4 Col - Volusia/Flagler Business Report

Transcription

■ Focus on: BANKING & FINANCE, pages 10-17
April 9, 2010
Commercial
lending outlook:
Inside:
Meet the new
Publisher:
Despite slight uptick in loan activity, area banks remain
cautious about the economy ... Page 10
Open letter to readers … Page 4
Editor’s Notebook:
Another local chamber adds “regional”
to its name … Page 4
Real Estate Roundup:
The Landing shopping center to expand
in Palm Coast … Page 6
PRSRT STD
U.S. POSTAGE
PAID
Daytona Beach, FL
Permit #150
2 April 9, 2010
0000867072 PDFA
Volusia/Flagler Business Report
April 9, 2010 3
0000867063
ON THE COVER: Commercial lending outlook:
Despite slight uptick in loan activity, area banks
remain cautious about the economy. Bank
executives who spoke with the Business Report
said they don’t see the local economy starting
to turn around until at least early next year, and
that they will remain as cautious as they’ve
been in recent years when considering whether
to grant loans to businesses. That said, area
bankers offered several suggestions to
entrepreneurs and businesses that could help
improve their chances of securing a
commercial loan. See story on page 10.
Photo illustration: John Klipfel
■ Focus on: BANKING & FINANCE, pages 10-17
April 9, 2010
Commercial
lending outlook:
Inside:
Meet the new
Publisher:
Despite slight uptick in loan activity, area banks remain
cautious about the economy ... Page 10
Open letter to readers … Page 4
Editor’s Notebook:
Another local chamber adds “regional”
to its name … Page 4
Real Estate Roundup:
The Landing shopping center to expand
in Palm Coast … Page 6
is pleased to announce the addition of
KEN RICHARDSON
as the newest member of our
Commercial Lending Team
INSIDE:
Open letter to readers from the new publisher of The News-Journal......................Page 4
Editor’s Notebook: Another local chamber adds “regional” to its name ................Page 4
Real Estate Roundup: The Landing shopping center to expand
in Palm Coast ........................................................................................................................................Page 6
Briefs: Raydon lands new Army contract; area jobless rate rises (again);
local motorcycle maker gets national TV exposure ..........................................................Page 7
Kenneth Richardson
People on the Move............................................................................................................................Page 8
Calendar of upcoming local business events ......................................................................Page 18
Focus: Banking & Finance
Commercial lending outlook: Despite slight uptick in loan activity,
area banks remain cautious about the economy................................................................Page 10
Finding its niche: Recession fails to hinder growth of fledgling community
bank in Flagler County....................................................................................................................Page 12
The List: Area’s largest financial institutions ......................................................................Page 14
Federal loan programs available to help small businesses ............................................Page 16
SBA gets additional funds to make business loans ..........................................................Page 17
Senior Vice President
Ken is a lifelong resident of our community. He brings
37 years of local banking experience to Floridian Bank
and shares Floridian’s dedication to
the most important element in banking…
the customer.
Ken is located in the Floridian Bank office at
1696 N. Clyde Morris Blvd., Daytona Beach
Floridian Bank… safe… solid… secure
We have money to lend to assist local businesses and
professionals. Call Ken or one of the Floridian Lending
Team to find out how we can help your business.
Connecting Business to Business
April 9, 2010
Copyright © 2010 Halifax Media Acquisition LLC
c/o Daytona Beach News-Journal
P.O. Box 2831, Daytona Beach, FL 32120-2831
Phone: 386-681-2470
E-mail:
[email protected] for editorial submissions
[email protected] for advertising inquiries
Web site: www.vfbr.com
Senior Editor: Clayton Park
Reporter: Chris Anderson
Art Director: John Klipfel
Photographers: Chris Anderson, Peter Bauer, David Tucker
The Volusia/Flagler Business Report is published every other Friday. Press releases, calendar items and letters to the editor
should be e-mailed to [email protected]. People on the Move announcements should be limited to 50 words and accompanied by
a photograph (head shot only; 300 dpi preferred). Calendar items should be submitted 30 days in advance of the event.
Thomas H. Dargan, Jr.
Keith A. Bulko
John Graham
Chairman, CEO
President
Executive Vice President
“Our People Make the Difference”
Four Convenient Locations to Serve You
Daytona Beach
Palm Coast
1696 N. Clyde Morris Blvd. 7 Boulder Rock Dr., Suite 4
Ormond Beach
Port Orange
299 W. Granada Blvd.
4720 Clyde Morris Blvd.
386.274.6020 386.986.4024 386.677.7900 386.761.7011
www.FloridianBank.com
4 April 9, 2010
An Open Letter to Readers
From Michael Redding, chief executive officer and publisher of The News-Journal
(Editor’s Note: On April 1,
Halifax Media Holding LLC
took over as the new owner
of the daily The News-
Journal newspaper, as well
as the Pennysaver and
Complete Phone Book
publications and the
Volusia/Flagler Business
Report. The following is an
open letter to readers from
new publisher Michael
Redding regarding changes
planned for the daily
News-Journal. The letter
was originally published in
the paper’s April 1 edition.
Redding has agreed to let
the Business Report
republish his letter.)
O
ver the past 82 years, the Davidson family had
the opportunity of seeing their big and small
dreams fulfilled. Among other things, the
Davidsons’ almost single-handedly brought the
arts to Daytona Beach, which will surely
perpetuate into the future. The family’s philanthropy and generosity touched thousands of
Volusians of all ages and backgrounds, and for
that everyone should be thankful. Cox
Enterprises Inc., the silent News-Journal partner,
is also to be commended for their support locally,
considering they owned 47.5 percent of the
company that contributed to local organizations
since 1969.
It is unfortunate that since 2004 the community witnessed a very public court battle between
Cox and the Davidson family. These years have
been particularly excruciating for the hundreds
of News-Journal employees who have endured
the internal stress of the sale process. It has also
been difficult for readers who love to get their
newspaper every morning. At times readers no
doubt wondered, “What is happening to my
newspaper?” Yet despite the blow-by-blow
headlines detailing the fight,
The News-Journal operation
continued publishing a quality newspaper every day.
The support from subscribers and advertisers
proved to all that The NewsJournal is incredibly strong
Redding
at the core. The NewsJournal’s employees and court-appointed
receiver Jim Hopson should be praised for
their commitment.
Halifax Media is the new owner of The
News-Journal. We are a small collection of longterm investors and career newspaper veterans
who strongly believe in the future of The NewsJournal. The lead investor is Stephens Capital
Partners, an investment group based in Little
Rock, Ark. Stephens has other media investments
including the Las Vegas Review-Journal. The remaining investors are JAARSSS Media LLC from
Destin, Fla., and Redding Investments LLC based
in Daytona Beach. This is also a sensible move for
me professionally as I believe enough in the
future of The News-Journal that I am stepping
down as CEO of HarborPoint Media, a Florida
newspaper company I founded in 2004. My
family and I live in Daytona Beach and over the
past eight years I have had the opportunity to
evaluate The News-Journal and have formulated
ideas that I believe will make the newspaper
more relevant to more people. I look forward to
leading this organization and hearing from you
our readers, our customers, and our neighbors.
Among other things, The News-Journal will
immediately begin to increase the amount of
local news we provide our customers every day.
Above all else, we will be a “local” newspaper.
You can also expect the news report to be
balanced, and you can expect the award-winning
newsroom to continue to fulfill its watchdog role
of government.
You also will see changes in the editorial
positions of The News-Journal on our opinion
pages. Our own editorials will champion free enterprise, individual rights and responsibilities,
and the importance of community involvement.
See LETTER p. 19
Opinions
Trend in the making? Another local chamber adds “regional” to its name
F
irst it was the Daytona Beach/Halifax
Area Chamber of Commerce, which in
November changed its name to Daytona Regional Chamber of Commerce to reflect its
desire to represent not just businesses in the
city of Daytona Beach, but in the greater
Daytona area as a whole.
Now it’s the Deltona Chamber of
Commerce’s turn.
On March 19, the Deltona Chamber,
which will mark the second anniversary of
its incorporation on May 1, announced the
changing of its name to Deltona Regional
Chamber of Commerce.
The chamber in an e-mail announcing its
new name offered the following explanation:
“Most chambers in the area have changed
their name to include the surrounding area
by using Regional, Greater, etc. In order for
our chamber to grow in scope and presently
reflect our membership base that represented the SW Volusia area, the executive board
voted to implement our new name.”
While the majority of the chamber’s 138
members are based within the city limits of
Deltona, some now come from as far away as
Orlando, Winter Park and even Daytona
Beach, said Carlos Valderrama, the
Clayton
Park
Editor’s Notebook
chamber’s president.
Valderrama, a certified public accountant who owns Valderrama Partners LLC in
Deltona, is one of the founding members of
the all-volunteer-run chamber and served as
vice president of the board its inaugural year.
The chamber got a boost in members when
the Chamber of Commerce of West Volusia
shut its doors in July. The West Volusia
Chamber, based in Orange City, was formed
in the late 1990s by the merger of the DeBary
Chamber of Commerce and a previous
incarnation of the Deltona Chamber. It had
480 members.
Some have since joined the well-established DeLand Area Chamber of Commerce,
while others have joined another newly
formed group, the West Volusia Business
Connection. Roughly two dozen former
West Volusia Chamber members have decided to give the new Deltona Chamber a try,
said Valderrama.
The Deltona Regional Chamber was
created by members of a sales leads group in
Deltona who wanted a chamber whose
primary mission would be serving businesses in their city as opposed to all of West
Volusia, according to founding members
Denise White and Deanne Maltacea, who
spoke with me in June 2008.
“A chamber of commerce
in the community, not
West Volusia, but in Deltona, can give you the resources right here,” said
Maltacea at the time.
When asked whether the
Valderrama
organization’s focus has
changed now that it is a “regional” chamber,
Valderrama responded by saying while Deltona remains the chamber’s core area, “in reality, our goal is to provide services, networking opportunities and seminars to business
owners regardless of where they are located.”
Many of the chamber’s members belong
to other chamber and business networking
groups as well, said Valderrama. He said the
Deltona Regional Chamber welcomes opportunities to partner with other chambers
On the Net:
www.deltonachamber.org
as well as with the city.
After all, he reasoned: “If we try to
remain a closed group, we’re limiting
ourselves.”
Clayton Park can be reached at [email protected] or at 386-681-2470.
Still time to submit nominations
for 2010 “Influential Women in
Business” awards
On May 7, the Volusia/Flagler Business
Report will publish its fifth annual “Influential Women in Business” edition, which
recognizes outstanding women in the
Volusia-Flagler area for their achievements
and examples of leadership, both professionally as well as in terms of their involvement
in the community. The Business Report staff
will make the final selections based on
nominations submitted by readers. A nomination form can be found on the Business
Report’s Web site: www.vfbr.com. The
deadline for submitting nominations is
5 p.m., Monday, April 19.
■
April 9, 2010 5
0000867066
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Existing client had a vehicle stolen.
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High Net Worth client asked us to review
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Cable contractor came to us after their
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Reviewed general contractor’s liability
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Set up program to reduce workers comp
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6 April 9, 2010
The Landing shopping center to expand in Palm Coast
Construction of a new parking lot for the
church is slated to be completed this month.
J.H. Merrell Construction Co. Inc. in
Daytona Beach was the project’s general
contractor. The project’s architect was
Richard Brookfield of Ormond Beach.
Rendering courtesy Weingarten Realty
This is a rendering of the planned 7,500-square-foot outparcel at The Landing at Palm Coast shopping center.
T
he already sizeable Landing at Palm
Coast shopping center is about to get
even bigger.
The owners of the 400,000-square-foot
shopping center, at the northeast corner of
the intersection of State Road 100 and Belle
Terre Boulevard, plan to add two outparcel
buildings totaling 18,372 square feet.
Houston-based Weingarten Realty is
adding a 7,500-square-foot outparcel that will
include a Dunkin Donuts/Baskin Robbins
store, a Pizza Hut restaurant, a nail salon and
two other spaces that have yet to be leased.
Construction of the outparcel building,
along State Road 100 on the southeast corner
of the shopping center, began in late March
and is set to be completed this fall.
Weingarten also plans to add a 10,872square-foot outparcel building that will
house two restaurants, Olive Garden and Red
Midway
The Landing
at Palm Coast
100
E. Moody Blvd.
y.
95
d.
Palm Coast
Rd.
ings
Old K
Flagler
County
Airport
.
ds Blvd
le Woo
Semino
Belle Terre Pkw
Future
outparcel
1
lv
ds B
Woo
e
l
ino
Sem
Map: John Klipfel
Chris
Anderson
Real Estate Roundup
Lobster, under the same roof.
Orlando-based Darden Restaurants Inc.,
which owns both the Olive Garden and Red
Lobster chains, is in the review process with
the City of Palm Coast for that project.
Darden is aiming to open the Palm Coast
Olive Garden and Red Lobster restaurants in
the first quarter of 2011, said Rich Jeffers, a
company spokesman.
Having two restaurants under the same
roof would be a first for Darden, a national
company that owns several other restaurant
chains, including LongHorn Steakhouse,
Bahama Breeze Island Grille, The Capital
Grille, and Seasons 52.
“It’s a prototype eatery,” said Jeffers of the
proposed Palm Coast project. He said the
Olive Garden and Red Lobster restaurants
will share the same kitchen to allow for
lower overhead costs.
The unique design is the only way
Darden could open what would be the first
locations for either restaurant in Flagler
County, an area that otherwise wouldn’t be
able to support a standalone restaurant for
either chain, said Jeffers.
Olive Garden currently has four
locations in Volusia County: Daytona Beach,
Ormond Beach, Port Orange, and Orange
City. Red Lobster operates two restaurants
in the Volusia-Flagler area, both in
Daytona Beach.
Both restaurant chains employ between
100 and 150 workers on average at each of
their restaurants, said Jeffers.
The Landing at Palm Coast will be 100
percent leased out when a Rent-A-Center
location opens in a 3,030-square-foot space
by the end of August, said Terry Marks,
regional director for Weingarten.
The retail tenants of the The Landing,
which opened in August 2008, include a
Super Target, Books-A-Million, PetSmart,
Kay Jewelers, Ross Dress-for-Less, TJ Maxx,
and Dollar Tree.
Other tenants include a Walgreens, First
Coast Community Credit Union, and a
McDonalds fast-food restaurant.
— Church building new sanctuary in Daytona:
A worship center is under construction on
Bill France Boulevard in Daytona Beach.
Construction of the Global Prayer
Center, located on the east side of Bill France
Boulevard, just south of Mason Avenue,
started in late December and is slated to be
finished by the end of July.
The general contractor of the 12,000square-foot building, located across from
Keiser University, is Michael C Construction
Inc. of Holly Hill.
The project’s architect is AndersonDixon LLC of New Smyrna Beach.
■
Chris Anderson can be reached at
[email protected] or 386-681-2224.
Photo: Chris Anderson
This 12,000-square-foot worship center is
under construction on Bill France Boulevard
in Daytona Beach.
Short takes
— Church adds community
center in Edgewater: Edgewater
A l l i a n c e C h u rc h re c e n t ly
completed construction of a community center next door.
Construction of the 9,400square-foot church community
center, located on Ridgewood Avenue, a half-mile south of
10th Street, finished in late
December.
Photo: Chris Anderson
Edgewater Alliance Church recently completed this 9,400square-foot community center next door to its church.
April 9, 2010 7
Briefs
Raydon lands new
Army contract
Daytona Beach-based Raydon Corp.
recently won a new contract valued at
approximately $9.3 million from the U.S. Army
National Guard.
The contract calls for the virtual reality
training technology maker to provide 128 .50
caliber individual gunnery trainer devices to
U.S. Army National Guard brigades, according
to a statement issued by the company on
March 22.
The portable devices, known as IGTs, are
designed to instruct, train and evaluate new
gunners while also providing training to
experienced gunners on more advanced tasks,
according to the company.
The device’s training management system
can also produce an analysis and training
record of the performance of each individual
user.
Raydon’s .50 caliber IGT device passed a
government acceptance test in mid-March,
which resulted in its receiving the purchase
order. The company said it expects to begin
delivery of the order within 30-60 days.
“We are excited about the opportunity to
provide this unique first of its kind trainer to our
warfighters,” said Mike Vollmar, the company’s
president and CEO in a statement issued by the
company. “The ability to immediately analyze
an individual’s performance allows faster
improvement and skill development to
the warfighter.”
Raydon currently employs just under 300
workers and is on schedule to move to its new
15-acre headquarters campus in Port Orange,
just off Williamson Boulevard, in early
September. The future 139,471-square-foot
headquarters building, which broke ground in
September 2009, will allow the company to
consolidate its operations under a single roof.
Those operations, at present, are spread
out over several smaller buildings in the
Fentress Boulevard-Mason Avenue area of
Daytona Beach.
For more information about Raydon, visit
www.raydon.com on the Web.
ROAR Motorcycles featured on
“CBS Sunday Morning Show”
A national television news show on March
28 aired a segment on the growing popularity of
motorcycle riding among women that included
a brief interview with Kathy Tolleson, founder
and president of Roar Motorcycles for Women in
Daytona Beach,a seller of custom motorcycles.
That mere minute of exposure on the
television network’s “CBS Sunday Morning
Show” immediately resulted in a huge spike in
visits to Roar’s Web site as well as a flurry of
telephone inquiries from potential customers
to the 2-year-old dealership, the company
announced.
“The awareness of
who we are and what
we do continues to
grow day after day,”
said Tolleson, in a
statement issued by
the company. “And as
that awareness and
interest continues to
grow, we will continue
to do what we do
best — design bikes
exclusively by women,
Tolleson
for women.”
The segment, taped during Daytona Beach’s
2010 BikeWeek festival, also included interviews
with American Motorcylist Association
racer Melissa Paris; Karen Davidson, the
great-granddaughter of Harley-Davidson cofounder William Davidson; author Christine
Sommer-Simmons; and 84-year-old rider
Gloria Struck.
For more information about Roar
Motorcycles, visit www.roarmotorcycles.com on
the Web.
Area jobless rate rises (again)
rate rose to 13.4 percent in February, up
from 10.2 percent for the same month a year
ago, but down slightly from the record high
13.6 percent jobless rate recorded for the
two-county area in January, the Florida
Agency for Workforce Innovation reported on
March 26.
Individually, Flagler County’s unemployment rate for February stood at 17 percent,
down from 17.2 percent in January, but up
from 13.4 percent in February 2009. Volusia
County’s unemployment rate for February
was 12.9 percent, down from 13.1 percent in
January, but up from 9.8 percent in February of
last year.
The statewide unemployment rate for
February stood at 12.2 percent. The national
unemployment rate for February was
10.4 percent.
The unemployment rates for Volusia and
Flagler counties are not seasonally adjusted,
which means they are not discounted for
seasonal ups and downs of employment that
are typical for this time of year.
Total nonagricultural employment for
Volusia County was 156,100 in February, down
from 160,700 in February of last year. Total
nonagricultural employment for Flagler County
was 17,800 in February, down from 18,400
in February 2009.
See BRIEFS on p. 19
The Volusia-Flagler area’s unemployment
0000867085
BUSINESS
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8 April 9, 2010
People on the Move
Wohn
Burda
Law
owner and president of The Handyman
Companies in Orange City.
Robert Wohn has joined Rue & Ziffra in
Port Orange as an attorney. Wohn recently
earned his law degree from the University of
Florida’s Levin College of Law in Gainesville.
Juanita Ohanian has joined Coldwell
Banker Allstars in Daytona Beach Shores as
an agent. Ohanian previously owned a printing business in Rockville, Md.
Real Estate
Kurt Burda has joined Arthur Kowitz Realty in Holly Hill as an agent. Burda is also
Hisayi
Ohanian
Three agents recently joined Adams,
Cameron & Co. Realtors’ Daytona Beach area
offices: Andrew Hisayi, previously an agent
with New Heights International Realty
in Edgewater; Phate Mabry, previously an
agent with Keller Williams Realty in
TRUST. QUALITY.
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Tennessee; and Ashley Savant, previously an
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■
How to submit items:
The Business Report welcomes submissions of announcements about your company’s recent
new hires, staff promotions and industry and/or community awards. E-mail announcements and
photographs (individual headshots only; 300 dpi preferred) to [email protected]. People on the Move
announcements should include name and new title of the person, the company’s name, and the city
where that person works or will work. Please include the person’s previous company and title.
0000867071 PDFA
0000867086
Mabry
Navigate.
April 9, 2010 9
0000867088 PDFA
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10 April 9, 2010
Focus: Banking and Finance
Commercial lending outlook:
Despite slight uptick in loan activity, area banks remain cautious about the economy
David Bridgeman
By Chris Anderson
Business Report Staff
C
ommercial lending locally has picked
up slowly, but surely in recent months,
say Volusia-Flagler area bankers.
But the recent uptick in the number of
business loans being made doesn’t
necessarily indicate that commercial lending
0000867069
Van Canada
activity will continue to increase or that
local banks plan to loosen their lending
practices, area bankers say.
Bank executives who spoke with the
Business Report said they don’t see the local
economy starting to turn around until at
least early next year, and that they will
remain as cautious as they’ve been in
recent years when considering whether to
Tom Dargan
Rafael Ramirez
grant loans to businesses.
“These are tough times,” said Rafael
Ramirez, president and CEO of Ormond
Beach-based East Coast Community Bank.
“Banks aren’t the bad guys. Banks want to
lend money. It’s what we do. But the
economy is really hurting businesses, so
many aren’t qualifying for loans.”
Ramirez said his bank has increased its
commercial lending activity slightly in recent months, but he doesn’t foresee that activity to significantly pick up any time soon.
David Bridgeman, president and CEO of
Pinnacle Bank in Orange City, voiced a
similar outlook regarding his bank’s
commercial lending activity.
“We’re continuing to be very careful with
business loans because we don’t believe the
economy has hit bottom yet,” said
Bridgeman. “We might not see a turnaround
until next year.”
Tips for businesses seeking loans
Area bankers offered the following
suggestions to businesses thinking about
applying for a loan:
1. Make sure you really need one.
Before approaching their banker for a
loan, Ramirez said business owners should
ask themselves whether they can actually
afford and sustain whatever the loan would
help them accomplish.
“Be realistic about what you want to do,”
said Ramirez.
2. Do your homework ahead of time.
Business loan applicants should come
prepared and make a good impression when
meeting with their banker, said Tom Dargan,
chairman and CEO of Daytona Beach-based
Floridian Bank.
Dargan said the shortage of available
loans has caused banks to fall back on the
“five C’s of lending” when considering giving
out a loan.
The five C’s, according to Dargan, are a
customer’s character, capital, collateral,
capacity, and conditions.
Dargan went on to say that cash flow is
also important right now because a bank
0000867073
ATTENTION BANKS AND LENDERS
Earn rental income on your
foreclosed residential property.
WAIT TO SELL
The Cornerstone Group provides
REO Property Management Services
For program brochure call
386-774-0203 or email [email protected]
or visit www.csgrealty.com
Lic. Real Estate Broker
April 9, 2010 11
0000867077
doesn’t want to give money to a business
that is already struggling to pay off existing
debt.
Business owners should bring their
company’s current financial statements and
It sends the wrong message when an
applicant comes unprepared without knowing anything about what they’re trying to
accomplish or how much money they need,
he said.
“Banks aren’t the bad guys.
Banks want to lend money. It’s what
we do. But the economy is really
hurting businesses, so many aren’t
qualifying for loans.”
Rafael Ramirez, president and CEO of East Coast Community Bank
tax returns when meeting with their banker,
said Bridgeman.
Bridgeman added that business owners
should point out any unusual items on their
statements, such as one-time purchases on
equipment or property that might affect
their company’s overall profitability
that year.
3. Be open and honest.
Loan applicants should be upfront
“If you don’t have your act together for a
loan application, how could you possibly
run a business?” said Bridgeman.
5. Make sure your plans are thoroughly
thought out.
Another no-no is asking for a loan to
buy raw land to quickly turn around and
sell, especially if you don’t have a lot of liquidity, said Van Canada, Volusia County regional president for Riverside Bank.
“If you don’t have your act together
for a loan application, how could
you possibly run a business?
David Bridgeman, president and CEO of Pinnacle Bank
about any credit problems they might have,
said Bridgeman. “Don’t let them become
surprises later on,” he said. “What we know
we can work with.”
4. Explain how the money will be used.
Business owners should come prepared
with a clear and concise business plan that
spells out exactly what they hope to accomplish with the loan, said Bridgeman.
“That gives us an idea as to what someone is trying to do with their company,
which helps us determine the right loan for
them,” said Bridgeman.
“It makes me shudder when I hear that.
It’s scary that someone still has that thought
process these days,” said Canada.
If a business needs a loan to buy a large
piece of equipment, they should make their
accountant available to speak with the bank,
said Canada. That way, the accountant and
bank can find a loan that matches how the
accountant would want to depreciate the
equipment over the years.
■
Bail Out?
Rescue?
White Knight?
While so many other banks are
busy looking for a bail out,
Reunion Bank of Florida
needs no knight in shining armor.
We’re in the business
of banking.
Reunion Bank of Florida opened with a clean balance sheet
and none of the problem loans or internal challenges that are
plaguing many banks at this time.
Reunion Bank is locally owned and operated and eager to
serve the community we call home. Reunion Bank
reflects what a community bank really means by offering
loans and meeting the needs of many in the area.
• Strong Capital Position •
• No Bad Loans •
• Locally Owned and Operated •
• Meeting Business Needs •
• Experienced Team of Associates •
Fast, Local Decisions • Personal and Business Accounts
Savings and Investments • Mortgages • Business Loans and more
Welcome to the way banking is supposed to be
DO’S AND DON’TS
d
Big
★
Reunion
Bank
PORT ORANGE
3615 Clyde Morris Blvd.
386-868-0068
.
■ Do be organized and confident.
Blvd
■ Do include your CPA in the application process.
N
ris
Mor
■ Do create a business plan with goals for one, three, and five years into the future.
Roa
e
Clyd
■ Do provide financial statements, including personal information and tax returns.
Tree
Reed Canal Road
■ Don’t apply for a loan to try something outside your expertise.
■ Don’t wait to the last second to apply for a loan.
www.reunionbank.com
12 April 9, 2010
Finding its niche:
Recession fails to hinder fledgling community bank’s growth in Flagler County
By Chris Anderson
I
Photo: David Tucker
Bruce Page, president and CEO of Intracoastal Bank in Palm Coast.
0000867079PDFA
ntracoastal Bank CEO Bruce Page
acknowledges that he and the
bank’s other founders had no idea the
economy was headed for a recession
when they began planning the community bank in the spring of 2007.
As the severity of the economic
downturn became more clear in the
months leading up to the Flagler
County bank’s launch in June 2008,
Page said he and his partners considered putting their plans on hold.
“We stopped and reevaluated
things, but we ended up moving forward because we realized there was a
need for us, and we believed people
would be more inclined to do business with a community bank during
tough economic times,” said Page.
Today, with the bank set to soon
celebrate its two-year anniversary, it
appears Page and his partners made
the right call.
According to the Federal Deposit
Insurance Corporation’s most recent
market share report, Palm Coastbased Intracoastal Bank’s market
share in Flagler County in terms
of total deposits climbed to 4.28 percent to seventh largest out of 13 banks
for the quarter that ended June
30, 2009.
That’s up from 0.15 percent in June
2008, when the bank was ranked
12th of 13 banks in the Flagler County
market.
Intracoastal saw substantial
growth last year, said Page.
The bank’s total assets grew to
0000867081
ASK
Alexis
Q:
I’m going through a divorce and the only
asset of value we have is his 401(k). Can
I make him split it with me even though
it’s in his name only?
Alexis Lenssen, CFP®
Vice President,
Investments
A:
A retirement plan can be one of the most valuable marital assets a
couple has. In the event of divorce, a judge can decide who gets the
retirement assets and whether or not they should be divided
between parties. The judge’s decision is known as a Qualified Domestic
Relations Order (or QDRO). QDRO proceeds can be used to pay alimony, child
support, or as a means to equitably divide marital property. When plan assets
are distributed, the funds can be rolled into the recipient’s own retirement plan
within 60 days, or distributed penalty free if the recipient is a spouse or former
spouse. An ex-spouse recipient pays taxes on any funds he or she receives
directly. The account owner pays the taxes on any distributions paid to a
dependent. If you may be subject to a QDRO, be sure to consult your tax
professional, attorney, and financial advisor to learn all your options.
444 Seabreeze Blvd.
Suite 700
Daytona Beach, FL 32118
386.506.4900
[email protected]
RAYMOND JAMES
®
& A S S O C I AT E S , I N C .
Member New York Stock Exchange/SIPC
Toll Free: 800.342.2933
Fax 866.522.8753
Certified Financial Planner Board of Standards, Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and
federally registered CFP which it awards to individuals who successfully complete initial and ongoing certification requirements.
April 9, 2010 13
$85.5 million as of Dec. 31, 2009, up 82
percent from $46.9 million a year earlier.
Intracoastal’s deposits increased to $71.9
million at the end of 2009, up 114 percent
from $33.5 million at the end of 2008.
The bank’s loans grew to $44.4 million at
the end of 2009, up 139 percent from $18.6
million a year earlier.
“We’re absolutely elated,” said Page of the
bank’s progress thus far. “We couldn’t be
happier with how things have gone.”
“It’s important
that people
know we really
are part of the
community in
every way,”
Bruce Page, CEO of Intracoastal Bank
Intracoastal’s assets are 68 percent more
than its founders thought it would be at the
two-year mark and its deposits are 78
percent higher than projected, said Page.
Page attributes the bank’s success thus
far to doing “the right thing.”
He said the bank’s employees work hard
to establish relationships with every client.
He said the bank also makes sure to give back
to the community by helping to support a
number of local charitable causes.
“It’s important that people know we
really are part of the community in every
way,” said Page.
P a ge a l s o a t t r i b u t e s m u c h o f
Intracoastal’s success to finding experienced
partners and employees.
The bank employs 15 people, up from 12
when it opened. Page said he plans to hire two
more people — a loan processor and a sales
and service manager — in the coming months.
Intracoastal’s board of directors is made
up of Page, Bill Baylor of A.W. Baylor
Versapanel-Plastering, Mike Chiumento of
the law firm Chiumento & Guntharp, Bob
DeVore of Lowe Destination Development
Southeast, Tom Gibbs of Tom Gibbs
Chevrolet, Jerry Keyes of Keyes & Stange,
Mike Machin of Machin Construction,
Albert Johnston of Johnston Brothers Farms,
and local investor Scott Crews.
Five of the bank’s nine directors are former directors of CypressCoquina Bank,
where Page was president and chief operating officer until his departure in late 2006.
CypressCoquina has since been acquired
by Royal Bank of Canada and now operates
On the Net:
www.intracoastalbank.net
in the Volusia-Flagler area under the RBC
Bank banner.
Intracoastal in March 2008 hired opera-
tions manager Cheryl Tanenbaum, who
previously was a branch manager for
CypressCoquina.
Intracoastal continues to shop for land
for a second branch in either southern
Flagler County or a parcel in the massive
Town Center at Palm Coast development
along State Road 100.
Page said he would like to open a second
Intracoastal branch somewhere in Flagler
County by sometime next year.
■
0000867064
A Salute to
A Special Opportunity for
ALL Local Business Women
Example Pa
ge
In addition to our Influential Women in
Business winners who will be selected
through a nomination process and featured
in our package of cover stories, the
Business Report will also publish a
special section called “A Salute to
Women in Business” in the May 7th
edition.
Don’t miss this special opportunity for
ALL local businesswomen to place a
personal, professional marketing
message in the hands of over 10,500
business owners & executives.
This is your unique opportunity to
highlight the successes and contributions of yourself and/or your
employees in this salute to local
professional women. Each salute
will include a color photo and 150word biography.
Space reservation and
copy deadline:
April 23, 2010
A Salute to
Special Advertising Section
To
To be
be included
included in
in this
this special
special advertising
advertising section,
section,go
goto
to
www.vfbr.com
and
click
on
“Reserve
My
Salute”
www.vfbr and click on “Reserve My Salute”
or
to [email protected]
[email protected]
ore-mail
email inquiries
inquires to
For rates
or other
information
contact:
or [email protected]
For rates
or other
information
contact:386-681-2457
386-681-2491 [email protected]
ACTUAL
AD SIZE IS
4-3⁄8 X 3-3⁄8
14 April 9, 2010
Financial Institutions
Ranked by total
of June 30, 2009
y deposits a p
For more information call: 386-681-2470
Total in-market
Total
Assets
as Sept.
of
Total
Assets
as of
(Volusia/Flagler) deposits as
Dec.
2009
30,31,
2009
of June 30, 2009
Company
Top Local Executive
Address & Website
Phone
State Headquarters
# of
Offices
1
Wachovia Bank N.A. B
Doug Reece
441 Seabreeze Blvd., Daytona Beach 32118
www.wachovia.com
(386) 254-7244
North Carolina
28
$510,083,000,000
$2,358,077,000
2
SunTrust Bank
Jeff Blass and Jack
Wiles
2570 W. International Speedway Blvd., Suite
100, Daytona Beach 32114
www.suntrust.com
(386) 323-7601
Georgia
29
$164,340,844,000
$1,912,479,000
3
Bank of America NA
Sam Willett
1025 W. International Speedway Blvd.,
Daytona Beach 32114
www.bankofamerica.com
(386) 947-3798
North Carolina
24
$1,465,221,449,000
$1,615,953,000
Debbie Orr
4035 S. Nova Road, Port Orange 32127
www.nationalcity.com
(386) 756-3910
Ohio
11
$260,309,849,000
$574,854,000
4
PNC Bank
5
Riverside National Bank
Van Canada
351 E. New York Ave., DeLand 32724
www.riversidenb.com
(386) 785-1336
Florida
14
$3,395,279,000
$420,340,000
6
Regions Bank
Steve Loso
900 N. Dixie Freeway, New Smyrna Beach
32168
www.regionsbank.com
(386) 428-2466
Alabama
12
$138,006,763,000
$378,591,000
7
Federal Trust Bank
Dennis T. Ward
312 W. First Street, Sanford 32771
www.federaltrust.com
(407) 323-1121
Florida
5
$562,257,000
$378,193,000
8
Hancock Bank
Curt Keyser
1 Hancock Plaza, Gulfport, Miss. 39501
www.hancockbank.com
(228) 563-6508
Mississippi
2
$5,299,763,000
$188,047,000
9
RBC Bank USA
Marco Santoro
1020 W. Granada Blvd., Ormond Beach 32174
www.rbcbankusa.com
(386) 677-6966
Florida
6
$27,448,025,000
$180,794,000
10
Fifth Third Bank
Anthony Velez
444 Seabreeze Blvd., suite 100, Daytona
Beach 32118
www.f3.com
(386) 872-2265
Michigan
9
$112,736,105,000
$170,949,000
11
Prosperity Bank
Eddie Cramer
259 Bill France Blvd., Daytona Beach 32114
www.prosperitybank.com
(386) 671-9525
Florida
3
$927,918,000
12
Friends Bank
Pete Klironomos
2222 State Road 44, New Smyrna Beach
32168
www.friendsbank.com
(386) 428-2299
Florida
3
$157,921,000
13
Sunshine State
Community Bank
Dennis Brinn
1812 Ridgewood Ave., Holly Hill 32117
www.sunshinestatebank.com
(386) 756-4600
Florida
5
$142,507,000
$148,481,000
14
Mainstreet Community
Bank
Ben Flowers
204 S. Woodland Blvd., DeLand 32720
www.mainstreetcbf.com
(386) 734-5930
Florida
3
$171,880,000
$144,048,000
15
Gateway Bank
David Maholis
112 N. Nova Road, Ormond Beach 32174
www.gatewaybankfl.com
(386) 673-7011
Florida
3
$184,540,000
$129,058,000
16
Surety Bank
Ryan James
990 N. Woodland Blvd., DeLand 32720
(386) 734-1647
Florida
2
$133,164,000
$118,379,000
17
Floridian Bank
Tom Dargan
1696 N. Clyde Morris Blvd., Daytona Beach
32117
www.floridianbank.com
(386) 274-6020
Florida
4
$159,133,000
$113,219,000
18
East Coast Community
Bank
Rafael Ramirez
1240 W. Granada Blvd., Ormond Beach 32174
www.eastcoastcommunitybank.com
(386) 672-3003
Florida
2
$92,658,000
$88,881,000
19
Florida Capital Bank
Cynthia Ramirez
1305 Beville Rd., Daytona Beach 32119
www.flcb.com
(386) 671-7171
Florida
1
$962,893,000
$68,217,000
20
Intracoastal Bank
Bruce Page
1290 Palm Coast Pkwy. NW, Palm Coast
32137
(386) 447-1662
Florida
1
$85,490,000
$63,577,000
21
BB&T
Agnes Barreto
193 E. Granada Blvd., Ormond Beach 32176
www.bbt.com
(386) 677-4154
North Carolina
2
$159,675,538,000
$60,199,000
22
JPMorgan Chase Bank
NA
Richard Sawyer
2596 Enterprise Rd., Orange City 32763
www.chase.com
(386) 775-0209
Ohio
4
$1,627,684,000,000
$45,033,000
23
Pinnacle Bank
David Bridgeman
1113 Saxon Blvd., Orange City 32763
www.pinnaclebank-fl.com
(386) 774-2001
Florida
1
$219,296,000
$27,862,000
24
Reunion Bank of Florida
Mark Chastain
Chad Bowling
3615 Clyde Morris Blvd., Port Orange 32129
www.reunionbank.com
(386) 868-0068
Florida
1
$91,733,000
$21,558,000
25
Putnam State Bank
Wayne McClain
2285 E. Highway 100, Bunnell 32110
www.putnamstatebank.com
(386) 586-6190
Florida
1
$200,443,000
2
$151,141,000
$150,425,000
$10,089,000
TheTfinancial institutions has been updated for the Book of Lists. This list is ranked by total deposits in the Volusia and Flagler market areas as of June 30, 2009. Number of offices is within the Volusia/Flagler area and total assets
are for entire institution, regardless of area as of Sept. 30,2009. Deposits and assets listed are the most recent figures available through the FDIC. For more information, contact the Business Report via e-mail at [email protected].
1 The total assets for Wachovia Bank are for the Charlotte, N.C.-based bank chain, not for its new parent company, Wells Fargo.
2 Deposits and asset figures are for Panama City-based Peoples First Community Bank, which was acquired by Hancock Holdings Company in December 2009.
April 9, 2010 15
0000867075 PDFA
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• Business Money Market
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• Certificates of Deposit (CDs)
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800-447-7228 x 9713
[email protected]
Visit us at SCCU.com/business
16 April 9, 2010
0000867070 PDFA
2009
was a
tough
year
But it made us
a better bank.
Today we are well-capitalized,
a truly solid and reliable
Federal loan programs available
to help small businesses
Central Florida
financial institution.
By Chris Anderson
We have the financial resources and banking services
you need along with the stability and security you
deserve. Discover all we can do for you in 2010—and
beyond. Come see us or visit federaltrust.com.
T
here are several federal loan programs
available to assist Volusia-Flagler area
businesses that otherwise might not be
eligible for direct loans through
commercial lenders.
The U.S. Small Business Administration
offers many types of loans to help launch a
business, expand an office building, buy
equipment, repair or replace property
after a natural disaster, and exporting,
The SBA has several export loan programs.
The Export Express Program caters
l a r ge ly t o c o m p a n i e s c o n s i d e r i n g
international trade. The maximum loan
amount for that program is $250,000.
Eligibility requirements for Export
Express include being in business for more
than a year and demonstrating the ability to
sell products in an overseas market within
12 months of obtaining the loan.
The Export Working Capital Program
caters largely to companies looking to
expand their exporting operations. The
“We like to see smaller
companies get the help they
need to grow and prosper,”
Ralph Ross, deputy district director of SBA North Florida division
Federal Trust Bank is a wholly owned subsidiary of The Hartford Financial Services Group, Inc.
among others.
While the SBA itself does not make the
loans, it assures the commercial lender
that if the borrower does not repay
the loan, the SBA will reimburse the lender
for its loss up to a certain percentage,
depending on the loan. But the SBA
cannot force a lender to provide an SBAguaranteed loan.
“We like to see smaller companies get
the help they need to grow and prosper,” said
Ralph Ross, deputy district director of SBA’s
North Florida division in Jacksonville. The
SBA’s North Florida district includes both
Volusia and Flagler counties.
The 7(a) Loan Program is SBA’s primary
and most flexible program to help startup
and existing small businesses obtain
financing.
SBA can guarantee as much as 90
percent on 7(a) loans of up to $150,000, and
75 percent on loans of more than $150,000.
7(a) loans have a maximum loan amount of
$2 million.
Eligibility requirements for a 7(a) loan
include being a for-profit company based in
the United States and use the loan to establish a new business or assist in the operation,
acquisition, or expansion of an existing
business.
maximum loan amount for that program is
$2 million.
The International Trade Loan Program
caters to exporters that have been adversely
affected by competition from importers. The
maximum loan amount for that program is
$2 million.
The SBA offers a Disaster Assistance
Loan Program, which provides low-interest
loans to help businesses repair or replace
real estate, machinery, equipment, inventory,
and other business assets that have been
damaged or destroyed in a declared disaster.
The maximum loan amount for that
program is $2 million.
The SBA also offers a Surety Bond Guarantee Program that helps contractors that
have made less than $31 million in revenue
over the past three years get a loan from a
surety bond company.
The program essentially guarantees a
surety company that if it financially backs a
contractor deemed eligible by the SBA and
that contractor goes belly-up or doesn’t
finish a project, the SBA will refund the
surety between 70 percent and 90 percent of
the bond amount.
■
April 9, 2010 17
SBA gets additional funds to make business loans
O
n March 26, President Barack Obama
signed legislation extending through
April the U.S. Small Business Administration’s ability to provide enhancements in its
two largest small business loan programs.
The enhancements, first made available under the American Recovery and Reinvestment Act, include a higher guarantee on
some SBA-backed loans and fee relief.
The SBA estimates the $40 million extension will support about $1.4 billion in
small business lending.
“Thousands of small businesses across
the country have taken advantage of these
Recovery loan enhancements to get the capital they need during these tough economic
times,” said SBA Administrator Karen Mills
in a statement issued March 29.
The increased guarantee and reduced
fees on SBA loans helped put more than $23
billion into the hands of small business
owners and brought more than 1,100 lenders
back to SBA loan programs, said Mills. As a
result, average weekly loan approvals by SBA
have climbed by 86 percent compared to the
weekly average before passage of the
Recovery Act.
“These programs have been successful in
helping jump-start our economy, which is
why we will continue to work with Congress
on a longer extension of the increased guarantee and reduced fees,” said Mills.
As part of the Recovery Act enacted in
February of last year, SBA received $730 million to help small businesses, including $375
million to increase the SBA guarantee on 7(a)
loans to 90 percent and to waive borrower
fees on most 7(a) and 504 loans. The funds
for these programs were exhausted last
November. An additional $185 million in
funding was provided, which by late March
had been exhausted, prompting the need for
the latest extension.
Under the new extension SBA may continue to waive loan fees and provide higher
guarantee levels on 7(a) loans through April
30, or until the funds provided under the bill
are exhausted, according to the SBA.
Eligible small business loan applicants, in
consultation with their lenders, may choose
to be placed in the SBA’s Recovery Loan
Queue for possible approval of a Recovery
Act loan when funding becomes available.
For non-Recovery Act 7(a) or 504 loans
already funded during the Recovery Loan
Queue period, this extension does not provide a retroactive guarantee or fee relief.
Loans that were funded under non-Recovery
Act terms cannot be canceled and
resubmitted to take advantage of the
Recovery Act extension provisions.
This extension does not affect other SBA
Recovery Act programs, including the
America’s Recovery Capital (ARC) loan
program or the agency’s microloans.
Recovery Act funding still remains available
for both of those programs
■
0000867083
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112 N. Nova Road
(386) 673-7011
DAYTONA BEACH
1950 W. International Speedway Blvd.
(386) 947-5400
PORT ORANGE
3741 S. Nova Road
(386) 761-9377
w w w . g a t e w a y b a n k f l . c o m
Gateway Free Business Checking provides up to 150 items per statement cycle; 30¢ per item over the 150 will apply.
18 April 9, 2010
Calendar Upcoming local business events
April
West Volusia Business Connection, networking
Daytona Beach Young Professionals Group, net-
Road, Palm Coast. Info: 437-0106.
working social, 6-8 p.m. at Players Sports Pub, 1930 W.
Granada Blvd., Ormond Beach. Cost: members $5; nonmembers $10. Info: [email protected].
Volusia Manufacturers Association, plant tour,
Thursday 8
breakfast, 8-9:30 a.m. at Integra Landings at Ivey
Lake, 1112 Integra Landings Drive, Orange City.
Info: 888-494-0125.
Deltona Regional Chamber of Commerce, network-
Saturday 17
ing luncheon, noon-1:30 p.m. at Barnhills Buffet, 1070 S.
Volusia Ave., Orange City. Info: 490-4606.
Holly Hill Chamber of Commerce, 50th anniversary
party, 6:30 p.m. at Prince of Peace Catholic Church, 600
S. Nova Road, Ormond Beach. Cost: $15. RSVP: 255-7311.
Deltona Regional Chamber of Commerce, networking breakfast, 8-9:30 a.m. at First Commercial Bank of
Florida, 800 Deltona Blvd., Deltona. RSVP: 860-5560.
Flagler County Chamber of Commerce, executive
board meeting, noon at chamber, 20 Airport Road, Palm
Coast. Info: 437-0106.
Friday 9
Port Orange South Daytona Chamber of
Commerce, morning mix and mingle, 8-9 a.m. at Networking Magic, 4240 S. Ridgewood Ave., Port Orange.
Info: 761-1601.
Daytona Regional Chamber of Commerce, ambassadors meeting, 4-5 p.m., location TBA. Info: 852-1659.
Flagler Beach Chamber of Commerce, board meeting, 5 p.m. at Flagler Beach Fire Department, 320 S. Flagler Ave., Flagler Beach. Info: 437-0106.
Wednesday 14
Holly Hill Chamber of Commerce, morning mix-and-
Flagler County Chamber of Commerce, networking
mingle, 8-9 a.m. at Networking Magic, 4240 S. Ridgewood Ave., Port Orange. Info: 761-1601.
social, 11 a.m. to 7 p.m. at Office Divvy, 389 Palm Coast
Pkwy., Palm Coast. Event is open to professionals, freelancers, entrepreneurs, and creative and technical folks
to network and collaborate while working side-by-side.
Info: 888-533-4889.
Flagler County Chamber of Commerce, business
issues committee, 8 a.m. at chamber, 20 Airport Road,
Palm Coast. Info: 437-0106.
Volusia Council of Government, smart growth workshop for East Volusia, 9-11 a.m. at Daytona State College,
1200 W. International Speedway Blvd., Daytona Beach,
building 110, room 112. RSVP: 226-0422, ext. 32.
Thursday 22
Flagler County Chamber of Commerce, board
Holly Hill Chamber of Commerce, quarterly break-
meeting, noon at chamber, 20 Airport Road, Palm Coast.
Info: 437-0106.
fast, 7:30 a.m. at Bishop’s Glen, 900 LPGA Blvd., Daytona
Beach. Info: 255-7311.
Estate Planning Council of the Fun Coast, 8-10
a.m. at Hilton Garden Inn, 55 Town Center Blvd., Palm
Coast. Speaker: Kathleen Belmonte, immediate past
president of the National Association of Estate Planners
and Councils. RSVP: 437-2224.
Port Orange South Daytona Chamber of Commerce, new member reception, 8:30 a.m. at chamber,
Tuesday 13
Volusia Manufacturers Association, human resources division meeting, 7:45-9 a.m. at Indigo Lakes
Golf Club, 312 Indigo Drive, Daytona Beach. Speakers:
Mark Andrews, president, Hudson Technologies, and Bob
Short, vice president of operations, AO Precision Manufacturing. Cost: $18. RSVP: 673-0505.
DeLand Area Chamber of Commerce, coffee social,
8 a.m. at two locations: the chamber building, 336 N.
Woodland Blvd., DeLand, or Sterling Court, 1001 Alabaster Way, Deltona. Cost: members $2; non-members
$10. Info: 734-4331.
Flagler County Chamber of Commerce, ambassadors committee, 4 p.m. at chamber, 20 Airport Road,
Palm Coast. Info: 437-0106.
Volusia Manufacturers Association, general membership meeting, 5:30 p.m. at Indigo Lakes Golf Club, 312
Indigo Drive, Daytona Beach. Speaker: Jim Dineen, Volusia County Manager, on the state of manufacturing in the
county. Cost: $25. RSVP: 673-0505.
3431 Ridgewood Ave., Port Orange. Info: 761-1601.
11:45 a.m. to 12:15 p.m. at City Hall, 1065 Ridgewood
Ave., Holly Hill. Info: 255-7311.
Port Orange South Daytona Chamber of Commerce, business women’s council, noon at chamber,
Service Corps of Retired Executives (SCORE),
DeLand Area Chamber of Commerce, business after-hours, 5-6:30 p.m. at the offices of Joseph Calderone,
dentist, 415 Summerhaven Drive, DeBary. Cost: free to
members; non-members $10. Info: 734-4331.
Daytona Regional Chamber of Commerce, busi-
Ormond Beach Chamber of Commerce, after-hours
sparkler, 5-7 p.m. at Lulu’s Oceanside Grill, 195 Coquina
Ct., Ormond Beach. Info: 677-3454.
ness after-hours, 5:30-7:30 p.m. at Daytona Beach Resort & Conference Center, 2700 N. Atlantic Ave., Daytona
Beach. Cost: members $10; non-members $35. RSVP:
255-0981, ext. 405.
Palm Coast Young Professionals Group, dodgeball
fundraising tournament, 9:30 a.m. at Matanzas High
School, 3535 Old Kings Road, Palm Coast. Cost: $10 per
person; $50 per team. Info: 681-2643.
Palm Coast Chamber of Commerce, board meeting,
3 p.m. at Flagler County Chamber of Commerce, 20
Airport Road, Palm Coast. Info: 437-0106.
Tuesday 20
Holly Hill Chamber of Commerce, board meeting,
Saturday 10
9-10 a.m. at Tel-Tron Technologies, 226 Fentress Blvd.,
Daytona Beach. RSVP: 673-0505.
cost control workshop, 6 p.m. at Daytona Beach International Airport. RSVP: 255-6889.
Friday 23
Flagler County Chamber of Commerce, workshop
on promoting your business, 11:30 a.m. to 1 p.m. at Flagler County Chamber of Commerce, 20 Airport Road,
Palm Coast. Cost: $20 (includes lunch). Info: 437-0106.
West Volusia Business Connection, luncheon semiVolusia Council of Government, smart growth work-
Wednesday 21
shop for West Volusia, 5:45-8 p.m. at Deltona city hall, 2345
Providence Blvd., Deltona. RSVP: 226-0422, ext. 32.
Port Orange South Daytona Chamber of Commerce, sunrise business forum, 7:30 a.m. at chamber,
nar on how to use technology to hit your target market,
noon-1 p.m. at First Commercial Bank of Florida, 800
Deltona Blvd., Deltona. Info: 860-5560.
■
Thursday 15
West Volusia Business Connection, WOW luncheon, 11:30
a.m. to 1 p.m. at Gustoso Pizza and Grille in the Best Western
Deltona Inn, 481 Deltona Blvd., Deltona. Info: 574-6693.
Flagler County Chamber of Commerce, business
after-hours, 5:30-7 p.m. at Home Care Pharmacy, 6 Florida Park Drive, Suite A. Cost: members $5; non-members
$10. Info: 437-0106.
How to submit items:
Volusia/Flagler Society for Human Resource
Management, monthly meeting, 7:45-10:30 a.m. at
Daytona Beach International Airport. Speaker: Betsy Barbieux, owner of Image Inside & Out in Leesburg. RSVP:
[email protected]
Bunnell Chamber of Commerce, board meeting, 8
E-mail notices of upcoming business events for
possible inclusion in the Calendar at least 30 days
in advance of the event to [email protected]. Events
must be held either in Volusia or Flagler counties
and must be of a business nature.
a.m. at Flagler County Chamber of Commerce, 20 Airport
0000867062 PDFA
Meet Our Business Relationship Team
Open A New Business Account
& You’ll Receive...
.25% discount off of our business loan rate
$
250.00 off closing cost on your first
business loan or line of credit
1st order of checks free up to $100
No monthly service charge
Lloyd Collins: Business Development Officer,
Bruce Page: CEO, Laurie Alves: Office Manager, * Minimum balances and /or service fees may apply.
These offers valid through 12/31/10
Mark Barr: Senior Loan Officer
386.447.1662
1290 Palm Coast Pkwy. NW • Palm Coast
April 9, 2010 19
0000867065
LETTER from p. 4
Halifax Journal had 86 subscribers and in-
We want to include the voices of community members, and we’ve come up with a
novel way to jumpstart that effort. In the
coming weeks, we intend to forego our own
editorials most days, and instead will invite a
variety of local folks to use that space to share
their point of view about our greater community, its challenges, and its opportunities
for success. It’s our way of showing from the
beginning that the new News-Journal will be
ideas inclusive.
It’s also my pleasure to announce two key
management changes at The News-Journal. I
am excited to introduce Pat Rice as The
News-Journal’s new editor, and Mike Baskin
as advertising director. Pat is currently employed by Freedom Communications as director of content for that company’s two
dailies and eight weeklies in Northwest Florida. He has held editing positions for multiple
award-winning newspapers, including nine
years with Freedom and 11 years with
Gannett. His focus has always been on local
news. Pat and his family will soon relocate to
Daytona Beach from Panama City. Mike
Baskin is a sales management executive who
brings a 25-year track record of accomplishments to the advertising department. Mike
has worked for the Atlanta Journal-Constitution, Sarasota Herald-Tribune, and Chattanooga Times Free Press. He is a graduate of
the University of Florida. Mike and his wife
are looking forward to returning to Florida
from Chattanooga, Tenn.
We look forward to a bright future for
The News-Journal. But we will never forget
the newspaper’s storied past. Back in 1883,
Florian A. Mann moved to Daytona from
Ohio to start a newspaper called the Halifax
Journal, which eventually became The
News-Journal. The inaugural edition of the
cluded Mr. Mann’s personal hope and optimism for the Halifax area. Interestingly, the
very first printing had its own challenges.
The schooner (vessel) carrying newsprint
encountered a storm and couldn’t make it by
press time. Mr. Mann contacted a local dry
goods store and purchased a bolt of white
cloth on which the Halifax Journal was printed. What a perspective Mr. Mann would have
of The News-Journal today if he could
encounter the idea of digital photos, color
ads, online access to news, or the massive
audience of more than 150,000 readers every
day. I think he would be very proud.
In closing, I believe that measuring the
success of a business is not confined to only
one period in time, but rather it is the
cumulative measurement of multiple years of
successes and challenges. This newspaper
has been printing news for more than 127
years, certainly a longer period of operation
than most of the businesses in the area. It has
enjoyed many more good times than bad. It
found its way through the Depression of the
1920s-1930s. And it has endured the turmoil
of the past few years. So The News-Journal is
uniquely prepared for such a time as this. It
will learn again from its past and gain
perspective that will make it a better
newspaper. It will dust off its proverbial pants
and endeavor to exceed both reader and
advertiser expectations.
As I accept this new role at The NewsJournal I do so with great respect for those
who have owned and published this
newspaper. I am committed to producing
quality news and publishing great
newspapers with content you can fully trust.
You have my word.
■
BRIEFS from p. 7
Is the recession over? UCF
economist believes answer is yes
The so-called Great Recession, which began
in December 2007, and is widely viewed as the
nation’s worst economic downturn since the
Great Depression of the 1930s, may have quietly
ended last summer, an economist with the
University of Central Florida wrote in a report
published in March.
Sean Snaith, director of the Institute for
Economic Competitiveness at UCF’s College of
Business Administration, wrote in his latest U.S.
Forecast report that the national recession is
over and that the long-awaited economic recovery has already begun, albeit ever so slightly.
“Official word from the National Bureau of
Economic Research that the recession has not
yet been handed down, but most economists
would agree that the recession came to an end
in the third quarter of 2009,” wrote Snaith. “The
— Michael Redding
CEO, publisher
economy expanded in that quarter by
2.2 percent, a welcomed outcome, but not the
type of growth one would associate with a sharp
recovery,” he added.
Real Gross Domestic Product activity in the
U.S. grew by 5.9 percent in the fourth quarter,
but that spike largely was the result of
businesses adjusting their inventories
and not an indication of the rate of growth we
can expect to see in the coming months,
Snaith wrote.
Snaith predicts GDP growth in the U.S. will
remain below 2.5 percent on average throughout 2010 and that the economy likely won’t significantly pick up steam until the second half of
2011.
Snaith also forecast that banks will eventually increase commercial lending activity as the
recovery continues and regulatory pressure on
financial institutions starts to ease.
To read Snaith’s complete U.S. 2010-2013
forecast report, dated February 2010, go to
http://iec.ucf.edu on the Web.
■
2010
INFLUENTIAL
IN BUSINESS
Nominate Online
NOW
www.vfbr.com
The Volusia/Flagler Business Report
announces the fifth annual Influential
Women in Business. It’s your opportunity
to nominate your choice for the most influential business women in the Volusia/Flagler
area. Winners will be featured in the
May 7th issue of the Business Report.
To be considered,
nominations must be submitted on-line
by 5:00 p.m. on Monday April 19th
It’s easy to nominate! Go to www.vfbr.com and click on “nominations”.
Nominees will be considered for career successes, notable accomplishments
within her business or industry, involvement in community service and
professional organizations, and personal
accomplishments. Eligibility is limited to
residents of Volusia and Flagler counties.
Publishing: May 7th
For additional information:
email:
[email protected].
g
386.681.2491
386.681.2457
20 April 9, 2010
0000867074 PDFA

4 Col - Volusia/Flagler Business Report

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