indianapolis. She has studied marketing at Indiana State University, and holds a real estate broker designation from Indiana University. At Crystal Bridges, Navarra oversees a team of 14 guest services associates to assure a positive and welcoming experience for museum visitors.

“Suzi leads the guest services team with enthusiasm and an emphasis on continuing the Museum’s excellence in customer service,” Wagar said.

Tillman, outside sales manager, has a long background in the hospitality industry that includes meeting planning for Walmart, Mary Kay Cosmetics and several hotels. Most recently she was the director of sales at the Holiday Inn Pinnacle Hills. At Crystal Bridges, Tillman is responsible for promoting and selling private events at the museum, and serves as a liaison between culinary, special events staff and clients to ensure successful events.

“We are excited to have Barbara on our special events team,” said Special Events Manager Nathan Pollet. “She brings a wealth of knowledge regarding the industry and is wonderfully connected to Northwest Arkansas.”

Alligood, assistant curator for special projects, is a Perry, Ga., native who earned his bachelor’s degree in history of art and architecture from Harvard University, his master’s degree in art history from the University of Georgia, and has completed his doctoral coursework at City University of New York (CUNY). After serving as adjunct professor of art history at Brooklyn College from 2010 to 2012, Alligood went on to become a curatorial intern for collections at the Solomon R. Guggenheim Museum, where he provided research support for the development of large exhibitions of modern art in New York and abroad. He received the Kress Foundation Fellowship from Smith College Institute for Art Museum Studies, and comes to Crystal Bridges from Cranbrook Art Museum where he was serving as a Jeanne and Ralph Graham Collections Fellow, preparing an exhibition titled What to Paint and Why: Modern Painters at Cranbrook, 1936 – 1974, which opened in early June.

At Crystal Bridges, Alligood will work with museum President Don Bacigalupi on a new initiative to develop a major exhibition program that will have both a national and international presence.

“Chad is the ideal curator to help shape Crystal Bridges’ new exhibition initiative,” said Bacigalupi. “His experience in research and organization for a range of exhibitions will serve us very well as we move forward with new projects.”

Serco, an information and technology service provider, has set its sights on Rogers for a new facility slated to open this fall. The company’s domestic base is in Virginia, but the firm is headquartered in the United Kingdom.

Rogers city officials said Serco is expected to bring at least 600 jobs to the area, when it sets up shop in the vacated Emerson building later this year.

The Rogers Chamber of Commerce said Serco will be screening applicants in Northwest Arkansas within a few weeks and making a strong push to hire veterans.

Serco has posted 20 jobs in Rogers on the career page of its website.

If Wal-Mart is to win the battle to do business in Washington D.C., it looks it will be through online sales.

Wal-Mart said it is scrapping plans to build three stores in the nation’s capital city, after the city council passed a bill late Wednesday (July 10) that would require big retailers to pay starting wages that are 50% higher than the city’s minimum wage.

The Bentonville-based retailer announced plans to expand into Washington D.C., in late 2010 planning six stores that would have brought roughly 1,800 retail jobs to the city, according to the retailer’s website.

Three of those stores are already under construction and Wednesday’s vote has led Wal-Mart to review its legal and financial options in this matter. Two of the stores are slated to open this fall.

The retailer published an op-ed article in the Washington Post on Tuesday. Wal-Mart warned in the article it would pull out of the city if the council passed the Large Retailer Accountability Act of 2013.

“From day one, we have said this legislation is arbitrary, discriminatory, and discourages investment in D.C. We have gone to great lengths to have thoughtful conversations with Council members about why LRAA will result in fewer jobs, higher prices and a smaller number of total retail options. It means most shopping dollars will stay in the suburbs, unemployment will remain in the double-digits in some neighborhoods and underserved communities will continue to have disproportionate access to affordable groceries,” Alex Barron, regional general manager for Walmart U.S., noted in the article.

The bill would require Wal-Mart and other larger retailers to pay workers no less than $12.50 per hour. The city has a minimum wage of $8.25 per hour. The rule does not apply to retailers with unionized work forces and it gives other retailers already doing business there four years to comply.

Mayor Vincent Gray could still veto the bill and Congress could be swayed to use its local control to keep the legislation from being enacted.

Bill Simon, CEO of Walmart U.S., told media recently that the retailer would not waste time and resources pursuing markets posing heightened opposition. He said there are plenty are markets that welcome Wal-Mart with open arms.

Little Rock-based Bank of the Ozarks second quarter net income rose 6.8% to $20.4 million.

For the six months ended June 30, 2013, net income totaled $40.4 million, an 8.9% increase from net income of $37.1 million for the first six months of 2012.
Bank of the Ozarks CEO George Gleason attributed the gains to success in its loan and lease business.

“Our capabilities to generate loan and lease growth were evident in our second quarter results,” Gleason said. “Our balance of loans and leases outstanding, excluding covered loans and purchased non-covered loans, increased $286 million in the quarter just ended. Our unfunded balance of closed loans increased $146 million during the second quarter, growing from $789 million at March 31, 2013 to $935 million at June 30, 2013. These are noteworthy results given current economic and competitive conditions.”

The bank’s loans and leases stood at $2.96 billion at the end of June, a 9.7% increase from $2.69 billion one year ago.

Other financial highlights from the quarter included:
• Deposits were $2.98 billion at June 30, 2013, a 6.3% increase compared to $2.81 billion at June 30, 2012.

• Total assets were $4.04 billion at June 30, 2013, a 7.4% increase compared to $3.76 billion at June 30, 2012.

• Net interest income for the second quarter of 2013 increased 2.8% to $43.5 million compared to $42.3 million for the second quarter of 2012.

• Non-interest income for the second quarter of 2013 increased 20.9% to $19.0 million compared to $15.7 million for the second quarter of 2012.

Bank of the Ozarks (NASDAQ: OZRK) stock closed trading on Thursday at $45.29 per share, near the high end of its 52-week range of $29.60 – $46.85 per share.

AT&T said last week it plans to acquire Leap Wireless, parent company of the Cricket brand, with an offer of $15 per share in cash (about $1.2 billion). Under the proposal, AT&T will also assume Leap’s $2.8 billion of net debt. 


In a release, AT&T said it would maintain the Cricket brand name, and look to expand its presence into additional U.S. cities. Leap’s network covers about 96 million people in 25 states.

The company said the acquisition would be “increased competition, better device choices, improved customer care and a significantly enhanced mobile Internet experience” for pre-paid wireless customers.
 

Ryan Dagley has returned to Fayetteville-based Signature Bank as a senior vice president and loan manager for the Bentonville bank.

Bank officials also on Monday (July 15) announced promotions of Jake Helton to senior vice president loan manager, Fayetteville; Alex Gladden to senior vice president loan manager, Springdale; Brant Ward to senior vice president funding officer; and Sam Johnson to vice president lending.

Dagley, an 11 year veteran banker, has rejoined Signature Bentonville Bank with responsibility for supervising and providing guidance to the lenders in that market. Dagley earned a bachelor’s degree in political science from the University of Arkansas and a master’s degree in business administration from John Brown University.

Dagley is a graduate of Leadership Benton County; a member of the Bentonville/Bella Vista Chamber’s Government Relations Committee; an Ambassador for the Bentonville/Bella Vista Chamber and; Treasurer/Board Member for NWA Fitness and Health Foundation.

Helton joined Signature Bank in 2006 and has been, most recently, serving as a lender in the Fayetteville Bank. Helton holds degrees in finance and information systems from the University of Arkansas. He is a graduate of Leadership Fayetteville and is serving on the Leadership Link Committee at the Fayetteville Chamber of Commerce.

Gladden joined Signature Bank in 2005 and was recently a private banker/lender in the Springdale Bank. She holds a bachelor’s degree in business finance from the University of Arkansas and is also a graduate of the Arkansas Bankers’ Basic Lending School. Gladden is an original member of Fayetteville Future Fund, a nonprofit organized to bring young people together to give back to their community. She is also an active fund raiser for Big Brothers Big Sister.

As loan managers, Helton and Gladden have the responsibility for supervising and providing guidance to the lenders in their market locations.

Ward joined Signature Bank in 2005 and is responsible for coordinating the bank’s funding position to include tracking and timing of loan funding requirements, monitoring bond portfolio and bank deposits’ maturities and other duties assisting the bank’s CFO. Ward earned a bachelor’s degree in business accounting and business management from Henderson State University, a master’s degree in business finance and entrepreneurship from the University of Arkansas with International studies to include a British Studies Program in London and an Italy Study Program in Asolo, Italy. He is also a graduate of the University of South Carolina’s Graduate School of Bank Investments and Financial Management. Ward is a graduate of Leadership Fayetteville and past board member of Ducks Unlimited, Fayetteville Chapter.

Johnson, an eight-year banker, joined Signature Bank in 2007 and, after leaving for a few years, returned to Signature in 2011 as a mortgage loan officer. Johnson earned a bachelor’s degree in organizational management from John Brown University.
     
Signature Bank operates several banking offices in the area: Signature Plaza in Fayetteville, Har-Ber Meadows in Springdale, Fountain Plaza in Bentonville as well as two locations in Brinkley.  The bank has more than $500 million in assets and has more than 100 employees.

Consumer spending and retail sales ended the second quarter on a soft note, indicating that economic growth and acceleration has weakened, according to the National Retail Federation.

June retail sales, released Monday (July 15)  by the U.S. Department of Commerce and U.S. Census Bureau, showed that total retail and food services sales (which include non-general merchandise categories such as automobiles, gasoline stations and restaurants) increased 0.4% seasonally adjusted month-to-month.

Sale rose 5.7% adjusted year-over-year. June sales fell short of the 0.8% consensus estimate.

“Consumers remain wary,” NRF President and CEO Matthew Shay said.

NRF Chief Economist Jack Kleinhenz said while the economy is improving, growth rates and retail sales remain reserved for the foreseeable future. The June retail sales data were the first disappointment (relative to published expectations) in the last three months, but remained in positive territory, notes Budd Bugatch, analyst with Raymond James & Associates.

Bugatch said the softer sales did not keep retail stocks at bay as they outperformed the broader markets modestly in June. The S&P Retail Index (RLX) was flat for the month, while the S&P 500 Index (SPX) decreased 1%.

Other findings from the year-over-year June unadjusted sales report include:  
•  Building material, garden equipment and supply dealers’ sales rose 6.1%.
•  Clothing and apparel accessories stores' sales increased 3.4%.
•  Electronics and appliance stores’ sales fell 2.3%
•  Furniture and home furnishing stores’ sales increased 1.6%.
•  General merchandise stores’ sales increased 0.7%.
•  Health and personal care stores’ sales increased 0.7%.
•  Online retailers’ sales increased increased 11.5%.
•  Sporting goods, hobby, book and music stores’ sales increased 0.2%.

What Crawford County Judge John Hall thought was a sure bet turned out to not be the case.

The Crawford County Quorum Court tabled on Monday (July 15) an ordinance that would have allowed employees to donate vacation time to a bank that could be used in the case of a catastrophic illness either personally or with an immediate family member of the employee was out of sick time.

The ordinance would have limited the number of donated days that an employee could use to 30 days total. Approval from the employee's supervisor, in most cases an elected official, would have also been required.

Justice of the Peace Mary Jan Blount said the vote did not happen due to one primary issue.

"Basically, it was just tabled to go back to the personnel committee to further define catastrophic illness," she said. "Rather than approve it last night, it was sent back to re-address the whole ordinance and come back with a better-worded ordinance. That was the main thing."

JP James Lane, who chairs the court's personnel committee, said the committee would work with the county's legal counsel to address the issues discussed at Monday's meeting.

"Our legal advisor saw a lot of gaping holes in what was presented," he said.

One of the holes Lane said he noticed in the ordinance was that there were not "tight" definitions of who is eligible and who is not eligible to accept donated time.

Lane said he would speak to attorney Chuck Baker, the county's legal counsel, regarding a time when Baker could meet with the committee.

"I told them last night when our counsel gets back from his vacation (that we would set up a meeting). But we're not going to have another meeting without having legal counsel there. There's no need for us to keep spinning our wheels."

Blount said if the committee is able to make the recommended revisions in the next few weeks, she expects the ordinance to come back to the court for a vote at the next regular meeting on Aug. 19.

Lane agreed, adding that it is time to finish the almost two month long battle over the donation of vacation time.

Northwest Heath System announced the appointment of Pamela German Hill as its new market chief financial officer, joining the hospital on July 1.
 
Hill has more than 15 years of leadership experience, most recently serving as vice president and chief financial officer at Vista Health System in Waukegan, Ill., and previously in key leadership financial roles over the last 10 years in Dyersburg, Lexington and Jackson, Tenn.     

Hill has a bachelor’s degree in accounting from Union University in Jackson, Tenn., and a master’s degree in health administration from the University of Memphis.
 
"Pamela has an extensive background in healthcare finance, and we're pleased that she has joined our team," said Dan McKay, CEO of Northwest Health System. “As we expand Northwest's reach throughout Northwest Arkansas, Pamela's range of financial expertise will be helpful in our growth process."
 
Hill points to the fiscal stability of Northwest Health System as a key strength in providing high quality medical care. 

"I am pleased to join a team that values fiscal responsibility," she said.  "Our patients will benefit from the knowledgeable, comprehensive and sound financial decisions that we make."
 

Dr. Carlos F. Rodriquez also recently joined Northwest Health System clinic in Springdale as a family medical physician.

Fluent in English and Spanish, Rodriguez completed his medical degree at Juan N. Corpas School of Medicine in Colombia, South America. He then moved to Fort Smith to complete his residency at the University of Arkansas for Medical Sciences Area Health Education Center West.

Rodriquez said practicing medicine in both Colombia and the U.S. made him better at practicing medicine. 

“I bring not only the experience I got during my three years of residency training in the U.S., but close to five years of experience as physician in Colombia,” he said. “Medicine is my passion, and that makes me a better physician because I love so much what I do.”

According to the 2010 census, approximately 35% of households in Springdale speak Spanish as their first language. Rodriquez’s ability to speak both Spanish and English fluently may help bridge a medical communication gap many Northwest Arkansas’ families face.

CEO of Northwest Health System, Dan McKay, said having another bilingual physician in the community is an asset.

“For people whose first language is Spanish, they often find having a physician that is fluent in both English and Spanish comforting,” he added.