8 | MANUFACTURING & BANKING |
UBJ
NEWS
|
12.26. 2014
Oconee hopeful with Michelin project Landing Michelin would be a “game-changer” for Oconee, says development director ASHLEY BONCIMINO | STAFF
aboncimino@communityjournals.com
Oconee County Council voted to approve an incentive package for a potential Michelin North America development in the county worth at least $175 million in investment and 30 new full-time jobs within five years. Michelin did not respond to requests for comment about its intentions in the county. The ordinance – which includes a fee in lieu of tax and incentive agreements – does not guarantee anything, but Michelin’s consideration of the county is encouraging for other developments, said Oconee County Council Chairman Joel Thrift. “It says a great deal about our preparation and our dedication,” said Thrift, who said the county decided to invest several million to prepare the property under consideration with infrastructure, water, sewer and electrical facilities. “We’ve invested a lot in it and hopefully it will come to fruition that benefits the citizens of Oconee County.” Oconee County has invested roughly $15 million in economic development during the last three
years, turning farmland into industrial developments and aiming to reduce barriers to new business, said Oconee Economic Alliance Executive Director Richard Blackwell. “Landing a corporate presence with a worldknown brand, it would be a game-changer for Oconee County,” said Blackwell, who did not say anything about dealings with Michelin due to nondisclosure contracts. “It shows that what we’re doing here is working. It shows we can compete in the global marketplace. At the end of the day, it gives people good-paying jobs.” During the last year, the economic development organization attracted $45 million in capital
investment, which created more than 300 jobs. The county contains 60 manufacturers, and was ranked as the top-performing micropolitan area in the state and 27th top performing in the country, according to economic development trade journal Site Selection Magazine. “We’re not Grandpa’s old Oconee County anymore,” said Blackwell. Thrift said Oconee’s location, existing infrastructure and access to Interstate 85 make the county attractive for distribution activity. “If it materializes, it will be a highly automated distribution center. All their needs were met,” said Thrift. “I think it would have a tremendous impact. … If this comes to fruition, the starting salaries could be $22.50 an hour.”
Southern First exits TARP program ASHLEY BONCIMINO | STAFF
aboncimino@communityjournals.com Greenville-based Southern
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First Bancshares has repurchased all remaining shares of preferred stock tied to the Troubled Asset Relief Program, according to filings with the U.S. Securities and Exchange Commission. The preferred stock repurchase signifies the bank’s exit from the TARP program, a federal initiative designed to strengthen the U.S. financial structure in 2008. The company repurchased 11,242 shares at $1,000 from third-party investors. The $1 billion-asset company originally issued 17,299 shares of preferred stock to the U.S. Department of the Treasury in 2009 for an aggregate purchase price of $17.3 million, according to filings with the U.S. Securities and Exchange Commission.
The Treasury sold its series-T stock through a public offering to a third party for $904 per share (compared to a par value of $1,000 per share) and Southern First repurchased 1,000 shares of the 17,299 through the auction process in 2012. In January 2013, the bank repurchased 1,000 outstanding shares from three of its preferred shareholders, and in January 2014 it redeemed 4,057 shares from two of its preferred shareholders. Southern First Bancshares is the holding company for Southern First Bank, the sixth-largest bank headquartered in South Carolina, according to the company. The bank saw a 28 percent increase in net income to common shareholders for the third quarter compared to the same quarter last year, climbing to $1.6 million from $1.2 million.