The Memphis Branch celebrates
Douglas Scarboro, senior vice president of the Memphis Branch of the St. Louis Federal Reserve Bank, urges us to say happy 100th birthday to the Memphis Branch.
He notes that in the early 20th century the city was gaining recognition as the world’s largest spot cotton market and the world’s largest hardwood lumber market. “The work of the Memphis Branch first started on a seasonal basis with the facilitation of cotton receipts as collateral to notes tendered at the discount window in 1918,” he says.
Eleven years later, it opened a permanent building just months before the Wall Street crash of 1929. “The Branch then moved to its current location at 200 North Main Street in 1972,” Scarboro says.
As the locations have changed, so have functions of the branch. “Today, our operations include banking supervision and regulation, cash services, community development, facilities, economic education, human resources, information technology, law enforcement and public outreach, to name a few,” he says. “The branch represents 75 counties in Western Tennessee, Eastern Arkansas, and Northern Mississippi.”
Scarboro lists some of the key duties of the branch:
- It facilitates the exchange of economic information to assist in the setting of monetary policy through our seven-member board, through one-on-one and group meetings in the zone, and through hosting events focused on strengthening the Memphis Zone economy.
- It conducts Financial Institution Calls (FIT) with the banking and financial services community to foster an ongoing dialogue and understanding of financial conditions across the Memphis Zone.
- The branch’s community development team focuses on the Community Reinvestment Act and on reversing the effect of redlining in Memphis.
- Its economic education team provides direct outreach and training to a majority of the Eighth District’s Office of Minority and Women Inclusion schools. Their resources make it easier for educators to teach economics and share the importance of financial literacy.
- An award-winning cash department ranks in the top tier of production and efficiency measures among all the Federal Reserve System’s cash offices.
Apply yourself
Corky’s Ribs and BBQ is having a job fair to fill several positions at all Corky’s Memphis-area restaurants, Simply Delicious Catering, and Prime Time Strategic Partners, its food shipping fulfillment company. The job fair will be at Corky’s Cordova, 1740 N. Germantown Parkway on Thursday, May 10 from 2-6 p.m. Positions to be filled include cooks, servers, hosts, bussers, cashiers, and event personnel.
Open on Main is open again
Open on Main, the Downtown Memphis Commission’s (DMC) retail activation initiative, is open for business at two locations. Started last year, it's designed to address key goals including activating empty storefronts, improving the pedestrian experience, raising awareness about available commercial properties, and providing local makers and entrepreneurs a low-risk way to test their business concept downtown.
B Collective will occupy the space at 145 South Main, bringing a collection of local artists together to create a hyper-local boutique shopping experience. Across the street at 100 Peabody Place, Mosal Arts will bring an art gallery experience with rotating events, celebrity guests, and happenings throughout the month.
As part of the DMC’s work with the Memphis 3.0 Comprehensive Plan and the upcoming Downtown Memphis Master Plan, the DMC has developed a Downtown Retail Strategy. It continues to evaluate and analyze market conditions, identify existing supply and likely future demand, and use strategic positioning and psychographic data. The Downtown Retail Strategy will serve as a market-based framework to help guide the DMC’s future retail recruitment and retention efforts.
Something from the emperor
On April 29th, former Tennessee Governor Don Sundquist received an Order of the Rising Sun, Gold and Silver Star, for his efforts in promoting Japan-US friendship. The decoration, given by His Majesty the Emperor of Japan, recognizes Sundquist for his efforts to enhance economic ties and promote mutual understanding between Tennessee and Japan. Sundquist was chairman of the Southeast US/Japan Association in 1996 and led annual business missions to Japan while he was governor. His efforts resulted in the creation or expansion of 318 Japan-connected projects in the state and the influx of more than $4 billion in foreign direct investment from Japan. Sundquist also supported the creation of the Japan-America Society of Tennessee and served as Honorary Co-Chair with Ambassador Howard H. Baker, Jr. from 2000-2003. He remains active in the organization and received its Iris Award in 2014.
Old style
The sentiment that everything old is new again might apply when it comes to simple communication. Remember handwritten notes? If your penmanship hasn’t deteriorated from disuse, you might be able to impress colleagues, bosses, and potential employers with a few strokes of the pen.
Pushing this idea is the Paper and Packaging Board, an organization devoted to getting people to use more paper. If you’re thinking of snarking about the profligate killing of trees, the group will tell you that part of its mission is to plant more trees and recycle paper-y things.
And with that, they offer some tips on effective note giving:
- Send handwritten notes after an interview or important meeting: Handwriting a thank-you note after an interview may seem like the oldest trick in the book, but it’s still one of the top pieces of advice when it comes to shining past other candidates.
-If you want to guarantee your note gets read – send a letter: Don’t let your message get lost in a spam folder or a sea of digital offers. According to Entrepreneur “It has become so rare to receive a handwritten correspondence that the receipt in itself is a celebration to be savored.”
- Improve customer relations by sending them a handwritten letter to show you care. According to lifestyle expert Grace Atwood, “As a society, we’ve gotten so casual. An email or text message is gone in an instant — a written note needs to be opened and read — it’s like opening a little gift.”
Very truly yours …
Power Player
Inside Memphis Business magazine publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s current issue has the complete list.
Richard ShadyacWe also publish individual categories in other issues throughout the year, and we feature individual Power Players in our weekly Tip Sheet.
Today’s Power Player: Richard C. Shadyac, Jr.
CEO, ALSAC, the fundraising and awareness organization for St. Jude Children’s Research Hospital, which is supported by more than 10 million donors and 1 million volunteers. B.A., Marquette University; J.D., Loyola University. More than 31,000 fundraising activities held annually, including FedEx St. Jude Classic, St. Jude Memphis Marathon. Has propelled ALSAC to become the top healthcare charity in the United States and St. Jude continues to receive top scores in donor loyalty and engagement as the most trusted nonprofit brand. Board chair, Memphis Tomorrow. 2017 Ellis Island Medal of Honor; 2016 CEO of the Year, Inside Memphis Business.
Innovators of the Year
Business is pushed forward by change and evolution, and it is those in the forefront of that evolution — the tinkerers, the questioners, the visionaries — who keep the machine of commerce oiled.
But who are these people? We want to know. Nominations have started to come in and we want you to send us your best and brightest candidates for our sixth annual Inside Memphis Business Innovation Awards issue coming in October. Please include any pertinent biographical or business information, and why the person, business, or organization should be recognized as a leader among innovators.
Email your nomination to sparks@insidememphisbusiness.
