News

Business briefs: Bank stock, privilege tax, Warm Co., BB&T

By Bill Moss, Published: October 11, 2014

City business tax generally under $100

Eighty-three percent of Hendersonville businesses subject to the city's privilege tax pay less than $100, city officials told the City Council. In advance of a possible repeal of the privilege license tax statewide next year, council members asked for information on who pays the tax and how much revenue the city would lose.
There are currently 986 active business accounts with privilege licenses in Hendersonville (businesses exempt from the tax include doctors, lawyers and nightclubs). Of those, 815 businesses pay $100 or less, 102 business pay between $100-$500 and 69 pay over $500. The average bill is $390. Based on gross sales, the tax is costliest for big retailers like Wal-Mart, home improvement stores and supermarkets.
The state Legislature in 2013 repealed the tax, effective July 1, 2015, although some legislative leaders have said they're willing to consider a compromise that restores the tax in a limited way. Repeal would cost the city $385,000 in lost revenue.

BB&T to finance vehicles

BB&T submitted the low bid to finance Henderson County's purchase of an ambulance and an inmate transportation van, dipping under First Citizens Bank's bid 1.66 to 1.74 percent.
The county will borrow $163,978 to buy a 2014 Chevrolet G4500 ambulance and a Dodge Ram 3500 cargo van. Starting in September 2015, the county will make the first of four annual payments for a grand total of $170,785, including $6,807 in interest.

Downsizing Concierge offers relocation service

A new company is marketing help for a transition that is common in Hendersonville — downsizing and relocating.
Meg Penny formed Western North Carolina Downsizing Concierge Inc. to help people pare down and move — "whether you are a senior, moving family, empty nester or just busy."
Meg PennyThe company's website (downsizingwnc.com) says it works with clients to develop a plan for moving, "purge, merge and declutter" and make an inventory of things to be moved. Penny will also line up movers and arrange estate sales. "We will guide you through the packing and make sure you move with less than you started," the website promises.
It offers help coordinating repairs to existing and new home, managing utility transfers, appliance disconnection, address changes, donation pick-up and delivery, temporary accommodations, transportation and other services, arranging for cleaning, interior design consulting on color selections, furniture and accessories, window treatments and lighting.
For information call 828.551.4254.

Macon Bank stock spikes

Leaders of a newly formed holding company for Macon Bank rang the closing bell on the NASDAQ trading floor on Thursday, Oct. 2, to celebrate the financial company's entry into the market as a public company.
Chuck EdwardsEntegra Financial Corp., the holding company for Macon Bank, announced this week the completion of the company's stock offering and the conversion of Macon Bancorp from a mutual holding company to a publicly traded company.
The stock began trading on the NASDAQ Global Market under the symbol ENFC on Wednesday, Oct. 1. In two days of trading, the stock climbed by more than 30 percent, ranging from $12.60 to $13.32. More than 2.6 million shares changed hands on opening day. The stock was selling for about $13.20 this week.
President and CEO Roger D. Plemens, who has been employed by the bank since 1978 and its chief executive since 2004, was accompanied by other Entegra directors including Chuck Edwards. Edwards, the immediate past chair of the Henderson County Chamber of Commerce, owns C. Edwards Group, which operates McDonald's franchises in Henderson, Transylvania and Buncombe counties.
The new holding company's stock offering was oversubscribed. It sold 6,546,375 shares of common stock, representing the adjusted maximum of the offering range, at $10 a share, to raise gross proceeds of $65.5 million.
Macon Bank operates branches in Cherokee, Henderson, Jackson, Macon, Polk and Transylvania counties. As of June 30, Entegra Financial Corp. had total assets of $820.3 million, gross loans of $534.9 million, total deposits of $712.6 million and total equity of $39.4 million, the company said.

Warm Co. to expand

The Warm Co. is poised to add 10 to 14 new jobs when it invests almost $5 million in an expansion of production lines that make nonwoven products for sewing, quilting and crafting.

The Henderson County Board of Commissioners on Monday authorized economic development incentives of up to $64,688 over four years for the company provided it meets jobs and investment targets. The company plans to invest $2.4 million in the building and $2.5 million in equipment when it adds four production lines at its plant off Sugarloaf Road, Andrew Tate, president of the Partnership for Economic Development, told commissioners.
"The pay includes full benefits with medical and dental coverage not just for employees but also for all dependents of the employees, which is unusual," Tate said.