Market Place: Macon Bank to offer shares of common stock; Millard & Co. holds open house
Published 4:41 pm Friday, January 21, 2011
Millard & Company invites the public to attend its grand opening celebration in the newly renovated former Tryon depot building on Wednesday, Jan. 26, from 4-6 p.m.
The festivities will include self-guided tours of the depot. The Carolina Foothills Chamber of Commerce will be on hand for a ribbon-cutting ceremony at 4:30 p.m. Refreshments and hors d’oeuvres will be provided.
The depot, located at 22 Depot Street in Tryon and owned by the Town of Tryon, was originally constructed in 1906. A complete renovation of the building has just been completed.
One half of the building will serve as offices for Millard & Company. The other half of the building – the depot room – has been transformed into a venue for events. The firm will use the depot room for client and educational events. The room is also available to individuals and groups. Inquiries regarding depot room rental should be directed to Tabatha Cantrell at Millard & Company.
Millard & Company is a financial planning and investment advisor firm registered with the Securities and Exchange Commission. The firm was established in August of last year when Main Street Financial Group split off its investment advisory department into an independent firm under the leadership of Andy Millard, CFP®.
When Tim Thomas wanted a new website design for his Tryon Realty website, www.timthomas.com, he turned to Turner HD Media.
Turner Media said the new site focuses on Thomas’s years of experience, his knowledge of the real estate market and the fact that he represents people as an exclusive buyer agent, something unique in this market.
Thomas said a website is crucial to his business.
“I have had a website since the early 1990s.” Thomas said. “I feel now, as I did then, that it is indispensable to my business. It lets people not only know who I am, but also allows them to search for properties that are listed in our Multiple Listing Service and provides other important links relating to Tryon, Polk County in general and the entire region. It is the most important tool I have to allow potential clients to interview me without my even knowing about it.”
About the current real estate market, Thomas said, “The best time to buy is now. Since I became a realtor and broker in 1987, there has never been a market as in favor of the buyer as the market today.”
Tryon Realty is located at 75-A South Trade Street in Tryon. For more information, check www.timthomas.com or contact 828-817-1118 or email@example.com
Turner HD Media is found online at www.turnerhdmedia.com. The company has opened a new studio and office at the Polk County Ag Center in Mill Spring. For more information, call 828-595-0006
As of Jan. 1, Accents on Main has moved back to its original storefront at 114 E.Rutherford Street in downtown Landrum.
“We are restocking the store with new merchandise that is coming in daily after going to the Atlanta Market last week,” said Gail Granville, the store’s owner. “We have added new furniture lines, gourmet vinegar and oils, fine dips and dessert mixes.”
Accents on Main also offers design services and catering. Store hours are Mon.-Sat. 10 a.m.-5 p.m.
The board of directors of Macon Bancorp has unanimously adopted a plan to convert the company to stock ownership.
Shares of common stock will be offered to the following possible investors:
• Eligible depositors, as of Dec. 31, 2009, of Macon Bank, its subsidiary;
• Other depositors opening accounts after Dec. 31, 2009;
• The bank’s borrowers;
• Residents of the communities the bank serves;
• The general public.
The eligible depositors, other depositors and borrowers of the bank will have subscription rights (in that order of priority) superior to non-customer residents of the bank’s communities and the general public. It is currently anticipated that Macon Bancorp’s offering of stock will start in April 2011.
The purpose of the conversion is to raise additional capital to be invested in the bank. Bank officers said this will allow the bank to enhance the services it provides to its customers, have greater flexibility in structuring its operations, support future growth in the bank’s communities, and consider expanding its operations into new markets.
The consummation of the conversion is subject to:
• Approval of the plan by the members of Macon Bancorp by a majority vote;
• Receipt of all required regulatory approvals;
• Receipt of favorable tax opinions; and
• Receipt and acceptance of subscriptions for shares of common stock with an aggregate purchase price within a range of the value of Macon Bancorp on an as converted basis to be established by an independent appraisal.
The conversion will not affect the bank’s relationships with its customers. Depositors will continue to hold accounts in the bank, insured by the FDIC to the full extent legally permissible, in the same amounts and with the same rates of return and general terms. The amounts, rates, maturities, collateral terms and other provisions of the loans of the bank to its borrowers will continue unchanged. The bank’s normal business operations will continue without interruption under its current policies and will be carried on in its existing offices by its present management and staff.
A proxy and prospectus will be sent to each member of Macon Bancorp as of a record date to be established for a special meeting of members to vote on the plan. Those documents will explain the plan and the proposed conversion in detail.
Macon Bank, Inc. is a North Carolina-chartered financial institution, locally owned and operated, that focuses on full-service banking, including small business customers. The bank operates 11 offices in Western North Carolina. On Dec. 31, 2010, the bank reported $1.012 billion in assets and 179 employees.
According to bank officials, this notice of the proposed conversion of Macon Bancorp to stock ownership is neither an offer to sell nor a solicitation of an offer to buy shares of common stock. Any offer will be made only by the prospectus to be distributed at a later time. The securities to be offered by Macon Bancorp will not be deposits or accounts of Macon Bank and will not be insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.