Brandon, Mississippi-based Community Bank announced the opening of a new office at 206 N. Greeno Road in Fairhope, the relocation of its previous location on Estella Street. There will be a grand opening Thursday, April 4, at 10 a.m.
The new 4,800-square-foot branch will feature local artwork, upgraded audio-visual equipment, a tech bar and a CB Express station for customers to conduct faster transactions. It will provide deposit services in both the drive-thru and the lobby, an exterior ATM and safe-deposit boxes. Loan services will include home mortgages, personal and business loans, and construction lending.
Community Bank, which first opened in 1905, is a $3.2 billion bank with 48 offices across four states and more than 800 employees.
• Church of the Island, a Dauphin Island campus of Cottage Hill Baptist Church, has purchased the 7,000-square-foot Christian Life Center at 901 Chaumont Ave. from the Dauphin Island United Methodist Church for $650,000.
Church of the Island plans to invest $10,000 toward minor renovations of the building’s interior to accommodate its weekly worship services and weekday ministry opportunities. First services at the new site will be held April 21, Easter Sunday. Paul Carter with the Paul Carter Agency worked for both the buyers and sellers in the transaction.
• Locally owned Gulf Packaging Inc. recently announced the construction of a new manufacturing facility to support the company’s plans for future growth and expansion. The new 85,000-square-foot plant will be located on 14.1 acres at 43489 Nicholsville Road in Bay Minette.
The new site will house the company’s material handling and manufacturing processes and is expected to create 16 new jobs. Some $8 million in new capital investment will reportedly be sunk into construction and development of the property over the next three years. Construction of the new facility is already underway, with plans to be operational by the end of the year.
• Some 9,500 square feet of commercial development located near the intersection of Cody Road and Airport Boulevard in West Mobile is underway, according to Leigh Dale Younce with JLL. Currently, 4 AM Cookie Dough leases roughly 1,700 square feet and Cajun Corner some 2,300 square feet of retail space at the site. Younce and Buff Teague with JLL worked for the developer on the project.
• Merchants Transfer Co. has purchased a 77,000-square-foot warehouse at 1511 Telegraph Road in Chickasaw. Guy Oswalt with JLL represented Merchants. Mike McAleer with The McAleer Tunstall Co., LLC, worked for the owner.
• Roughly four acres were purchased for about $1.6 million in Gulf Shores near the intersection of Route 59 and Route 8, according to Lydia Franz with RE/MAX of Orange Beach. A Tom Thumb gas station and convenience store are to be built there later this year.
• The iconic Griffith’s Service Station at Government and Ann streets in Mobile has announced a re-affiliation with the Shell gasoline company. For decades Griffith’s Shell had been a staple of Midtown life. The company parted ways with Shell a few years ago, but most Mobilians still called it by its old name. At least now we’ll be accurate again.
State Port Authority adds Vietnam to Asia service
The Alabama State Port Authority announced in a news release that CMA-CGM has added the Port of Vung Tau, Vietnam, to its PEX 3 Asia service, offering new market options for containerized cargo shippers at the Port of Mobile. CMA-CGM’s Asia service already includes the ports of Singapore, Hong Kong, Shekou, Ningbo, Shanghai and Busan.
“We’re extremely pleased to see the Vietnamese market added to our portfolio of weekly ocean carrier container service. Vietnam’s domestic consumption for U.S. steel, machinery, aircraft, automobiles and machinery is rapidly growing, which presents new opportunities for Alabama manufacturers seeking to sell into the Vietnamese market, and an opportunity for the port to service that trade,” Jimmy Lyons, director and CEO for the Port Authority, said.
Additionally, CMA-CGM is phasing out its +6000 Twenty-Foot Equivalent Unit (TEU) capacity container ships in the PEX 3 service and replacing them with +8000 TEU ships. “The larger ships add much-needed capacity for our exporters shipping into Asia,” Lyons said.
The PEX 3 service currently has 12 vessels assigned to the service already resulting in a weekly call into the Port of Mobile. The vessel capacity on the 12-ship roster ranges from 7,846 TEUs to 9,572 TEUs. The PEX 3 is the second service to provide weekly +8000 TEU vessel service into APM Terminals Mobile.
The Port Authority represents the state of Alabama’s public deep-water terminals serving general cargo, container, over-dimensional and bulk cargoes, supporting more than 134,600 jobs and $22.4 billion in economic impact to the state. The public terminals have immediate access to two interstate systems, five Class 1 railroads and nearly 15,000 miles of inland waterway connections.
Megginson departs Angel Investor Management Group
Managing partner Jim Corman recently told investors the Angel Investor Management (AIM) Group’s central Gulf Coast executive director, Bo Megginson, is leaving the company after six years to lead an angel investor group in South Florida.
Corman made the announcement at the Opelika-headquartered company’s two regular investment presentations in Mobile and Pensacola, the areas Megginson managed. He will become the managing director of Gold Coast Angel Investors in Miami, effective April 2.
Megginson is a native of Mobile, attended UMS-Wright Preparatory School and graduated from Auburn University with a bachelor’s in journalism. He joined AIM in September 2012, six months after the Alabama-based early-stage investment group launched.
Since that time, AIM has grown into one of the larger and more active early-stage investing networks in the southeastern U.S., with more than 200 investing members, over $42 million invested in 59 deals and holding 28 companies in the current start-up portfolio. .
“I’m very excited about this opportunity in a Tier 1 market,” Megginson said. “It is a tremendous compliment to Jim Corman, Clay Corman and fellow partner Anderson Hicklen that a Miami-based group would consider someone from a smaller market to lead this effort.”
AIM recently opened a new office in Atlanta, with other locations in Nashville, Birmingham, Huntsville, Montgomery, Auburn, Dothan, Mobile and Pensacola. No local replacement for Megginson has been announced.
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