Issuu

HOUSING’S PROMISING START TORT REFORM CRASHES BANKING’S MERGER MANIA

JUNE 4 -17, 2019 • BUSINESSREPORT.COM

$2.75

Don’t sell Eiad Asbahi

short The Baton Rouge hedge fund manager is building a national reputation as an activist investor with a penchant for going against conventional Wall Street wisdom.

20 YEARS AGO, OUR CHECKING

ACCOUNT WAS FREE. Now it’s better than free.

Today, our Totally Free Checking Account isn’t just free. It frees up your schedule with ePerks, a suite of the latest time-saving tech tools—and it’s backed by the kind of old-fashioned, personal service that really sets your mind free.

redriverbank.net 225-923-0232

• AD WILL RUN AS IS unless approval or final revisions are received by the close of business today. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

7 TIME Best of the

Best Award

Shannon Hewitt and Sean McArdle Finance Managers

WINNER

MBOBR is the proud recipient of the Valued Partner Award. It is awarded to the top 1/3 performing dealers in the country and we have been honored to win the award 4 years in a row.

2020 GLE

$56,200* Starting MSRP

10949 Airline Highway • Baton Rouge (225) 424-2277 • www.mbobr.com 2020 GLE 350 SUV shown in design Diamond White metallic paint. Optional equipment shown and described. Valued Partner Award awarded by Mercedes-Benz Financial Services.

Facebook.com/MBBatonRouge

Twitter.com/MBOBR

YouTube.com/MBofBatonRouge

Instagram.com/mb_BatonRouge

Daily-Report.com | BUSINESS REPORT, June 4, 2019

CONTENTS

Publisher: Rolfe H. McCollister Jr.

EDITORIAL

Don’t sell Eiad Asbahi

short

Editorial director: Penny Font Executive editor: JR Ball Managing editor: Steve Sanoski Editor: Stephanie Riegel Online news editor: Deanna B. Narveson Staff writers: Caitie Burkes, Holly Duchmann, Annie Ourso Landry Digital content editor: Mark Clements Contributing writers: Gabrielle Braud, Tom Cook, David Jacobs, April Capochino Myers, Maggie Heyn Richardson, Meredith Whitten Contributing photographers: Brian Baiamonte, Marie Constantin, Don Kadair, Tim Mueller, Collin Richie

ADVERTISING

Sales director: Kerrie Richmond Senior account executives: Marielle Land-Howard, Kelly Lewis Account executives: Mary Katherine Bernard, Stacy Kaklis, Lauren Jarreau Advertising coordinator: Brittany Nieto

The Baton Rouge hedge fund manager is building a national reputation as an activist investor with a penchant for going against conventional Wall Street wisdom.

CORPORATE MEDIA

Editor: Lisa Tramontana Content strategist: Allyson Guay Account executives: Judith LaDousa, Angie LaPorte, Dixie Roberts

CUSTOM PUBLISHING

Sales director: Erin Palmintier-Pou

MARKETING

Chief marketing officer: Elizabeth McCollister Hebert Marketing & events coordinator: Katelyn Oglesby Events: Abby Hamilton Community liaison: Jeanne McCollister McNeil

ADMINISTRATION

COVER STORY - PAGE 20

DON KADAIR

PRODUCTION/DESIGN

PUBLISHER’S VIEW

NEWS

VIEWPOINT

6 Dealing with change and neighborhoods

26 If tort reform isn’t the answer to high insurance rates, what is? There’s universal agreement on the problem in Louisiana, but finding an actual solution is proving impossible.

37 The Big Picture

STARTUP 8 Executive Spotlight: Robert Wise

FOCUS: BANKING

11 Entrepreneur: “Cajun” Dan Abraham 15 Why employee training is vital

AUDIENCE DEVELOPMENT

Audience development director: Benjamin Gallagher Audience development coordinator: Ivana Oubre

38 Random Thoughts

A publication of Louisiana Business Inc. Chairman: Rolfe H. McCollister Jr. President & CEO: Julio A. Melara Executive assistant: Millie Coon

39 Inbox

YOUR BUSINESS 42 Moving Up 45 Flashback: 2013 46 Passion: Jim Urdiales

34 Credit unions

18 Baton Rouge home sales report

36 Banks

19 Tom Cook

CONNECT WITH US:

facebook.com/businessreport

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Subscriptions/Customer Service 9029 Jefferson Highway, Suite 300 Baton Rouge, LA 70809 225-421-8181 BusinessReport.com email: subscriptions@businessreport.com Volume 37 - Number 20

THE LIST

17 Design: Ochsner Medical Complex-The Grove

Production director: Melanie Samaha Art director: Hoa Vu Graphic designers: Gracie Fletcher, Melinda Gonzalez, Emily Witt

40 Company News

29 Riding the consolidation wave It’s been two years of mergers and acquisitions for the Baton Rouge banking market.

14 Data Bank

businessreport.com

Controller: Jessica F. Sharp Digital manager: James Hume Business associate: Kirsten Milano Business associate: Tiffany Durocher Office coordinator: Tara Lane Receptionist: Cathy Varnado Brown

twitter.com/brbizreport

instagram.com/brbizreport

©Copyright 2019 by Louisiana Business Incorporated. All rights reserved by LBI. The Greater Baton Rouge Business Report (USPS 721-890 ISSN 0747-4652) is published biweekly by Louisiana Business Inc. Reproduction without permission is prohibited. Business address: 9029 Jefferson Hwy., Ste. 300, Baton Rouge, LA 70809. Telephone (225) 928-1700. Periodicals postage is paid at Baton Rouge, La. Subscription rate is $59.00 for 25 issues, with 3 additional issues published annually in April, June and December. POSTMASTER: Send address changes to The Greater Baton Rouge Business Report, 9029 Jefferson Hwy. Ste. 300, Baton Rouge, LA 70809. The Greater Baton Rouge Business Report cannot be responsible for the return of unsolicited material—manuscripts or photographs, with or without the inclusion of a stamped, self-addressed return envelope. Information in this publication is gathered from sources considered to be reliable, but the accuracy and completeness of the information cannot be guaranteed. No information expressed here constitutes a solicitation for the purchase or sale of any securities.

Daily-Report.com | BUSINESS REPORT, June 4, 2019

PUBLISHER’S VIEW

Dealing with change and neighborhoods

ROLFE MCCOLLISTER JR. YOU MAY HAVE read about the battle brewing in cities, including here in Spanish Town, over regulations relating to Airbnb. While this concept of folks renting out a room—or even their entire home—to short-term visitors continues to grow across the world, it has now brought some unintended consequences. While some Spanish Town residents have been renting out a room or two in their home, it seems investors are now looking to buy houses in the residentially zoned historic neighborhood—with no intention of living there—and effectively creating a “small hotel.” This would seem to be a purely commercial enterprise requiring commercial zoning. Some argue the new owners for such ventures are fixing up run-down houses in the neighborhood, which seems a good thing, and government could simply limit the number of allowable “whole house” ventures. But residents, including some who rent rooms in their homes, argue a cap on short-term rental permits, which must be purchased, will enable these “new hoteliers,” with deeper pockets, to corner the permit market, leaving single-room renters out. They also make a good point that the new owners don’t live in the homes. It is purely a commercial investment which attracts a different type of temporary resident or user that isn’t always neighborly and has no personal investment in Spanish Town. They complain it can get rowdy and out-of-town crowds renting the homes gobble up precious parking. (Hey, it’s being used as a hotel or beach house, not simply a residence to lay your head 6

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

down for the night.) You could see where Spanish Town residents— or any homeowner—never really expected this to be the case in a quiet, historic neighborhood. Years ago, many homeowners left Beauregard Town, resulting in residential houses being converted into offices. (There are some such offices in Spanish Town, too.) It changes the use and environment of a neighborhood since some structures are only occupied during the day. The same could happen with the transient nature of “hotel guests” via whole houses used by Airbnb. There is no community when folks come and go. Would you be happy with such a situation next door to you in your residential neighborhood? A similar issue arose years ago with homes in neighborhoods around the LSU campus being used for student housing. In quiet neighborhoods, like Plantation Trace, investors would buy a house and essentially convert it to a “small dorm,” renting it out to four or more students. The parties and numerous cars they attracted into the wee hours of the morning were a disruption to those who lived in these quiet, single-family zoned, residential neighborhoods. Regulations and enforcement were necessary to correct this problem before it increased. Owners have property rights, but homeowners and neighborhoods have a right to subdivision restrictions, zoning laws and enforcement they can count on to enjoy the lifestyle they intended when they bought their dream home—and not have their decision turn into a nightmare. This does not just involve individuals buying houses for such ventures. A recent headline in The Washington Post read, “Marriott dives into home-rental market to keep an edge on Airbnb.” The article said Hilton and Hyatt are also looking at home rentals. How is Baton Rouge going to handle an issue that other cities are already dealing with? Visit Baton

Rouge also noted this can affect hotel-motel taxes for the city. The DDD says there are currently 30 downtown homes listed on Airbnb. Councilwoman Tara Wicker is the representative for Spanish Town and says she plans to have several community meetings after several smaller private ones were held that certain residents were not invited to attend. This is a serious issue that needs much discussion and serious review. But this isn’t just a Spanish Town problem. Others like the mayor, Metro Council, real estate agents, homebuilders, the Growth Coalition and neighborhood associations should all have input. Airbnb is here to stay—just like Uber and Lyft—and such changes will continue to affect every area of our lives and businesses, requiring us to revisit the old rules and adjust them for what works for today, even if that means new regulations. But I still believe some things—like buying a home (or renting) and living in a quiet subdivision with your neighbors—should be possible and protected.

“Some things—like buying a home (or renting) and living in a quiet subdivision with your neighbors— should be protected.”

GOV. EDWARDS MISSES MARK I attended a PAR gubernatorial forum with Gov. John Bel Edwards and Congressman Ralph Abraham attending and answering questions. Businessman Eddie Rispone, who was out of town, did not attend. At one point, there was a lighting round with questions and quick replies. One question was “If you could change one thing in the Louisiana Constitution, what would it be?” Abraham said, “Article 7. Revenue and finance.” (This deals with our tax structure, dedications, exemptions and such.) Edwards said. “Change the minimum wage to $9.” Does the governor truly believe that is the most important change we can make to our constitution to improve our future and bottom-of-the-barrel state ranking?

Do you? I think not. Edwards did have a bill this session that would put a constitutional amendment on the ballot this fall so you could vote on the minimum wage issue. It died. The $9 rate in the bill was up from the $8.50 he had previously proposed—which also died. The current federal rate is $7.25. There are arguments on both sides as to why raising the minimum wage is a good or bad idea and the real outcomes. I believe a tight labor market and the need for talented, educated workers and higher-paying jobs drives up wages—which are on the rise now nationally. But just raising the rate by law to $9 does not fix any of those issues. It just gives minimum wages workers $70 more a week. I doubt that will change the plight of those in poverty or impact our 50th state ranking with U.S. News & World Report. The answers by Abraham and Edwards contrast two different views. Abraham’s reflected his understanding of a major root problem and a system structure from 1974 that, after 45 years, is outdated and in need of fundamental change as we look to the future. The governor’s answer seems to miss the real reasons we have so many folks earning minimum wage. He was focused more on this legislative session and the next election—and his aim was very low. I mean, if you are going to be the champion of raising the minimum wage (which is likely not to pass), at least aim high. Arkansas is raising its hourly minimum wage to $11. Some states are going for $15. The new Louisiana Survey, conducted by the Manship School’s Reilly Center for Media & Public Affairs, found that an increase to $15 an hour garnered 59% support. So, those who oppose the minimum wage increase will object to any amount—and those who want an increase aren’t going to be impressed or impacted much by $9. If you are going to lose anyway, aim high and propose $12, $13 or $15. Lose big—but, c’mon governor, at least best Arkansas.

“Business Report tells us not just the where and how of real estate development, but also the why. If you carefully read each issue, it can help you piece together the direction certain areas of the capital region are headed.”

“I count on Business Report for the latest information on topics aﬀecting our businesses - from networking activities to legislative issues that we constantly face.”

Ross Bruce

Dr. Robert Delarosa

“ As a CPA, Business Report gives me insights into clients that we currently work with as well as clients we want to work with.”

Bonnie Marcantel

“Being an Insider helps me gain information that I can turn into dollars for my clients and opportunities to grow my business. I’m always looking for an advantage for my clients and Business Report gives it to me.”

Dennis Blunt

Breaking news. Events that matter. Unlimited archives. No one keeps you better connected to business than Business Report. We put it all at your fingertips — just a click away! Read by thousands of business and political leaders in Louisiana, Business Report gives you an exclusive inside track to all the business that’s worth talking about.

STARTUP EXECUTIVE S POTLIG HT

THEHeadliners

ROBERT WISE

OWNER AND CEO, ITinspired

“I didn’t always appreciate the importance of being authentic, embracing my strengths, and applying empathy and compassion to all things life or business. I had an epiphany the day I learned that people don’t care how much you know until they know how much you care.” IN THE NEWS

Divided we stand AS THE OLD saying goes, “birds of a feather flock together.” A new study of 2016 election results by FiveThirtyEight shows Baton Rouge is the nation’s third-most politically polarized metro area, geographically speaking. To see just how politically segregated America’s urban areas are, FiveThirtyEight came up with a dissimilarity index—basically, a number showing how physically separated a city’s Republicans and Democrats are from one another, with higher numbers indicating more segregation. Baton Rouge’s dissimilarity index is 0.56. The city trails behind only Jackson, Mississippi, (0.63) and New Orleans (0.58). Other Louisiana cities, including Shreveport (0.56) and Lafayette (0.47), also rounded out the top 20.

In May, ITinspired was just one of two Louisiana companies— and the only one based in Baton Rouge—to be included on Inc. magazine’s list of the 346 Best Places to Work in 2019. The firm was also ranked No. 2,584 on the magazine’s 2018 list of the 5,000 fastest growing companies in the U.S., with annual revenue of $2.2 million, an increase of 165% over the year previous.

NOT ON THE RESUME

• While at LSU, he was a cheerleader and Mike the Tiger mascot, and he also spent two summers as the Boudreaux T. Nutria mascot for the New Orleans Zephyrs. “My mascot and cheerleading wisdom for business leaders: Be animated, make a big entrance, keep moving, bring energy, stay positive, work on the fundamentals, be polished, leave it on the mat and smile—because everyone is watching!”

• He was 2-years-old in 1982, when his parents made a last minute decision to change their flight plans to Las Vegas. It turned out to be the luckiest thing that has happened to him, as they were originally scheduled to be on the Pan Am 759 flight that crashed in Kenner shortly after takeoff, killing all 145 passengers on board and eight people on the ground. “I’m beyond lucky that plans changed that day and I’m grateful for the amazing family, friends and business I’m blessed with in my life.”

COMING AND GOING FUELED BY SUBURBAN growth, the Baton Rouge metro area saw its population increase 3.6% between 2010 and 2018, according to new estimates from the U.S. Census Bureau. The news wasn’t so good for the City of Baton Rouge, which has seen its population drop by 7,700 since 2010—down 3.4% to an estimated 221,599 residents. Overall, the region added 28,806 people over the eight-year period, lifting the MSA’s population to 831,310 residents.

• He drives a Ram 1500 crew cab truck and this is what it says about his personality: “I’m comfortable in the city or the country, I can clean up nice or get a little a little dirty, you can see me and hear me coming from a mile away, and I’m capable of carrying the heavy load sometimes.” • In his free time, he enjoys “hunting, fishing, archery, marksmanship, reading books, listening to music, watching TV series and movies, taking naps whenever possible, learning about business and leadership, and—most of all—enjoying family time with my wife and kids.” Read the full Q&A at businessreport.com.

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

DON KA DAIR

• The husband and father of two says one of his greatest challenges is trying to achieve a healthy work-life balance. “The struggle is real. I don’t know a single business owner with a rapidly growing company that has a healthy work-life balance. It’s rare and it takes extreme commitment and sacrifice.”

I N BRIEF

Fraud findings

Meet the newest members of our ISTOCK

NEARLY TWO-THIRDS OF American adults report having been personally caught up in a major data breach, and more than 40% have dealt with fraudulent credit card charges. Last year alone, the Federal Trade Commission says its Consumer Sentinel Network—an online database available only to law enforcement—fielded some 3 million fraud complaints, 4% more than in 2017. Roughly 25% of the complains led to a financial loss, with losses totaling $1.48 billion, or a median loss of $375 per complaint. Using the new data from the FTC, San Diego-based security data and research firm Security.org has ranked U.S. states based on the number of fraud reports in 2018. Louisiana is ranked in the middle of the pack overall, at No. 26, and No. 16 for identity theft. The median fraud loss here was $391. Here’s a look at the most common types of fraud claims in the Bayou State last year:

Welcome to Hancock Whitney Business Banking Team. With years of experience helping clients grow through a variety of integrated solutions, Robert and Chase understand what a solid financial plan can mean to your future. They’re ready to put the strength and stability of Hancock Whitney to work helping you achieve your financial goals and dreams.

Number of Reports

Report Type

Your Dream. Our Mission.

Debt collection

5,967

Identity theft

5,202

Imposter scams

5,082

Credit bureaus, information furnishers and report users

2,271

Telephone and mobile services

1,714

Prizes, sweepstakes and lotteries

1,611

Bankers and lenders

1,487

Robert Stuart

Chase Daniels

Shop-at-home and catalog services

1,342

SVP, Middle Market Banking

Professional and Executive Banker

992

Direct: 225-381-0495

Direct: 225-383-4843

robert.stuart@hancockwhitney.com

chase.daniels@hancockwhitney.com

Auto related Credit cards

498

TOTAL:

26,166

CREDIT UNIONS

BANKS

Neighbors Federal Credit Union

JPMorgan Chase Bank

12529 Perkins Road, Baton Rouge 70810

451 Florida St., Baton Rouge 70801

2018 shares and deposits:

2018 local deposits:

$794.93 million

$7.07 billion

For the full lists, see pages 34 and 36.

hancockwhitney.com Hancock Whitney Bank, Member FDIC.

Daily-Report.com | BUSINESS REPORT, June 4, 2019

SPONSORED BY:

HOW FAKE IS IT? BE A CONSCIOUS NEWS CONSUMER

UN-FAKE THE NEWS —

TIP: LOOK FOR SPELLING ERRORS, GIANT CAPITAL LETTERS IN HEADLINES, AND QUESTIONABLE IMAGES.

RESOURCES TO FIND CREDIBLE INFORMATION ONLINE

he web is overflowing with information—true, false, and everything in between. In the United States, over the past two decades, there has been a significant decline in the trust and confidence that the mass media is reporting the news fully, accurately, and fairly. For many, this makes the internet a challenging place to find credible and reliable sources. Those who peddle falsehoods are sometimes motivated by profit and sometimes by politics. Fact checkers have become more necessary that ever before. People have come to understand and appreciate the work of fact checkers and these kinds of projects are sprouting up, not only in the US, but around the world.

So what’s the best way to access fact-checking tools? We asked East Baton Rouge Parish Library Reference Coordinator Andrew Tadman how to deduce if a story is factual. “Take everything online with a grain of salt. When you come across something on your feed,” Tadman recommends, “don’t just assume it’s a legitimate source. Check the URL-they are some of most manipulated things on the internet.” Disinformation and hoaxes are accelerating and affecting the way individuals interpret daily developments. Combat the scourge of fake news by supporting investigative journalism and improving your own digital literacy. Find more resources and helpful classes and events at ebrpl.com.

DISINFORMATION: Information that is false and deliberately created to harm a person, social group, organization or country.

MISINFORMATION: Information that is false but not created with the intention of causing harm.

MAL-INFORMATION: Information that is based in reality, but used to inflict harm on a person, social group, organization or country.

USE THESE FREE RESOURCES FROM THE EAST BATON ROUGE PARISH LIBRARY CQ RESEARCHER: The acclaimed, award-winning weekly publication that reports on current, newsworthy social issues OPPOSING VIEWPOINTS: The premier online resource covering today’s hottest social issues. Informed, differing views help learners develop CREDO REFERENCE: This one is a general topic search resource, with nice sections on how to research and look for bias NEWSBANK: NewsBank offers free access to more than 2,000 newspapers across the country STATISTA AND BATON ROUGE CITY KEY: Provides reliable statistics

STARTUP

ENTREPRENEUR

‘Cajun’ Dan Abraham President/CEO, Cajun Dan’s Gourmet Fine Foods LLC

“I decided to come up with my line of seasonings because there’s such a need for low sodium seasonings. I love to flavor things and not just with red pepper. Everything we do is to enhance the flavor of what you’re cooking.”

WHAT THEY DO

Salsa and seasonings

WEBSITE

cajundans.com

NEXT GOALS

Get seasonings on grocery store shelves, and cut distribution deals with schools, hospitals and nursing homes

MILD BEGINNINGS HAVING STARTED multiple businesses over the years in a variety of industries—including insurance, restaurants, couponing, and marketing and home restoration—“Cajun” Dan Abraham considers himself a serial entrepreneur. Abraham’s interest cooking was sparked by youthful desperation—after moving into an off campus apartment while in college, he and his roommates found themselves cut off from the school cafeteria. “I knew I either had to learn how to cook or starve.” He’s a selftaught cook, learning the tools of the trade from watching TV legends such as Paul Prudhomme and Julia Child.

DASH OF SPICE ABRAHAM WAS running a small business flipping homes when a friend suggested he start selling his salsa, which he was cooking up in his kitchen. As a fan of flavor, but not of red pepper, Abraham was also driven to start developing his own line of seasonings. He formed Cajun Dan’s Gourmet Fine Foods last year, and worked with the LSU Food Incubator to evaluate his products and finetune his nutritional, production and marketing processes. After visiting his mom in a senior facility, he recognized there was a gap in the seasoning market for low sodium flavors, which led him to begin developing a line of seasonings. “Foods in facilities like that and in hospitals have no flavor and people crave a salty taste.”

GOING LOW FOR NOW, Abraham has shelved his salsa to focus on his seasonings. While his premiere seasoning blend SensationALL seasoning, which is also available in a low sodium option, is marketed towards tourists and is sold in the French Quarter, he’s since developed four more low sodium blends: LoSo Regular, LoSo Spicy, LoSo Bar B Que and LoSo Seafood. In April, he joined Ochsner’s Eat Fit program, which markets healthy, local products, and he’s meeting with local grocers to have the line carried on store shelves. He also aims to strike deals with area hospitals, schools and nursing homes to use his seasonings in their kitchens. “I would love to grow this from Lafayette all the way to New Orleans.” —Holly Duchmann • Photography by Brian Baiamonte

Daily-Report.com | BUSINESS REPORT, June 4, 2019

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Daily-Report.com | BUSINESS REPORT, June 4, 2019

STARTUP

INTELLIGENCE

-11.8%

DATA BANK The latest indicators of how the Capital Region

decrease in collective revenue at Baton Rouge’s three riverboat casinos in April, compared to the same month in 2018. The casinos posted revenue of roughly $20.4 million in April, down from $23.2 million. The Baton Rouge market hasn’t posted a year-over-year increase in monthly casino revenue since August 2017.

and Louisiana economies are performing.

51.3 MILLION

people vacationed in Louisiana last year, or about 3.8 million more than visited the state in 2017. Tourists spent an estimated $18.8 billion in the Bayou State last year.

$1,497 25,083

Louisiana public high school 2018 graduates who enrolled in college last fall, a record high and 1,566 more than those who enrolled the year previous. The Louisiana high school graduation rate also hit a record high, 81.4%, last year, up from 78.2% in 2017.

SOURCES: Louisiana Department of Culture, Recreation and Tourism; Louisiana Department of Education; State Bond Commission; Louisiana Gaming Control Board; Site Selection; U.S. Bureau of Labor Statistics

1,085

per capita debt among Louisiana residents last year, a decrease of $61 from 2017 and the first time the figure has declined since 2008.

jobs lost in Louisiana in the third quarter of 2018, compared to the previous quarter. It marked the second consecutive quarter of job losses, following three straight quarters of net gains in employment.

NO. 4

Baton Rouge’s finish in the Big Muddy Cup, Site Selection magazine’s ranking of the top metro areas along the length of the Mississippi River for privatesector facility projects over an 18-month period from July 1, 2017 through December 2018. Baton Rouge recorded 47 projects during that span, while New Orleans was ranked No. 3 with 54 projects.

Orthopedic REStORAtiOn.

From day one.

For more than 115 years, we’ve kept our community moving forward. Alongside personalized care, we’ve used advanced technology –– like the city’s first and only Mako Robotic-Arm –– to bring the people of our community the best orthopedic care imaginable. From day one, we’ve put personal care and medical excellence at the center of everything we do, so that one day when you need us, we can be there for you.

BRGeneral.org/Orthopedics

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Don’t know

Why employee training is vital THINK OF EVERYONE who’s currently on your company’s payroll and consider this: At least one in every three of them doesn’t believe your company has even taken the time to accurately assess their performance and identify some training that could make them better at their jobs. That’s according to the “Future of Work and Employee Learning” report from global business processes outsourcing firm Sitel Group, which surveyed 1,200 U.S. employees in March to get a handle on how important training is to a company’s prospective and current employees. While the survey shows some variation in how employees view training in terms of gender and generation, the overwhelming majority of respondents expressed a strong desire to work for a company that offer a comprehensive training program for new employees and continued training for existing employees. The bottom line is this: If your company isn’t investing in its employees, it’s probably not attracting the best candidates when openings arise, and the current team members aren’t as motivated and productive as they’d like to be. Here are some key findings from the report:

How employees prefer to receiving training

30%

A mix of in-person and online

79%

43%

Instructor-led, in-person

say that when job hunting, it’s important to them that the employer offers a formal training program

35%

don’t believe their employers take the time to get to know them and understand the training they need

Simulation or role playing

The type of training employees think companies should be providing

Online

Soft skills, such as effective client communication and dispute resolution

36% 30%

New technology skills

18% 12% 4%

15%

Management skills Company process and procedure skills

37%

say they would leave their current employer if they were not offered training to learn new skills (another 37% say they would not leave and 26% say they don’t know)

92%

say that learning something new on the job motivates them to be more engaged with their work

Don’t know

Daily-Report.com | BUSINESS REPORT, June 4, 2019

GET TO YOUR EVENT IN STYLE & ON TIME! At Synergy Transportation, our goal is to provide professional and affordable transportation services across the local Baton Rouge and surrounding areas. Our fully managed, trustworthy service allows you to spend more time on what’s important to you. Just leave the rest to us. We know these roads inside and out insuring you can sit back, relax, and rely on us to get you where you need to go.

AIRPORT/HOTEL TRANSFERS

WEDDINGS

PERSONAL DRIVER

SCOUTING TOURS

DINNERS

COPORATE EVENTS

SPORTING EVENTS

FUNERALS

The Mercedes GLE-Class seats up to 4 adults.

The Mercedes Sprinter seats up to 11 adults.

SYNERGY TRANSPORTATION

225-921-6859

synergytransportation@mail.com

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

STARTUP

REAL ESTATE

DESIGN

OCHSNER MEDICAL COMPLEXTHE GROVE

10310 The Grove Blvd. PHOTOGRAPHY BY TIM MUELLER

Owner: Ochsner Health System Architect: GraceHebert Architects Contractor: The Lemoine Company Cost: $116 million Completed: May 31, 2019 Use: Medical office building and surgical hospital with optimal patient rooms FORM FOLLOWS FUNCTION: “Ochsner Medical Complex-The Grove was designed and built with the patient in mind. The hospital can expand up to five stories, while the medical office building

has extra space on the top floor which can be converted to additional exam rooms. With a separate entrance in the rear of the building for therapy patients and the grouping of commonly used services together, patients navigate quickly and easily to where they need to be. From soft, warm and inviting colors that lower a patient’s anxiety, to high technology touchpoints which strengthen the healing process, our new complex is designed for the future of health care.” —Eric McMillen, CEO, Ochsner Baton Rouge

1. A ribbon cutting ceremony was held May 31 to open the Ochsner Medical Complex-The Grove, which has two main features: a 10-bed surgical hospital and a five-story medical office building. 2. The two-story lobby features floor-to-ceiling windows and a laser cut “Tree of Life” wall design created by GraceHebert Architects. The architectural lighting of interlocking O’s represents the hospital name. 3. The facility has four operating rooms, each measuring nearly 600 square feet and featuring the latest integrated, hands-free systems and teleconferencing technology. 4. Hospital rooms have red night lights that allow nurses to work without disturbing a patient’s sleep. The optimal rooms also offer copper infused bed linens and patient gowns for anti-microbial protection. Daily-Report.com | BUSINESS REPORT, June 4, 2019

STARTUP

REAL ESTATE

Home inspection

You deserve more. And you can expect more from us. FAST, RELIABLE INTERNET

FLEXIBLE VOICE SOLUTIONS

24/7 BUSINESSCLASS SUPPORT

BY STEVE SANOSKI

THE CAPITAL REGION housing market is off to a relatively promising start in 2019, year-to-date figures through April show. Though total sales in the nine-parish metro area are down by 2.3%, that’s really just 76 fewer homes sold. Meanwhile, average sales prices are up 2.9% to $225,792 and pending sales are up 2.6%, suggesting the summer months could bring more sales than last year. Inventory is also rising, up 7% to just over 4,250 homes on the market as of the end of April. And the average days on market is up nearly 16% so far this year to 80 days. Here’s a look at some key stats from the Greater Baton Rouge Association of Realtors’ most recent sales report: JULY

1,125 MAY

1,034

JUNE

1,020

1,069

APRIL 2018

MARCH

OCTOBER

SEPTEMBER

954

SWITCH TODAY. |

CAPITAL REGION HOME SALES

AUGUST

886

817

884

APRIL

981

Call 225-366-6485 or visit coxbusiness.com

NOVEMBER

99* mo

759

DECEMBER

FEBRUARY

712

753

50 Mbps Internet One Voice Line

with a 3-year agreement

JANUARY 2019

568

CAPITAL REGION APRIL AVERAGE SALES PRICE

The inside SCOOP. Inside your INBOX.

2013 2014

CAPITAL REGION AVERAGE DAYS ON MARKET (APRIL)

$207,359 $200,6363

2015

$221,716

2016

$229,514

2014

2015

2016

2017

$216,584

2018

$222,502

2019

2013

2018

2019

$229,507

PARISH BY PARISH A look at key real estate stats in the Capital Region’s three largest parishes, through April, compared to year-to-date figures from last year:

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

SALES

MEDIAN SALES PRICE

East Baton Rouge Parish

AVG. DAYS ON MARKET

1,661 (-4.3%)

$199,000 (+2.1%)

76 (+15.2%)

Livingston Parish

600 (-2%)

$178,250 (+3.7%)

83 (+12.2%)

Ascension Parish

613 (+2.2%)

$234,903 (+6.7%)

82 (+39%)

Garden District multifamily sale

TOM COOK THE HUNDRED OAKS/GARDEN District area has always been a desirable location because of its somewhat eclectic appeal, with a mix of homes from the very expensive to those that are more affordable. The lack of uniformity is part of the appeal. But also appealing is the close proximity to City Park and the well established businesses near the Perkins Road overpass. The area also has some multifamily apartment units that make for desirable investment opportunities. Some of the duplexes and fourplexes in the area have been converted from larger singlefamily residences. Mark Segalla and George Bonvillian with Elifin Realty marketed one that sold recently. The four-unit apartment property at 1564 Belmont Ave. sold on May 6 for $330,000, or $82,500 per unit. The property includes four one-bedroom units totaling about 1,740 square feet, so the unit price works out to roughly $190 per square foot. According to Segalla, who acted as listing broker, the property was fully occupied at the time of sale and required no deferred maintenance. “Both the buyer and seller were experienced investors with other multifamily properties in the area,” he says. The sell was Remmetter Properties LLC, who’s managing partner is David Remmetter. The buyer was Ben Giamalva and Angella Stinger, who were represented by Travis Thornton with Beau Box Commercial Real Estate.

LIT PIZZA TO LIGHT UP BRUSLY The property at 447 Oak Plaza Blvd. in Brusly that was formerly home to Caffé Maison recently sold for $430,000, with sources close to the deal saying Lit Pizza will occupy the space following a renovation. With excellent visibility from La. 1 (and the 60,000 vehicles that travel along it every day), the building measures 2,000 square feet, and includes a drive-thru and 22 sparking spaces. The sale price works out to $215 per square foot. Will Chadwick with Elifin Realty represented the seller, Caffé Maison West LLC, in the deal as broker. The buyer was 4 Guys Brusly LLC, represented by Gordon McKernan (where have I seen that name before?). O’NEAL DEAL A tract of land measuring just under two acres adjoining the B&D Electric facility on O’Neal Lane has been sold for considerably less than the initial asking price of $500,000, or about $6.10 per square foot. In a deal that closed on May 15, the property was bought by B&D Commercial Properties LLC for for $300,000, or about $3.65 per square foot. “The property sold below market because the seller was unusually motivated and B&D was willing to close in 10 days,” says Mark Hebert with Kurz & Hebert Commercial Real Estate, who marketed the property, adding B&D has no immediate plans for the site. A single-family residence on the property had no contributory value, Herbert says. The site has slightly more than 300 feet of frontage on O’Neal and could easily be subdivided into two or more tracts. The sellers were Mike and Susan Jarreau. Tom Cook of Cook, Moore, Davenport and Associates has been an independent real estate appraiser for more than 20 years.

JAGUAR F-PACE

THE SUV THAT STANDS APART

The Jaguar F-PACE has inherited the cat-like agility and distinctive looks that run in the Jaguar family. It also boasts the practicality of an SUV, such as space for five and plenty of versatile storage. Not to mention, Best-In-Class coverage with complimentary scheduled maintenance.*

BEST IN CLASS C O V E R A G E* 5 YEARS 60 ,000 MILES

New Vehicle Limited Warranty Complimentary Scheduled Maintenance 24-Hour Roadside Assistance

Jaguar InControl® Remote & Protect™

Paretti Jaguar Baton Rouge 13934 Airline Hwy. Baton Rouge, LA 225-756-5247 www.jaguarbatonrouge.com THE ART OF PERFORMANCE Vehicle shown: 2019 Jaguar F-PACE S with optional equipment. *Class is cars sold by luxury automobile brands and claim is based on total package of New Vehicle Limited Warranty, Complimentary Scheduled Maintenance, 24-Hour Roadside Assistance and Jaguar InControl® Remote & Protect™. For complete details regarding offer shown or Jaguar EliteCare coverage, please visit JAGUARUSA.COM, call 1.800.4.JAGUAR / 1.800.452.4827 or visit your local Jaguar Retailer. © 2018 Jaguar Land Rover North America, LLC

Daily-Report.com | BUSINESS REPORT, June 4, 2019

DON KADAIR

COVERSTORY

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

The Baton Rouge hedge fund manager is building a national reputation as an activist investor with a penchant for going against conventional Wall Street wisdom.

Don’t sell Eiad Asbahi

short FROM A SUITE of swank, sundrenched offices above an art gallery in Studio Park, hedge fund manager Eiad Asbahi has been waging a proxy war for control of a little-known pharmaceutical company, whose stock is in the tank. The Georgia-based company, MiMedx, specializes in tissue grafts that have proven highly effective in wound care. Despite its success, however, MiMedx has been dogged by management controversies and allegations of financial funny business. And that’s made it a target of short sellers, who have published negative research about the company, helping drive down its stock price to less than $1.20 per share earlier this year. Asbahi knows a thing or two about negative research and short selling. It’s how his firm, Prescience Point Capital Management, has built its reputation—by betting against, or taking a “short” position, in a company he has determined to be deeply troubled, then exposing those troubles in research reports that are blasted across the financial wires and social media. When all goes well, the price of the stock falls and Asbahi profits. But in the case of MiMedx, Asbahi did the exact opposite of what he usually does: He took a long position in a company he believes to be undervalued, and published positive research detailing its overlooked upside potential. He also recruited seasoned industry experts to serve on the company’s board of directors, and pushed to get them elected to the board.

By Stephanie Riegel

It’s not the kind of high-stakes investor activism you’d expect to find happening in a suburban Baton Rouge office park just off Jefferson Highway. But then, Asbahi is not your typical Baton Rouge investment advisor. “We don’t just manage your money by pushing a button,” he says. “We’re doing sophisticated asset management—and on a global scale.” Though little known on the local scene, even among some seasoned investment brokers, Asbahi is building a national reputation as an activist investor with a knack for spotting what others have overlooked and a penchant for going against conventional Wall Street wisdom. It’s a risky way to make money, but if you’re good at it you can do quite well. By all accounts, Asbahi is doing well. Over the past decade, his firm has shorted the stocks of companies like CB&I, Celadon Group and, even, Kellogg’s, by publishing negative research that has exposed fraud, inflated earnings reports and questionable accounting procedures. Prescience Point has also identified potential opportunities in companies Asbahi believes to be undervalued, like MiMedx, and invested in those with the intention of profiting when the stock goes up. A prominent example was the parent company of Hawaiian Airlines, which saw the price of its stock more than double in 2014 after Asbahi invested in it. Along the way, the 70 or so investors in Prescience Point’s roughly $50

million hedge fund have profited, realizing annual returns that average between 20% and 25%—twice the market average. With the MiMedx battle, Prescience Point is upping its game, taking investor activism to a new and more sophisticated level. Asbahi describes it as an evolution of what he’s been doing all along, and something he finds tremendously challenging. It’s also risky. But if Asbahi hits, he’ll hit big. “We think this company is worth multiples right now. We think it could be worth many multiples,” he says. “We think they have an extremely promising compound and there is potentially multibillions of dollars in applications.” LOOKING BENEATH THE ROCKS When you meet Asbahi, the immediate temptation is to try to figure out what the catch is. Someone can’t be this good looking (a recent spread in Institutional Investor suggested he could be the lead in a boy band), this young (he just turned 40) and this adept at consistently outsmarting and outperforming the market (his clients boast they’ve doubled their money in six years). You find these kinds of people on Wall Street, not on Jefferson Highway. So how does he do it? Asbahi won’t say exactly, and he is both a little cocky and a little cagey—though undeniably likable—as he offers a somewhat unsatisfying explanation. “We’ve developed methods that help us get the relevant information that we’re looking for,” he says. “Our techniques have evolved over time and they’re getting sharper and sharper. Today, they’re the best they’ve ever been.” Suffice it to say he is a shrewd financial analyst, who is also part private eye, part investigative reporter. His idea generation comes from many places. Sometimes he stumbles onto information about one company while looking into a related one. Sometimes, he picks up on something in a conversation with an industry colleague. Sometimes he gets an anonymous tip by phone or email. “We turn over a lot of rocks to find a single opportunity,” he says. “We’re one of a couple of handful’s worth of upper-echelon entities in this space. We’re in a niche of a niche.” The “we” is basically Asbahi, a Daily-Report.com | BUSINESS REPORT, June 4, 2019

COVERSTORY Denham Springs native, the son of Syrian immigrant parents and a former aspiring doctor. He operates essentially as a one-man band, though he contracts with two research analysts, and a handful of seasoned private investigators and forensic accountants. He spearheads each project he assigns to them and stays in close contact while they check out, say, a Chinese factory to see if it’s overstating its output, or comb through reams of earnings reports, comparing figures in tiny footnotes from one year to the next. Asbahi got his start in the mid2000s, after graduating from LSU with an MBA, a path he chose after realizing he did not want to follow in the steps of his pediatrician father. He set off for Wall Street at a time when the market was bullish, armed with a list of hundreds of hedge fund advisors he hoped to work for. He ended up using connections from back home to get hired as an analyst with a New Jerseybased fund—partially owned by Walter Morales’ Commonwealth

Axler out in 2014. Three years later, he combined his research firm and his fund, which had been technically separate entities, rebranding as Prescience Point Capital Management. Doing what he does from what, by Wall Street standards, amounts to the boonies, might seem like a disadvantage. Asbahi says if anything it only enables him to do his job better. “I am very happy to be out of the Wall Street environment, away from the crowd,” he says. “I don’t want to be a part of a community where everybody is doing the same stuff. The only way we’ve been able to separate ourselves is by doing things other people are not even thinking about doing. Being away from there helps.”

What is short selling? Simplistically, short selling is betting that a stock will go down rather than up. Here’s how it works: Someone wanting to short a stock borrows shares they do not own—usually from their broker’s street account—and sells those shares at the current market price. The objective is to re-buy the shares at a lower price in the future, then return the borrowed shares to the lender. Profits come on the spread between the initial sale and the cost of buying back the shares. For example, shorting 1,000 shares of a $10 stock puts $10,000 in the short seller’s account. If the share price declines to $7 per share, the short seller can cover the position by purchasing the stock for $7,000, earning a $3,000 profit. The 1,000 shares, once the short is covered, go back to the lender broker. Sounds simple, right? Here’s the caveat: While potentially lucrative, short selling is a high-risk investment tool. Most notably is the fact that the potential profit is capped at 100% of the original investment, but there is no cap on potential losses. There are also unique fees and costs that don’t apply to traditional stock trading, which can negatively impact profit margins.

Advisors—that invested heavily in risky mortgage-backed securities and got into trouble after the market crash of 2008. Though Asbahi didn’t have anything to do with the fund’s investments, he found himself out of a job once the market collapsed and more determined than ever to succeed. He began marketing himself as a consultant who was good at research and willing to help out doing whatever was

needed. He ended up working for several firms, making good connections and getting invaluable experience. He returned to Baton Rouge in 2009, creating a small research BLISTERING REPORTS shop out of his mother’s house In the early years, Prescience and, eventually, getting some inPoint did mostly negative revestors to put their money with search on companies it intended him in a small hedge fund. For a Issue Date: 4-9-19 3-12-19AdAdproof proof#1 #1to short. Short sellers make time, he had a partner, Ben Axler, money by borrowing shares of • Please respond by e-mail or fax with your approval or minor revisions. • AD WILL RUN AS ISPoint unless approval or final revisions a stock they believe is headed CEO of Spruce Capital are received by theBut closehe of business today. Management. bought south, then selling those shares • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

BE SURE TO CHECK OUT THE

TRIP OF THE WEEK Presented by

CUS

A targeted approach to your advertising June 18

July 30

Ascension/Livingston Economic Focus

Health Care

List: Licensed Homebuilders Deadline: June 6

July 16

TUESDAYS ON Issue Date: 6-4-19 Ad proof #4

• Please respond by e-mail or fax with your approval or minor revisions. • AD WILL RUN AS IS unless approval or final revisions are received by the close of business today. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

The Nader Hurley Wealth Management Group

List: Physicians Groups Deadline: July 18

August 13

Top 100

Office Environments

List: Top 100 Private Companies Special Section: Faces of Family Business Special Section: Leaders of Top 100 Deadline: July 3

List: Hotels Special Section: Hotel & Hospitality Guide Deadline: August 1

225.928.2900

AREAS OF FOCUS • • • • •

fa.wellsfargoadvisors.com/the-naderhurley-wealth-management-group

Wealth Planning Investment Management 401(k) Distribution Options Estate Planning Business Services

Securities Registered in the following states: AL, AR, AZ, CO, FL, GA, IA, LA, MO, MS, NC, OH, OK, SD, TN, TX, VA

CONTACT Kerrie Richmond @ 421-8154 | krichmond@businessreport.com

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

BRANDON HURLEY SD Insurance Lic. #40514617 • BREAUX NADER SD Insurance Lic. #40514619 Wells Fargo Advisors is a trade name used by Wells Fargo clearing Services, LLC, Member SIPC

Mondays on

with the aim of repurchasing them later at a lower price. Part of the strategy involves publishing the reasons for the short sale with the intention of driving the stock price down. This can only be done after the investor has acquired shares in a company, not before. It’s perfectly legal and, say some, an invaluable service. It’s also widely despised, since most people only make money when stocks go up. “Short sellers provide an important function,” says asset manager Fred Dent III of Dent Asset Management. “In a free market you want actors on all sides because that provides liquidity and the opportunity to exchange ideas, and in the market there are millions of opinions. Short selling is one of millions of opinions.” Asbahi, who both invests heavily in his own fund and earns a management fee from his clients, stumbled into short selling by accident after he lost what he says was “a lot of money” with a U.S.listed Chinese company. He began looking into the company to

“Short sellers provide an important function. In a free market you want actors on all sides because that provides liquidity and the opportunity to exchange ideas, and in the market there are millions of opinions. Short selling is one of millions of opinions.” FRED DENT III, asset manager, Dent Asset Management

better understand what had gone wrong and how he had misjudged it. “I realized these Chinese owners would come to the U.S. to raise money and the U.S. investors had no legal recourse against them and couldn’t exercise any control or agitate for change,” Asbahi says. “More importantly, we tried to figure out how not lose money again so we started to focus on this.” The firm had several early wins with Chinese shorts, posting a 2011 gain of 69%. It followed with four straight profitable years. More significantly, perhaps,

several of the Chinese companies identified by Prescience Point were eventually forced by financial regulators to stop trading and, in some cases, shut down. Another significant milestone came in 2014, when Prescience Point shorted CB&I, which months earlier had acquired The Shaw Group for $3.2 billion. In a blistering report, Prescience Point alleged CB&I had inflated its earnings and was struggling with certain nuclear power plant contracts it had inherited from Shaw. “The message was loud and clear,” the report read. “The Shaw acquisition had gone very wrong.”

At the time, CB&I shares were trading at more than $73 per share. Asbahi’s report predicted they would fall to less than $38. In 2017, CB&I was acquired by McDermott International for the equivalent of $17.30 per share. “I’ve heard people criticize Eiad for the CB&I report,” say Lance Paddock, CEO of Thompson Creek Wealth Advisors. “Turns out everything he said was accurate. All those contracts, all those expenses—turns out they were being hidden and shuffled around. What he does is very important. Building out that kind of information and bringing it to market

Our Growth Depends On Growing Louisiana’s Work Force. That’s why for the past 30 years, we’ve recognized the success of our customers as our greatest accomplishment. We help nurture growing businesses with added value like free business development seminars designed to protect and strengthen their work force and B2B networking events. This may be our 30th anniversary, but to us, it’s our members’ milestone.

lciwc.com :: 985-612-1230

Daily-Report.com | BUSINESS REPORT, June 4, 2019

is a key part of price discovery in a market. If it’s all just blowing smoke up somebody’s skirt, what good is that?” FEARLESS It doesn’t always go so well. In late 2015, Prescient Point published a negative research report on a U.S.-listed Indian food company, Amira Nature Foods Inc., claiming the company was overstating its revenues. The company’s stock price fell by 75%, though it would partially recover. Amira sued Prescience Point and Asbahi for malicious intent to defraud the company and its shareholders for their own personal gain. Such litigation is an inherent risk that comes with short selling, but it’s never a good thing and Prescience Point ultimately settled. Asbahi cannot disclose the terms the settlement. But Prescience Point’s wins have outnumbered its losses and Asbahi’s clients are pleased with his performance. Denham Springs dentist, Dr. Cyndie Baker, invested the six-figure proceeds of a property sale with Asbahi in 2013. In

the six years since, she has doubled her money. It’s not investing for the faint of heart, she concedes. It’s risky, and there have been quarters when Prescience Point has been down. But Baker says the way Asbahi handled the bad cycles has impressed her more than when the fund is doing well. “A couple of times when the fund dropped he called me in advance and told me not to worry about it, and said better days are ahead, and I was impressed,” Baker says. “My two institutional stock brokers never did anything like that. He’s brilliant. Besides, where else can you make 100% in six years?” Those who know Asbahi attribute his success to several factors. He’s driven, highly intelligent and thorough in his research. He’s also fearless. To take on Wall Street analysts, fraudulent Chinese manufacturers and major public companies, you have to be because they fight back. They sue, trash you online, and, in some cases, have you followed, which Asbahi says happened to

DON KADAIR

COVERSTORY

GROWING TOGETHER IN BATON ROUGE! Two New Locations to Serve You. Since 1908, generations of businesses and families have trusted Home Bank, and we invite you to find out why we’re good for business, good for life. Baton Rouge locations: 3524 Sherwood Forest Boulevard (Now Open!) 9659 Antioch Road @ Long Farm (Opening in June!) 5302 Corporate Boulevard 10563 S. Glenstone Place @ Bluebonnet Visit us online for a complete list of our 40 locations across Louisiana and Mississippi.

225-663-6677 • Home24Bank.com

HomeBank BizReport 8.875x5.indd 1

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

5/27/19 10:09 AM

“A couple of times when the fund dropped and he called me in advance and told me not to worry about it and said better days are ahead and I was impressed. My two institutional stock brokers never did anything like that. He’s brilliant. Besides, where else can you make 100% in six years?” DR. CYNDIE BAKER, on investing with Eiad Asbahi

him after he targeted the Chinese companies. Also key, however, is the fact that Prescience Point is a boutique firm with a small investor base of only high-net worth individuals. There aren’t any pension funds or institutional investors to speak of, which gives Asbahi a lot of flexibility to engage in high-risk investing and taking very concentrated positions in companies. The flip side, of course, is that Prescience Point can only leverage so much at one time. At the moment, the firm has more long positions than short, which has a lot to do with the capital tied up in MiMedx. There are other deals out there

Asbahi would like to take on but he simply doesn’t have the bandwidth. “Our pipeline is as promising as its ever been,” he says. “The limiting factor is not size but time.” TOOL IN THE TOOLBOX At the moment, Prescience Point is spending most of its time enhancing its reputation as an investment house with an expertise in ferreting out companies whose value is vastly out of step—on either the high or low side—with what the market believes it to be. It’s also trying to hone its skills as an activist investor. The proxy war for MiMedx is new territory for the firm, both exciting and

RTIS ING SPEC IAL ADVE

FACES OF

FAMILY BUS

challenging. Prescience Point began acquiring shares in the pharmaceutical company in 2018 and eventually became its single largest shareholder. “That actually gives us a lot of leverage,” he says. “You’ll see people go activist with maybe 4 percent to 5 percent.” Asbahi then recruited several top-flight industry experts, willing to serve on the company’s board of directors. It was no small feat, “because this isn’t exactly Apple or Disney,” he says. But they’ve bought into the campaign, literally and figuratively, and own an additional 3% of the company’s stock. Altogether, it gives the group nearly 10% of the equity in MiMedx. He also began reaching out to other shareholders of the company. Even before he started campaigning, he estimated 40% to 50% of them support his efforts. In late May, he notched a significant win, when the company agreed to appoint all six of the Prescience Point-recruited candidates to its board. If approved by shareholders at the annual

company meeting later this month, as expected, Prescience Point will have won the proxy war. A statement issued by MiMedx announcing the “board refreshment plan” speaks to Prescience Point’s credibility and influence. “The MiMedx board and current senior leadership team have been working tirelessly to ... get the company back on track,” says Charles R. Evans, board chairman. “We are pleased to have worked collaboratively with Prescience Point to identify and add new directors who bring exceptional experience and track records to MiMedx.” On the day of the announcement, MiMedx’s stock price went up 36%. Will it continue to rise? It’s tough to say. Asbahi is obviously optimistic. Either way, the firm’s first foray into investor activism won’t be its last. “This long activism on MiMedx is simply another tool in our toolbox, another arrow in our quiver,” he says. “We are developing new skills and this is a part of that. It’s the most fun thing that I’ve done.”

SECT ION

INESS

FACES OF

FAMILY

BUSINESS

ms, LLC WilsonlsoFn ar n & Robert Wilso Peter Wi

225.123.4567

nt ra qui id que Restis dolorese am, si nisiti doaut qui consequ quis receper luptatur audi dus repudae odit ovidis re dolorpo ssimill ibermpo dere o volorepr imolorit audaepe ferum sim noss dunt unrchiciis rerciis ipSTABLISH dem reculparum RE ptam santio. Et hillu que et facium ium aut quo eossimoles re aut m odigenditiam qua tur. veni bla exerehen endant, sunte Usae prorro cull s ptat aspiet quo verspeligni dolu aquam, suntiis is il ium et exce tiumene parum int dolupie ntiis eosa es as sandam enit et volupit ndi taturibus aut sandem vit, sime dias mos sedit, quis ED

BE GA N WH ER E IT ALL

1955

.com

| wilsonfarms

BUSINESS YOUR FAMILY LVED? WHO STARTED YOU GET INVO que aut AND HOW DID esent ra qui id

dolor quis Lent ipicae restis tatur audi dus , si nisiti dolup epro qui consequam ae odit volor s re dolorpo repud aureceper ovidi nossimolorit ll iberferum sim ssimi po derem m ipsantio Hent rerciis reculparu iis rchic e daep que pratium. eossus mincim

quis tatur audi dus , si nisiti dolup equi consequam ae odit volor s re dolorpo repud rit receper ovidi sim nossimolo ssimill iberferum reculparum pro derempo m unde iis rerciis dunt audaepe rchic aut que et re tam facium ium exerehenipsantio. Et hillup bla veni nditiam quam uibus aut quo odige pratium delisq s mincim que que tur. Hent eossu eossus mincim quiatur. Hent ur. as magnihit et nihit et quiat uibus as mag pratium delisq

ED R ENCOUNTER HAVE YOU EVE FAMILY GES IN YOUR ANY CHALLEN BUSINESS? qui id que aut

doloresent ra quis Lent ipicae restis tatur audi dus , si nisiti dolup equi consequam ae odit volor s re dolorpo repud rit receper ovidi sim nossimolo ssimill iberferum reculparum pro derempo m unde iis rerciis dunt audaepe rchic aut que et tam facium ium quam veni ipsantio. Et hillup m nditia aut quo odige eossimoles re ur. bla exerehent quis simus, quadolorro dis ad s Omnimendit Re volum faccu ipsa dolorio. simpor res aut optas quo dunrempor autest, quam expernam sum eum at quam rum abor mus tibus versperna quati volut sa alibu sunt autatur

THAT SOMEBEST ADVICE WHAT’S THE ERED YOU? R FAMILY OFF aut ONE IN YOU t ra qui id que Lent ipicae restis

doloresen

HOW IS IT WOR

KING WITH FAM

ILY?

qui id que aut doloresent ra quis Lent ipicae restis tatur audi dus , si nisiti dolup equi consequam ae odit volor s re dolorpo repud molorit receper ovidi erum sim nossi iberf ll ssimi reculparum pro derempo dunt undem s rercii iis audaepe rchic aut que et tam facium ium veni ipsantio. Et hillup nditiam quam aut quo odige eossimoles re ur. delisquibus bla exerehent im que pratium minc s eossu tum Hent ur. Qui dolen nihit et quiat mag id ad qui dis as ad dolorro t. Omnimendit evelis aspeliquia ipsa dolorio. impor res aut quas s, simu quis

WHERE K TOGETHER, RELAX AS SINCE YOU WOR YOU LIKE TO AND WHEN DO id que aut A FAMILY? qui t ra

doloresen quis Lent ipicae restis tatur audi dus , si nisiti dolup qui consequam

LET US HIGHLIGHT THE BUSINESS YOU’VE GROWN IN THE SPECIAL PROFILE SECTION, “FACES OF FAMILY BUSINESS.”

Coming in the Top 100 issue Deadline to reserve: June 19

For more information, call Kerrie Richmond at (225) 421-8154 or email her at krichmond@businessreport.com

Daily-Report.com | BUSINESS REPORT, June 4, 2019

STABLISH RE

NEWS INSURANCE

If tort reform isn’t the answer to high auto insurance rates, what is? IF STATE LEADERS want to score an election-year win with both the public and the business community, they would find a way to lower Louisiana’s notoriously high auto insurance rates. That’s easier said, however, than done—especially when dealing with this state’s fractured Legislature. Despite a litany of annual proposals designed to address the problem, little has been accomplished over the years in the way of reducing premiums. Even the state’s most powerful business lobby couldn’t get its signature tort reform package— House Bill 372—passed this year, which it argues is the key to lower auto insurance rates. Louisiana drivers, meanwhile, are stuck paying the nation’s second-highest auto premiums, making insurance even more unaffordable in an already-poor state. The situation is perhaps worse for businesses with commercial fleets, which are essentially begging for relief from high rates, claiming the problem is at a near crisis level as carriers continue to depart the state’s commercial market. So why—on an issue almost everyone agrees must be addressed—has nothing been done? Because there are deep disagreements among powerful groups over how the problem should be fixed—if it can be fixed at all. Business and insurance experts, adamant that Louisiana’s litigious culture is to blame for high rates, have channeled their focus on tort reform measures. But those efforts run up against the formidable plaintiff bar, which argues proposed legal reforms favor insurers and won’t lower rates. Trial attorneys instead are pushing to curb 26

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

ISTOCK

There’s universal agreement on the problem in Louisiana, but finding an actual solution is proving impossible. BY ANNIE OURSO LANDRY

DENTED HOPES: Despite the nation’s second-highest auto insurance rates, Louisiana legislators have been unable to find an agreeable solution.

discriminatory pricing, though that too has been unsuccessful. There are other reasons for high rates both sides agree on, such as distracted driving and poor infrastructure. But proposals put forth this year—a gas tax hike and cell phone ban while driving—that could have tackled those issues were killed in the Legislature, along with tort reform. In short, lawmakers hunkered down and did nothing. “Efforts to reform different things have not generally been successful,” says Jeff Albright, CEO of the Independent

Insurance Agents & Brokers of Louisiana, which has pushed for tort reform to lower rates. “There’s just no political or legislative will to get it done.” The state even convened a High Auto Rates Task Force in 2018, requested by the Department of Insurance, to study the issue and recommend solutions. But critics say the group only met three times and focused mostly on the legal system reforms. “The kindest way to say that is the task force didn’t do its job,” says Baton Rouge attorney Robert Kleinpeter, who served on the task

“We’ve always had the highest claimsto-litigation rates in the nation. It goes back decades with the tort system.” JIM DONELON, Louisiana insurance commissioner

force on behalf of the Louisiana Association for Justice, which represents trial lawyers. Kleinpeter says the task force should have looked not only at what happens after a car crash that might raise rates, but also what happens before—such as distracted driving or, even further, unfair pricing when insurance policies are purchased. But those don’t appear to be areas where Louisiana is wildly out-of-step with the rest of the country, insurance experts say. To bring the state in line with national averages when it comes to auto insurance, they look to the legal system where Louisiana, most notably, stands out. “We’ve always had the highest claims-to-litigation rates in the nation,” says state Insurance Commissioner Jim Donelon. “It goes back decades with the tort system.”

And while it’s true distracted driving and bad roads can cause more accidents—which do lead to higher rates—Louisiana is just slightly higher than the national average in terms of fatal crashes and property damage claims filed. Where the Bayou State is most out-of-whack is in its auto lawsuits and bodily injury claims. According to the Insurance Research Council, Louisiana had the highest bodily injury claim frequency in the country in 2017, with 1.75 claims per 100 insured vehicles. The national average was 0.9. “The bodily injury claims rate is almost double the national average—way out of line with the accident rate,” Albright says. “It’s not because we’re more fragile. But it’s something in the legal system. We’re more likely to file claims.” Still, despite staggering statistics proving Louisiana is indeed litigious, the proposed tort reform efforts in recent years have struggled to establish sufficient evidence they would lower auto

DO UNINSURED MOTORIST RATES MATTER? NOT REALLY. WHAT ABOUT THE claim that Louisiana’s many uninsured motorist drive up rates? Well, the truth is the state’s uninsured population is not that high compared to other states—not even in the top 10. About 12% to 15% of Louisiana motorists are uninsured, while other southern states like Florida and Mississippi are at more than 20%. And even if the uninsured rate were to drop in Louisiana, Insurance Commissioner Jim Donelon says it “would not have a significant effect on rates for the rest of us.”

rates, critics say. “The biggest argument from what I gathered was that it left a bunch of question marks,” says state Sen. Rick Ward of HB 372— this year’s tort reform measure sponsored by Rep. Kirk Talbot to lower auto rates. The bill died in Senate Judiciary A, which Ward chairs. The Louisiana Association of Business and Industry has tagged the committee as the place “where tort reform goes to die,” as six of its seven members are attorneys. “It’s undeterminable,” Kleinpeter says of tort reform results. “We’ve been tweaking the legal system for 30 years—yet here we are.” Kleinpeter decries the fact

that proposed reforms always target the legal system but not the insurance companies. He brought in a California expert, Doug Heller, to testify in Senate Judiciary A on discriminatory pricing practices by insurers in which they base rates on arbitrary indicators such as wealth, gender, credit score and education. For instance, a woman with a high school degree and good driving record is likely to pay higher rates than a man with a master’s degree. There’s also something called a “widow penalty” when a spouse dies and auto rates go up. A bill in the Senate this year aimed to prohibit insurance providers from using credit reports

and gender for rate setting, but it didn’t make it out of the insurance committee. “We should be charged insurance premiums on how we drive, not who we are,” Kleinpeter says. “Insurance is a product, something we have to buy. The supply needs to be regulated so it’s not unfair.” Would implementing these regulations impact auto rates across the board? Kleinpeter says yes, citing a study that shows consumer protections and regulations have slowed rate growth in California. Donelon disagrees. “Some people talk about not using gender, age, credit scores— but if we precluded those, everyone who benefits from it, someone else will get the increase,” he says. “There’s no free lunch.” So where does all this backand-forth leave Louisiana drivers? Back to where they’ve always been—in the state with the most unaffordable auto insurance in the nation, and no agreed-upon solutions in sight.

Nationally recognized with “A” for patient safety Keeping our patients safe and healthy is our top priority. Our Lady of the Lake Regional Medical Center and Our Lady of the Lake Ascension are proud to receive an “A” hospital safety grade from The Leapfrog Group, a national patient safety nonproﬁt organization that recognizes excellence in safe, quality healthcare. This designation is one of the country’s highest safety awards, and is a testament to our team members’ continued dedication to patient safety and quality care. Thank you for entrusting us with your care.

Daily-Report.com | BUSINESS REPORT, June 4, 2019

BUSINE SS

R E PORT

LEADERSHIP A C A D E M Y

What will differentiate the winners from the losers won’t be technology or capital but leadership and a willingness to learn. —JOHN CHAMBERS

LEARN CONNECT GROW

This EXCLUSIVE Program is only for rising executives or small business owners who want to take their leadership to the next level.

Apply today for Fall 2019 at www.BRLeadershipAcademy.com

PAST TOP CEO GUEST SPEAKERS INCLUDE: TODD GRAVES, CEO- RAISING CANE’S; ROLAND TOUPS, CEO- TURNER INDUSTRIES; CHRIS MEAUX, CEO- WAITR; SEAN REILLY, CEO- LAMAR ADVERTISING

+ MORE!

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

FOCUS BANKING

Riding the consolidation wave

It’s been two years of mergers and acquisitions for the Baton Rouge banking market. BY CAITIE BURKES

ISTOCK

opportunity to expand. Though some institutions’ aggressive expansion efforts open up the gates for the acquisition of smaller community banks with less resources, local community bankers say deals like the Hancock Whitney-MidSouth merger ultimately make the market a healthier place. “It’s all positive, from my perspective,” says Gary Littlefield, market president at Gulf Coast Bank and Trust, and chairman of the board of directors for the Louisiana Bankers Association. “We want to see a healthy banking environment, so that’s what we’re dealing with here now.” The deal is part of a larger, nationally-triggered consolidation wave Baton Rouge’s market has ridden for over 30 years. Some consider it a cyclical phase,

COURTESY GARY LITTLEFIELD

WHEN MIDSOUTH BANK announced at the end of April it was merging into Hancock Whitney in a stock-for-stock transaction, few in Baton Rouge’s banking community were surprised. The deal, expected to close late in the third quarter, is effectively an acquisition of the smaller, Lafayette-based MidSouth by the larger Hancock Whitney, which will walk out with an additional $1.7 billion in assets, $900 million in loans, and $1.4 billion in deposits. By fetching MidSouth’s 42 branches between Louisiana and Texas, the move also allows Hancock Whitney to increase its footprint. At a broader glance, the deal marks the latest in a flurry of mergers and acquisitions in Baton Rouge over the past few decades, and the second so far this year. While two major national banks—Chase and Capital One—still collectively hold more than 50% of the local market share, both are shifting their power and resources out of tertiary markets like Baton Rouge and into bigger urban hubs. That, in turn, has given the Hancock Whitneys and other mid-sized, regionally focused banks the

with banks merging together and then splintering off into smaller, independent banks every few decades. But the past 10 years have differed in several aspects; namely, which factors have perpetuated the trend toward consolidation. In 1984, there were 302 commercial banks in Louisiana, carrying some $35 billion in total assets; today, it’s down to 107, and total assets have more than doubled, reaching $72 billion. In the early ’80s, more than 40 banks were headquartered in Baton Rouge; today, just three are. Much of the consolidation wave can be traced back to a landmark law passed in 1985 that allowed banks to cross both parish and state lines, ushering in an area of increased competition which ultimately resulted in the takeover or

“(The mergers and acquisitions are) all positive, from my perspective. We want to see a healthy banking environment, so that’s what we’re dealing with here now.” GARY LITTLEFIELD, market president, Gulf Coast Bank and Trust

closure of many local institutions. Exacerbating the issue was a mid-’80s dive in the state’s economy, when oil prices plummeted to $14 per barrel and banks lost business to energy companies that folded. The nation’s savings and loans industry collapsed in the early ’90s, removing more local lenders. So why is consolidation still happening today? Many smaller banks are still dealing with the lingering effects of the DoddFrank Wall Street Reform and Consumer Protection Act, an Obama-era piece of legislation targeting the sectors of the financial system that were believed to have caused the 2008 financial crisis, including banks, mortgage lenders and credit rating agencies. Particularly, the act’s regulatory compliance requirements place a heavy cost burden on community banks and smaller financial institutions, says Littlefield—despite the fact that they played no role in causing the financial crisis. “Some banks might’ve had two compliance people in their whole bank up until Dodd Frank got passed; by 2013, they’ve got five to seven people working in Daily-Report.com | BUSINESS REPORT, June 4, 2019

FOCUS

BANKING

compliance,” Littlefield says. “For a small community bank, that’s anywhere between $250,000 and $500,000 or above in per-year costs.” In 2018, Congress passed a new law that rolled back some of Dodd-Frank’s regulations, but Littlefield says the road had already been paved for community banks to latch to the scaleability, technology and other resources larger banks had to offer them. Moreover, banking, as a whole, is an aging profession. When looking for exit strategies, bank presidents, CEOs and board chairmen often view cashing out as a viable option, given the industry’s dwindling talent pool, fueled largely by previous cuts to institutional training programs. Others argue the consolidation period is driven not by mergers and acquisitions activity, but by the fewer number of bank charters being granted throughout the state within the past decade. “The pace of consolidation hasn’t picked up; it’s been pretty constant,” notes Jude Melville, CEO and president of Business

BATON ROUGE MARKET AT-A-GLANCE IN THE LAST quarter of 2018, Baton Rouge was the second-largest deposit market in the state, behind only the New Orleans-Metairie metropolitan statistical area. Baton Rouge

Institutions in market

Deposits (in millions)

$20,647

Asset distribution $100 million to $250 million

First Bank. “But since the financial crisis, new charters haven’t been put into motion, meaning replenishment is the bigger issue.” In other words, as costly as it is to operate a bank today, it’s even more of an obstacle to start one from scratch. Today’s de novos need more startup capital than those of the ’80s, especially considering all the in-house cybersecurity software now necessary for problems that didn’t exist decades ago. These considerations push the 13-year-old Business First to be strategic about where it expands, Melville says. The bank’s target

growth areas include those along Interstates 10, 12 and 20. Over the past four years, it’s acquired three banks in Baton Rouge, Minden and the greater Monroe area, while also opening branches in New Orleans and Dallas. The other two existing Baton Rouge-based banks are making moves of their own. Investar Bank is growing its presence along the Interstate 10 corridor—most recently expanding to Lake Charles—in an effort to bridge its presence to the greater Houston market, which it entered in March by acquiring Mainland Bank. Meanwhile, First National Bankers Bank announced last

1012INDUSTRYREPORT.COM

PRINT • E-NEWSLETTER • WEB • MOBILE • VIDEO Contact us today to build a multi-media marketing plan for you. info@1012industryreport.com BUSINESS REPORT, June 4, 2019 | BusinessReport.com

41 (35%)

SOURCE: Federal Deposit Insurance Commission

TARGET YOUR CUSTOMERS

Institutions

year it was opening a new capital markets office in Memphis. Doing business in Baton Rouge has proven beneficial, says John Everett, the new Baton Rouge market president of IberiaBank, who pegs “a stable and diversified market” as what attracted the Lafayette-headquartered bank to Louisiana’s capital city. IberiaBank has grown from a small community bank to the largest bank headquartered in Louisiana, and Baton Rouge’s fifth-largest bank in terms of market share last year. But IberiaBank hasn’t shied away from shrinking its retail footprint; the bank closed or consolidated seven of

its Louisiana branches in 2018— including one in Baton Rouge, on Sherwood Forest Boulevard—as part of a long-term strategy to improve efficiency as it focuses on digital banking. The physical consolidation of banks extends to larger national banks, such as Capital One Bank, which announced it would close its downtown Baton Rouge branch, among others, for the same reason in early 2018. “Now, you can take a photo of your check and make a deposit on your phone,” Everett says. “Those things have become just as important, if not more so, than brick and mortar.” Regional banking hasn’t been hit by the same wave of consolidation as community banking, says Regions Bank South Louisiana Area President Danny Montelaro. Regions right-sized its branch network about five years ago, Montelaro says, and has no plans to build more brick-and-mortar branches in Baton Rouge in the near future. Instead of growth, the bank is focusing on its

MORE ACQUISITIONS SINCE 2009, there have been 46 bank acquisitions in Louisiana, as well as one permanent bank closure (First NBC, in 2017). Below are the 13 acquisitions that affected branch locations in the Baton Rouge market, beginning with Hancock Bank’s 2011 acquisition of Whitney National Bank.

Year Bank

2011 Hancock Bank IberiaBank Investar Bank

Acquires

Survivor

Whitney Bank Omni Bank South Louisiana Business Bank

Hancock Whitney Bank IberiaBank Investar Bank

2012

Red River Bank

Fidelity Bank Baton Rouge

Red River Bank

2013

Home Bank

Britton & Koontz

Home Bank

Bank of Maringouin American Gateway Teche Federal

Guaranty Bank New Roads Business First Bank IberiaBank

2014 Guaranty Bank New Roads Business First Bank IberiaBank

2015

Community Bank Raceland

United Community Bank

2016

The First

Iberville Bank

The First

2017

2019

Hancock Whitney Bank

First NBC

Hancock Whitney Bank

Investar Bank

The Highlands Bank

Investar Bank

Hancock Whitney

MidSouth Bank

Hancock Whitney Source: Louisiana Bankers Association

Are you paying too much in business banking fees? Ready to start building a banking relationship that puts money back into your business? Contact one of our relationship officers today for your free account analysis and see how much Neighbors FCU can help you.

225.819.2178 ext. 2536 neighborsfcu.org/commercial Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government

Federally insured by NCUA National Credit Union Administration, a U.S. Government Agency

Daily-Report.com | BUSINESS REPORT, June 4, 2019

FOCUS

BANKING

SMALLER BRANCHES MAJOR NATIONAL BANKS are shrinking their branch footprint in tertiary markets like the Baton Rouge MSA, creating opportunities for rapidly growing mid-sized banks to expand. Of the 10 banks with the largest 2018 local market shares, only those with Louisiana headquarters expanded their offices. Institution

JPMorgan Chase

HQ (state)

# of branches in MSA (2008)

2008 market share

# of branches in MSA (2018)

2018 market share

OH 33 34.25% 33 34.26%

Capital One VA 28 17.6% 22 16.8% Hancock MS Whitney Regions

Hancock: 27 Whitney: 15

Hancock: 9.16% Whitney: 4.54%

13.48%

AL 31 12.2% 24 8.57%

IberiaBank LA 4 1.25% 7 4.28% Investar

LA 1

0.58% 12 3.46%

Business First LA

2.62%

2.92%

First Guaranty LA

0.82%

1.32%

Red River LA N/A Citizens Bank & Trust LA

N/A 1.06%

6 1.26% 7

Source: FDIC

People are surprised to know that

we have nurses that can help. Our nurses are really passionate about helping our members take the steps that are necessary to improve their lives.

Janet Chaisson Director of Nursing

01MK6936 11/18 Blue Cross and Blue Shield of Louisiana is an independent licensee of the Blue Cross and Blue Shield Association and is incorporated as Louisiana Health Service & Indemnity Company.

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

1.24%

petrochemical segment—where it’s seen the most growth over the past few years—as well as building its multi-channel portfolio for clients, having recently invested $625 million in technology. Looking ahead, recent federal actions allow for even more consolidation. In 2017, the Federal Reserve made it easier for banks to merge by lifting the combined size threshold that would trigger a much deeper regulatory probe, from $25 billion in assets to $100 billion. Even if the consolidation wave is merely cyclical, it would take several critical steps, say bankers, for the industry to return to a period of deconsolidation. These include: a greater investment in institutional education programs, the loosening of tight regulations imposed by Dodd-Frank, and increased assistance to de novo banks, and new charters. “It will take a greater recognition of the value community banks provide to the country,” says Melville, of Business First. “Community banking is important to who we are as a country.”

THE

Network

CONNEC TING WOMEN IN BUSINESS Powered by

PROFESSIONAL INSIGHTS FROM AND FOR SOUTH LOUISIANA

WOMEN IN BUSINESS A free e-newsletter delivered to your inbox at 7:30 AM on the first Tuesday of every month.

NEW

SUBSCRIBE TODAY TO SUBSCRIBE, VISIT

businessreport.com/thenetwork

For advertising opportunities, contact Kerrie Richmond at krichmond@businessreport.com or 225.421.8154

Daily-Report.com | BUSINESS REPORT, June 4, 2019

LISTMAKERS

Credit unions

UPCOMING LISTS:

Ranked by shares and deposits

PREV. RANK

COMPANY ADDRESS PHONE | WEBSITE

Neighbors Federal Credit Union 12529 Perkins Road, Baton Rouge 70810 225-819-2178 | www.neighborsfcu.org

Campus Federal Credit Union 6230 Perkins Road, P.O. Box 98036, Baton Rouge 70808 225-769-8841 | 888-769-8841 | www.campusfederal.org

La Capitol Federal Credit Union 700 Main St., Baton Rouge 70802-5501 225-342-5055 | www.lacapfcu.org

EFCU Financial 10719 Airline Highway, Baton Rouge 70816 225-214-6800 | www.efcufinancial.org

TOP LOCAL EXECUTIVE

2018-2017 SHARES AND DEPOSITS % CHANGE

6/18 Licensed homebuilders

7/30 Physician groups

7/16 Top 100 private companies

8/13 Hotels

EMPLOYEES MEMBERS

YEAR EST. LOCALLY MARKET AREA

Steve Webb CEO

$794.93 million $730.57 million 8.81%

259 72,972

$18.66 million $749.51 million $874.87 million

1954 Greater Baton Rouge

Jane Verret President and CEO

$582.86 million $556.89 million 4.66%

167 37,524

$46.23 million $473.77 million $641.07 million

1934 Louisiana

Michael Hooper CEO

$434.39 million $431.96 million 0.56%

181 47,744

$23.74 million $347.05 million $490.27 million

1961 Louisiana

Tyler Grodi CEO

$373.39 million $329.54 million 13.31%

100 43,496

$1.95 million $382.42 million $442.26 million

1934 Greater Baton Rouge

Pelican State Credit Union 3232 S. Sherwood Forest Blvd., Baton Rouge 70816 225-408-6100 | www.pelicanstatecu.com

Jeffrey K. Conrad CEO

$324.21 million $296.74 million 9.26%

273 53,763

$8.66 million $304.59 million $367.27 million

1956 Louisiana

Essential Federal Credit Union 21925 Highway 1 S., P.O. Box 738, Plaquemine 70764 225-353-8238 | 888-369-2207 | www.essentialfcu.org

Richard Williams President and CEO

$291.09 million $283.87 million 2.54%

123 37,173

$6.04 million $262.39 million $320.22 million

1972 Greater Baton Rouge

Baton Rouge Telco Federal Credit Union 13404 Airline Highway, Baton Rouge 70817-5917 225-924-8900 | www.brtelco.org

Darryl K. Long Manager and CEO

$260.6 million $258.88 million 0.66%

71 28,161

NA $269.38 million $296.89 million

1936 Greater Baton Rouge and Hammond

Eagle Louisiana Federal Credit Union 2271 College Drive, Baton Rouge 70808 225-927-1900 | 888-281-8485 | www.eaglefederal.org

Ginger Manint CEO

$99.04 million $97.05 million 2.04%

52 13,302

NA $90.93 million $110.83 million

1942 Louisiana

Wymar Federal Credit Union 37269 Highway 30, P.O. Box 457, Geismar 70734 225-673-7191 | www.wymarfcu.com

Ronnie L. Stephens CEO

$90.26 million $88.37 million 2.14%

16 4,474

$173,662 $76.8 million $107.84 million

1958 Greater Baton Rouge

Louisiana USA Federal Credit Union 10289 Airline Highway, P.O. Box 15745, Baton Rouge 70895 225-292-8910 | 800-375-2760 | www.lausafcu.org

James S. Foy CEO

$65.35 million $67.53 million -3.22%

34 9,022

NA $52.77 million $76.91 million

1939 South Louisiana

Department of Corrections Credit Union 504 Mayflower St., P.O. Box 4789, Baton Rouge 70802 225-342-6618 | www.doccu.org

Ellen S. Dunn CEO

$64.47 million $63.13 million 2.11%

53 12,820

NA $56.27 million $81.03 million

1957 Louisiana

Bayou Federal Credit Union 5880 Florida Blvd., Baton Rouge 70806 225-925-8800 | www.bayoufcu.org

Rhonda S. Linzy CEO

$62.65 million $63.94 million -2.01%

25 8,845

NA $48.64 million $70.73 million

1954 Southern U.S.

Ascension Credit Union 2430 S. Burnside Ave., P.O. Box 248, Gonzales 70707 225-621-2800 | www.ascensioncu.org

H. Lloyd Cockerham President and CEO

$54.84 million $53.82 million 1.9%

27 7,924

NA $46.58 million $61.7 million

1974 Ascension Parish

Baton Rouge Fire Department Federal Credit Union 11123 Boardwalk Drive, Baton Rouge 70816 225-274-8383 | www.brfdfcu.com

Dawn Heath CEO

$42.46 million $40.01 million 6.15%

13 5,407

$57,520 $47.08 million $53.59 million

1936 Greater Baton Rouge

Baton Rouge City-Parish Employees' Federal Credit Union 433 Government St., Baton Rouge 70802-6114 225-389-3059 | www.brcpefcu.org

Doris B. Richardson President and CEO

$41.53 million $41.84 million -0.74%

11 6,576

NA $20.59 million $51.39 million

1949 Greater Baton Rouge

GP Louisiana Federal Credit Union 1700 E. Mt. Pleasant Road, P.O. Box 520, Zachary 70791 225-654-7230 | www.gplafcu.com

Grace G. Perkins CEO

$38.81 million $38.33 million 1.23%

11 4,005

NA $32.85 million $43.66 million

1969 Greater Baton Rouge

BRECO Federal Credit Union 1850 S. Sherwood Forest Blvd., Baton Rouge 70816-8321 225-273-1529 | www.brecofcu.com

Joshua W. Poole President and CEO

$38.12 million $41.1 million -7.25%

13 5,562

NA $32.16 million $43.09 million

1994 Southern U.S.

LES Federal Credit Union 950 N. 22nd St., Suite C, P.O. Box 44201, Baton Rouge 70802 225-342-3288 | 800-259-3291 | www.lesfcu.com

Jackie Patin CEO

$29.47 million $29.96 million -1.65%

11 4,761

NA $18.44 million $33.46 million

1950 Greater Baton Rouge

Southern Teachers & Parents Federal Credit Union 728 Harding Blvd., Baton Rouge 70807 225-775-8597 | www.stpfcu.com

Jama R. Haynes CEO

$27.1 million $28 million -3.23%

15 4,562

NA $14.56 million $29.73 million

1937 Louisiana

Geismar Complex Federal Credit Union 35294 Highway 30, Geismar 70734 225-673-3371 | www.gcfcu.net

Tammy D. Sides CEO

$25.72 million $26.64 million -3.45%

7 2,370

NA $16.35 million $28.35 million

1980 Ascension Parish

DBA-doing business as NA-not applicable NR-did not respond NR-not ranked To be featured in Business Report's Listmakers, credit unions have to be based in the nine-parish Capital Region and have information available on the National Credit Union Administration website. The Business Report presumes the provided information is accurate. Information about all 30 credit unions in the region will be available to subscribers on our website. To be considered for next year's list, please contact Alaine Keisling at research@businessreport.com. Published June 4, 2019.

2018 BUSINESS LOANS TOTAL LOANS ASSETS

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Researched by Alaine Keisling

Your New Business Partner

Business Loans | Business Checking & Savings | Online Banking | Merchant Services

Louisianaâ€™s Top Business Credit Union 888.769.8841

CampusFederal.org Daily-Report.com | BUSINESS REPORT, June 4, 2019

LISTMAKERS

Banks Ranked by local deposits

PREV. RANK

COMPANY ADDRESS PHONE | WEBSITE

2018/2017 LOCAL DEPOSITS PERCENT CHANGE

LOCAL/TOTAL LOCATIONS

2018 GBR MARKET SHARE % OF DEPOSITS LOCAL* TOTAL DEPOSITS

ENTERED MARKET HEADQUARTERS

HOLDING COMPANY

JPMorgan Chase Bank 451 Florida St., Baton Rouge 70801 225-332-4022 | www.chase.com

$7.07 billion $7.32 billion -3.38%

33 5,144

34.26% 0.56% $1.27 trillion

2004 Columbus, Ohio

JPMorgan Chase & Co. New York, N.Y.

Capital One Bank 6920 Bluebonnet Blvd., Baton Rouge 70810 225-381-7550 | www.capitalone.com

$3.47 billion $3.41 billion 1.62%

22 604

16.8% 1.49% $233.07 billion

1987 McLean, Va.

Capital One Financial Corp. McLean, Va.

Hancock Whitney Bank 445 North Blvd., Baton Rouge 70802 225-381-0424 | www.hancockwhitney.com

$2.78 billion $2.63 billion 5.7%

31 201

13.48% 12.47% $22.32 billion

2014 Gulfport, Miss.

Hancock Whitney Corp. Gulfport, Miss.

Regions Bank 400 Convention St., Baton Rouge 70802 225-388-2700 | www.regions.com

$1.77 billion $1.86 billion -4.74%

24 1,476

8.57% 1.83% $96.61 billion

1997 Birmingham, Ala.

Regions Financial Corp. Birmingham, Ala.

IberiaBank 4451 Bluebonnet Blvd., Suite D, Baton Rouge 70809 225-923-5561 | www.iberiabank.com

$883.81 million $749.71 million 17.89%

7 214

4.28% 3.75% $23.58 billion

2004 Lafayette

IberiaBank Corp. Lafayette, La.

Investar Bank 10500 Coursey Blvd., Suite 2 and 3, Baton Rouge 70816 225-757-7117 | www.investarbank.com

$714.93 million $606.43 million 17.89%

12 20

3.46% 58.04% $1.23 billion

2006 Baton Rouge

Investar Holding Corp. Baton Rouge, La.

Business First Bank 500 Laurel St., Baton Rouge 70801-1811 225-248-7600 | 877-614-7600 | www.b1bank.com

$603.81 million $574.6 million 5.08%

9 18

2.92% 44.87% $1.35 billion

2006 Baton Rouge

Business First Bancshares Baton Rouge, La.

First Guaranty Bank 2231 S. Range Ave., Denham Springs 70726 225-791-7964 | www.fgb.net

$273.23 million $260.84 million 4.75%

5 27

1.32% 17.77% $1.54 billion

2002 Hammond

Smith & Hood Holding Co. LLC Amite, La.

Red River Bank 9400 Old Hammond Highway, Baton Rouge 70809 225-923-0232 | www.redriverbank.net

$260.29 million $257.71 million 1%

6 23

1.26% 16.51% $1.58 billion

2013 Alexandria

Red River Bancshares Inc. Alexandria, La.

Citizens Bank & Trust Co. 57910 Main St., Plaquemine 70764 225-687-1916 | www.citizensbankandtrust.com

$255.99 million $233.68 million 9.54%

7 7

1.24% 100% $255.99 million

1916 Plaquemine

Citizens Bancorporation Inc. Plaquemine, La.

Bank of Zachary 4743 Main St., Zachary 70791 225-654-2701 | www.bankofzachary.com

$223.16 million $217.67 million 2.52%

3 3

1.08% 100% $223.16 million

1904 Zachary

Zachary Bancshares Inc. Zachary, La.

BancorpSouth Bank 6100 Corporate Blvd., Baton Rouge 70808 225-768-1100 | www.bancorpsouth.com

$217.74 million $185.76 million 17.22%

5 289

1.05% 1.64% $13.31 billion

2004 Tupelo, Miss.

Does not have holding company

The First 8810 Bluebonnet Blvd., Baton Rouge 70810 225-228-7275 | www.thefirstbank.com

$207.18 million $209.83 million -1.26%

9 58

1% 9.77% $2.12 billion

2014 Hattiesburg, Miss.

First Bancshares Inc. Hattiesburg, Miss.

Peoples Bank & Trust Co. 805 Hospital Road, New Roads 70760 225-638-3713 | www.thefriendlybank.com

$207.08 million $198.85 million 4.14%

3 3

1% 100% $207.08 million

1980 New Roads

Peoples Bancshares of Pointe Coupee Parish Inc. New Roads, La.

Guaranty Bank & Trust Co. 175 New Roads St., New Roads 70760 225-638-8621 | www.guaranty-bnk.com

$178.57 million $187.67 million -4.85%

6 6

0.86% 100% $178.57 million

1957 New Roads

Great Guaranty Bancshares Inc. New Roads, La.

United Community Bank 11280 Coursey Blvd., Baton Rouge 70816 225-293-8344 | www.ucbanking.com

$172.53 million $161.85 million 6.6%

4 10

0.84% 38.47% $448.49 million

2015 Raceland

Community Bancorp of Louisiana Inc. Raceland, La.

First National Bankers Bank 7813 Office Park Blvd., Baton Rouge 70809 225-924-8015 | www.bankers-bank.com

$152.48 million $165.13 million -7.66%

1 5

0.74% 36.83% $414.03 million

1984 Baton Rouge

First National Bankers Bankshares Inc. Baton Rouge, La.

Plaquemine Bank and Trust Co. 24025 Eden St., Plaquemine 70764 225-687-6388 | www.plaqbank.com

$135.76 million $130.36 million 4.15%

1 1

0.66% 100% $135.76 million

1968 Plaquemine

Plaquemine Bancshares Corp. Plaquemine, La.

Landmark Bank 12225 St. Helena St., Clinton 70722 225-683-3371 | www.landmarkbankla.com

$120.42 million $101.02 million 19.21%

3 3

0.58% 100% $120.42 million

1897 Clinton

Clinton Bancshares Inc. Clinton, La.

Feliciana Bank & Trust Co. 10926 Plank Road, Clinton 70722 225-683-8565 | www.felicianabank.com

$117.35 million $104.04 million 12.79%

3 3

0.57% 100% $117.35 million

1904 Clinton

Feliciana Bancshares Inc. Clinton, La.

DBA-doing business as DNR-did not respond GBR-Greater Baton Rouge NR-not ranked *-percent of bank's total deposits that are local To be featured in Business Report's Listmakers, banks must have at least one office in the nine-parish Capital Region and have local information available from the Federal Deposit Insurance Corp. The FDIC determines market share information based on deposits as of June 30 each year. The Business Report presumes the provided information is accurate. Information about all 34 banks in the region will be available to subscribers on our website. To be considered for next year's list, please contact Alaine Keisling at research@businessreport.com. Published June 4, 2019.

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Researched by Alaine Keisling

VIEWPOINT

THE BIG PICTURE

A baby step forward for north Baton Rouge

STEPHANIE RIEGEL IN A RECENT column, I questioned why Louisiana, in general, and Baton Rouge, in particular, are so mired in the problems of the past and unable to move forward. Why can’t we get anything right? A small—but growing—group of longtime, north Baton Rouge residents has decided the situation isn’t hopeless. They’re taking the bull by the horns and looking inward to tackle the crime, blight and educational problems that have plagued their community for decades. They call themselves the 70805 Community Action Network and they are the brainchild of 65-yearold Pearl Porter, a minister, mother, grandmother and smalltime entrepreneur who has sold Avon and Tupperware over the years, done home interior work and hosted garage sales. “Anything to make the ends meet,” she says. Porter and a handful of her fellow 70805 residents first met last November. There wasn’t a single catalyst that pushed them to mobilize; just a collective determination to do something about the piles of trash and debris that dot their neighborhoods,

REFLECTIONS

TAKING UP THE FULL ARMOR OF GOD This feature is a tribute by our publisher in honor of Business Report founder, Rolfe H. McCollister Sr.

the abandoned lots that serve as dumping grounds for used tires, and the related problems that follow—namely, crime—in dirty, blighted communities where residents don’t seem to care. Besides, they were tired of their complaints to City Hall falling on deaf ears. Porter says her son called 311 for more than a year to report a trash pile down the street from her house before anyone came to pick it up. Longtime 70805 resident Cheryl Magee’s experience was even more maddening. She notified 311 multiple times about the overgrown lawn of a house down her block that flooded in August 2016, even posting pictures of the lot to the 311 website. “When I checked up on the app, it said the work had been completed … even though nothing had been done,” she says. “That’s when I decided to go to the meeting.” Instrumental in helping the group get organized has been local businessman Tommy Campbell, who owns rental property in north Baton Rouge and recently began renovating small, single-family homes to make available to first-time homebuyers. (I wrote about his efforts in March; since then, he’s found buyers for all three houses.) “This is about people taking ownership at the grassroots level for their problems and learning how to solve them for themselves,” he says. Campbell initially encountered some skepticism when he told the group they could make a difference by doing for themselves what government and others in the community were not.

“They said, ‘You live in Goodwood. You’re used to people doing stuff for you in your neighborhood,’” he recalls. “I said, ‘I’m here in north Baton Rouge. I do business here. Let’s do for ourselves and quit complaining about what’s not happening.” While the group’s focus has been on self-empowerment, some government help is, admittedly, needed. It just boils down to knowing who to call and how to ask. Campbell reached out to his own district council member, Matt Watson, who doesn’t represent north Baton Rouge but has made tackling blight his favored cause. Their first target was a used tire store on North Foster Drive that had been abandoned since the 2016 flood. More than 650 tires littered the property. Watson and Campbell set out to work, helping the neighborhood clean up the lot by hauling tires to the curb. Watson asked Department of Maintenance Director Kyle Huffstickler to send a truck, which made two trips to remove them all. The Baton Rouge Police Department showed up, too, providing a detail to stop traffic on the street while the tires were being removed. It was a coordinated effort that involved local government. But only after the neighborhood took the first step through an organized, determined effort did things start to happen. “It was an early win,” Campbell says. “A small step, but it showed them that people do listen and do care.” Next, Watson and Campbell drove around 70805 between Airline Highway, Scenic Highway and Choctaw Drive, identifying 43

THERE ARE SIX pieces to the armor of God referred to in Ephesians 6. The next six Reflections will cover each piece one at a time. Notice the reason given in Ephesians 6:13 for the need to take up the full armor of God. “Therefore, take up the full armor of God, so that you will be able to resist in the evil day, and having done everything, to stand firm.” The full armor of God is needed to resist our enemy—the devil and to stand firm against him. Pay attention in Ephesians 6:12 to the insight when the spiritual battle and warfare is full on—especially in relationships. It clarifies who is the real enemy! The enemy in relationships

blighted properties with uncollected trash and debris. Republic, the company that provides sanitation services for the parish, isn’t required under the terms of its contract to pick up debris from unoccupied properties. Watson called the company’s local manager and urged her to do it anyway, then spent the better part of a Saturday in late May riding with the garbage trucks, while they collected debris from more than 20 of the 43 trouble spots. “We didn’t get them all,” he says. “But we hit debris piles that had been sitting out there since the flood.” Meanwhile, Campbell is helping Porter and the Community Action Network create neighborhood watch groups. They’re putting up signage. At their meetings, they’re trying to inform and empower those who show up to be more vigilant about reporting truants, crimes, gunshots and to stop assuming that no one cares or that no one will do anything. Is it enough to make a longterm difference? Is the model for moving a community forward pure grassroots activism, with a little guidance from a seasoned businessman and a helping hand from a council member, who doesn’t even represent that district? It’s too soon to say. But any change for the better is a good thing, and Porter says she’s determined to grow the effort and make sure that whatever progress they make is not undone by apathy in the future. “This is the responsibility of the people who live here,” she says. “It’s up to us to keep it up and to help each other.”

a lot of the time is not the person itself but the spiritual forces at work behind the scenes. “For our struggle is not against flesh and blood, but against the rulers, against the powers, against the world forces of this darkness, against the spiritual forces of wickedness in the heavenly places.” Let’s proceed in the next six Reflections with insight into the six pieces of armor and how to use them. This armor is adequate to win every battle! However, we need to take it up and put in on! —COL Jeff Mitchell, State Chaplain, Louisiana Army National Guard

Daily-Report.com | BUSINESS REPORT, June 4, 2019

VIEWPOINT

RANDOM THOUGHTS

The wasted potential of Baton Rouge

JR BALL AS SOMEONE WHO grew up somewhere other than here, it’s forever amazing to me how Baton Rouge—a natural resource rich capital city with the state’s flagship university and a high-potential health care sector—can’t get out of its own way long enough to even come close to capitalizing on its enormous possibilities. No doubt, there are a Tiger Stadium full of reasons—real and imagined—for this, but, ultimately, we’re not all that we can be because we’ve made the very conscious choice not to be all that we can be. Make no mistake, Baton Rouge is teeming with individuals chasing personal greatness. We’ve also got more than our fair share of entrepreneurs and small business owners working tirelessly to evolve and disrupt their companies in the quest for a better life for their families and employees. And, my goodness, few cities in America have more nonprofits running around trying to do good in their own little niche. Yet—and it’s a big yet—when’s the last time these individuals, companies and nonprofits joined forces for anything? The answer would be whenever there’s a natural disaster, like the August 2016 flood when the whole of East Baton Rouge Parish came together for the greater good of rescue, survival and rebuilding. Despite the horrific tragedy, it was incredibly inspiring—and heartwarming—traveling to hardhit north Baton Rouge and what soon may become St. George and seeing residents of every 38

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

race, gender, orientation and economic status working handin-hand to empty waterlogged homes, turn an empty movie studio into temporary housing for thousands of instantly homeless neighbors and, in general, just be there for one another. There was no Baton Rouge divide during those steamy August days and nights. For the better part of two months we were a unified community of one, hellbent on lifting everyone—no matter who they were—to a better place. This kumbaya moment, brought to us by crisis, as well all know, didn’t last. The flood waters receded, and we retreated back to our neighborhoods and single-entrance subdivisions of isolation and parochialism. And that’s a shame. Because, bluntly put, doing what we’ve been means Baton Rouge will never realize its potential to become an economically thriving and diverse city with a quality of life capable of attracting and retaining the talent necessary to compete in a world powered by knowledge, research and innovation. Our crisis isn’t one of life or death; it’s one of mediocrity. I thought about this troubling reality as the St. George argument makes its way from the streets of Baton Rouge to the legislative halls of the State Capitol. The path from there seems clear: to voters in the proposed incorporation area in November and then through who knows how many courtrooms in the months and years ahead. The only certainty is vitriol. Those wanting to blame this financial freedom movement solely on Baton Rouge’s very real racial and economic divides are missing the larger picture. Go ahead, scream racial

disharmony is driving the desire to create an independent suburban city, but that same discord— though not drawing the same outrage—is also fueling the demand from north Baton Rouge residents to create a self-serving city government. These actions are merely the effect. The cause is a complete and utter lack of trust—in both our local government and its leaders as well as in ourselves. Think about it. Both sides of the divide are fighting for a better life. Both want better education opportunities for their children. Both want their legitimate concerns not just heard, but actually addressed. Yet the absence of trust—and an increasingly polarized political world—makes the hope of finding any islands of compromise or common ground about as likely as LSU beating Nick Saban’s Alabama football team. Seriously, the motives of distrust behind St. George and those calls for a city council aren’t much different from those that led to the independent taxing authorities of BREC, the library system, CATS and the Council on Aging. We simply don’t have an iota of collective trust in the mayor and Metro Council—regardless of who fills those seats—to make smart decisions. And, yes, let’s not be naïve, there’s also massive distrust in those who look different, think different politically or belong to a different economic class. Our response is the creation of special interest solutions that are not only remarkably inefficient but also cost taxpayers way more money. Trust isn’t our only problem. Largely unnoticed is how risk-adverse Baton Rouge is as a community.

Baton Rouge will never become that muchhyped next great American city—which we actually could sniff if we ever got serious—until we collectively get sick of being so average.

I’m not smart enough to know exactly why. Is it due to Baton Rouge being home to an inordinate number of public-sector workers, who tend not to be the biggest risk-takers? Might it have something to do with all the plant workers whose job is to actually mitigate risk? Is it because a significant portion of our population—and certainly those who have the money, power and clout to make things happen—are quite comfortable with life in Baton Rouge? They live in fabulous homes in equally fabulous gated or single-entrance subdivisions in tony pockets of Baton Rouge and, frankly, whatever quality of life desires they crave is just a private or first-class plane ride away. My point: What exactly is their motivation to demand a different, more evolved Baton Rouge? This much I do know: Baton Rouge will never become that much-hyped next great American city—which we actually could sniff if we ever got serious—until we collectively get sick of being so average. Most of the people I meet here love to regale me with tales of their high school feats of athletic accomplishment. I promise you all of those district, city and state titles were won by teams where the players not only trusted their coaches but also set aside personal differences with their fellow players, focusing instead on the greater good of working together to win games. Using coach speak, Baton Rouge is a “me town,” not a “we town.” Drop the “me” and adopt the “we” and this city can compete. But that can’t—and won’t— happen until we trust. Until then, here’s a question: Other than LSU football and the New Orleans Saints, name something we, as a people, take great collective pride in regarding our community? The answers—or the absence of them—might shed some light as to the state in which Baton Rouge finds itself.

Issue Date: 5-7-19 Ad proof #1

VIEWPOINT

FEEDBACK

INBOX

WORD ON THE STREET

Florida Boulevard was—and continues to be—poorly planned (“No Man’s Land,” May 21). I believe the problem started when planners allowed a huge tract of land north of Florida to be so poorly zoned and/ or developed. Because of (a variety of) issues, I got myself on the city’s Sustainable Transportation Committee. I am trying to do something about it. I believe I have a good plan that could work now to improve the street for pedestrians, cyclists, transit riders and cars. —Sam Irwin

Florida Boulevard should be considered a major embarrassment for Baton Rouge. What should be a major corridor to downtown is a scary ride through what looks to be essentially a slum, especially from South Foster to Interstate 110. A couple of things I recommend: 1) Hold property owners responsible for maintaining abandoned properties. 2) Find a way to clean up the crap. 3) Divide the road into sections and focus on the needs of each. Hopefully the rejuvenation of downtown and the work on Government Street will spillover to Florida. —tim-brla

Florida Boulevard is basically the dividing line between depressed north Baton Rouge, with all of its inherent problems, and prosperous south Baton Rouge. It has been deteriorating since the 1970s because of the proximity of low income, crime infested areas of north Baton Rouge. Businesses gravitate to areas where they can make money (those with greater expendable income) without the hassles of crime and the associated issues. Unfortunately, with the incompetent and clueless leadership in East Baton Rouge Parish—and residents failing to make changes—nothing will change. —Percy Blakeney

Daily-Report.com | BUSINESS REPORT, June 4, 2019

YOUR BUSINESS

COMPANY NEWS

COMPANY NEWS Capitol Imaging plans to open its newly renovated office at Bluebonnet Imaging Center in early June. The office features all new imaging equipment and expanded services that will feature a GE 3T MRI, a Hitachi high field, 1.2T Open MRI, a Hitachi 32 Slice CT, GE Digital X-ray and Fluoroscopy technology, and Nuclear Medicine. The Livingston Parish Chamber of Commerce recently hosted its 8th Annual Livingston Parish Expo and Job Fair, spanning industries such as health care, nonprofit, financial services and more. A total of 18 local businesses participated in the expo, which also featured a restaurant challenge in which 11 local eateries competed for three prizes.

the 10 control objectives of the Unified Certification Standard for Cloud & MSPs and is the oldest certification program for cloud computing and managed services providers.

Health Network, has opened Sage Wound Care: A Center for Restoration and Healing. Located at 8000 Summa Ave. in Baton Rouge, the center offers comprehensive and holistic outpatient wound care services for treatment and prevention of skin breakdown due to chronic conditions. A grand opening was held April 30.

The Baton Rouge Water Company ahead of 25 other southern regional water utilities serving cities such as Tampa, Nashville, Dallas, Charlotte, Atlanta, Houston, Austin and Birmingham. The Baton Rouge Water Company finished in a three-way tie for the top ranking nationally, up from second place last year.

Lacey Meier has passed the third and final test in the National Council for Interior Design Qualification exam Meier series, and is now a certified interior designer. Meier has worked at Gator Millworks for more than six years.

ACCREDITATION CERTIFICATION CMA Technology Solutions has successfully completed the MSPAlliance’s MSP Verify Program certification and SOC 2 Type 2. The MSPCV is based on

Sage Wound Care

Sage Rehabilitation Hospital and Outpatient Services, part of The Carpenter

AWARDS HONORS The Baton Rouge Water Company earned a customer satisfaction index score of 747, the fifth best ranking in the south and well above the southern average of 729 in the “Annual Water Utility Residential Satisfaction Study” conducted by global marketing research company J. D. Power. This CSI score for 2019 placed

BBQGuys was named the national Small Business of the Week by the U.S. Senate Committee on Small Business and Entrepreneurship. The committee recognizes one small business each week. Founded in 2000, BBQGuys has grown to become the nation’s leader in outdoor living online retailers, employing nearly 200 people. BBQGuys is an e-commerce company based in Baton Rouge, offering outdoor living products. Several businesses were recognized recently by ACG Louisiana, the Louisiana Chapter of the Association for Corporate Growth. The ACG Louisiana Awards, presented by Hancock

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

Brian Nizzo

Vice President First American Bank and Trust BRIAN NIZZO began his banking career in 2005 soon after he graduated from LSU. In 2006, Brian joined First American Bank and Trust as a lending officer and then graduated from the Graduate School of Banking where he gained a broader knowledge of banking. Brian was recently promoted to Chief Lending Officer of First American Bank. He now oversees a team of 32 lenders among 25 Branches. His focus is for his team to be among the best in the field by offering exceptional customer service while providing the right products based on the customer’s needs. Contact Brian at bnizzo@fabt.com. Issue Date: 06.04.2019 Goff.Ad proof #1

Consumers are looking for bankers and financial advisors who have their best interests at heart when it comes to their financial needs and concerns. These professionals, along with their experience, will help you to navigate the financial waters.

Issue Date: 06.04.2019 Ad proof #1

BANKING & FINANCE

PEOPLE IN

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

SPECIAL ADVERTISING SECTION

Pete Goff Jr. Commercial Relationship Manager Home Bank AS A FORMER CFO and business owner, I bring a unique perspective to commercial lending – I’ve been on both sides of the table, and I understand the needs of my clients. My niche is in development of residential and commercial projects, office buildings, multi-family housing, and all types of construction loans. I take pride in providing clients the funding to work from the “raw land” stage to a completed project that adds value to the asset acquired and wealth to the community.

Whitney Bank, recognize growth companies, business professionals and noteworthy transactions throughout the state. Local award winners include Greenup Industries, owned and operated by Rodney Greenup Jr., Emerging Growth Company; Lamar Advertising Company for acquisition of Fairway Outdoor Advertising, Deal of the Year; and Chris Meaux, founder and CEO of Waitr Holdings Inc., Deal Maker of the Year.

III, environmental: senior statesman; Katherine King, energy and natural resources: utilities; Carrie Tournillon, energy and natural resources: utilities; and J. Randy Young, energy and natural resources: utilities. The firm has also been ranked in the following practice areas: corporate/M&A (Band 3), energy and natural resources: utilities (Band 1), environmental (Band 1), labor and employment (Band 3), and real estate (Band 3).

Twelve attorneys from Kean Miller are listed in the 2019 edition of Chambers USA-America’s Leading Lawyers for Business. Those recognized and their practice areas include: Dean Cazenave, corporate/M&A; G. Blane Clark Jr., corporate/M&A; Linda Perez Clark, corporate / M&A; Christopher Dicharry, corporate/M&A, senior statesman; Isaac McPherson “Mack” Gregorie Jr., real estate; Maureen Harbourt, environmental; A. Edward Hardin Jr., labor and employment; Erin Kilgore, labor and employment; Leonard Kilgore

Several local companies have been recognized by Louisiana Economic Development and the U.S. Small Business Administration as 2019 Louisiana Small Business Award winners. The winners are: James Moore of Expert Maintenance & Construction Services, Prairieville, Minority Business Champion; Wayne, Kyle and Candice Perrilloux of PrintingSource, Baton Rouge, Family-owned Business Champion; Pat Crawford of DMI Contractors, Baton Rouge, MEP of Louisiana Small Manufacturing

Award; Jim Urdiales, Mestizo Louisiana Mexican Cuisine, Baton Rouge, NFIB Small Business Champion; and Lt. Gov. Billy Nungesser, Department of Culture, Recreation & Tourism, 2018 Hudson and Veteran Champions Office of State Procurement Agencies Recognition. Ochsner Clinic Foundation, doing business as Ochsner Health System, was recently assigned an “A” issuer credit rating with a stable outlook by S&P Global Ratings. TEAM Honda of Baton Rouge has earned the prestigious President’s Award from American Honda Motor Co. Inc. for excellence in its sales and service performance, in the sales experience it delivers to customers and in its business operations. This is the 16th year TEAM Honda has received the Honda President’s Award, more than any other Honda dealer in the Gulf South region. Earlier this year, TEAM Honda was also recognized

by J.D. Power as a Dealer of Excellence, an honor awarded to a select number of vehicle dealerships throughout the United States that provide exceptional customer service. Realtors with Villar and Company Real Estate were recently recognized for their outstanding 2018 listing and selling accomplishments. Gold Sales Awards were given to Sandy Scallan, $7.7 million, and Sherri Rachal, $5.1 million; Silver Sales Awards were given to Jeff Gautreau, $4.7 million, and Charley Robinson, $3.8 million; Bronze Sales Awards were given to Dee Robinson, $2.9 million, Deborah Kiser Parks, $1.5 million, Loretta Cook, $1.4 million, and Rickie Bliss, $1.3 million. Individual honors for Top Listing Agent and Top Producer went to Scallan; Rookie Of The Year award went to Brenda Stephens; and Most Co-Operative Spirit award went to Ivan Chandra.

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

Kelvin Luster

Banking Center Manager at Corporate and Long Farm Home Bank CUSTOMER RELATIONSHIPS aren’t just business transactions to me. It’s my goal to make each customer feel at home, comfortable and valued when they’re at Home Bank. My teams at Corporate Boulevard and Highland Road (moving in June to Long Farm) are terrific, and we love helping our customers find solutions to their banking needs. Because Home Bank is a community bank, we’re able to be responsive and nimble while offering the technologies and products businesses and families want. Issue Date: 06.04.2019 Mire.Ad proof #1

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

Reynold Lagarrigue

Banking Center Manager at Sherwood Forest and Bluebonnet Home Bank THOUGH I’M NEW to Home Bank, my career in banking spans a decade. My team and I had the pleasure of opening the doors to a new Home Bank office on Sherwood Forest last month, and we’re pleased to offer more convenience to our Baton Rouge customers. I invite you to visit Home Bank and experience the personal service our bankers provide. From business solutions to personal accounts and loans, we’re with you every step of the way. Issue Date: 06.04.2019 Luster.Ad proof #1

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

Russ Ladnier

Commercial Relationship Manager Home Bank IN THE BATON ROUGE business scene, there’s always movement, new growth and opportunities. I take pride in being a part of that growth by helping customers and businesses fund new construction, upgrade equipment or expand a location – no two loans are alike. Whether it’s a small family-run shop or a large corporation on the move, I love digging in and learning how Home Bank can be part of the progress. Your dreams are my dreams, too. Issue Date: 06.04.2019 Lagarrigue.Ad proof #1

Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS

SPECIAL ADVERTISING SECTION

Debbie Mire Senior Commercial Relationship Manager Home Bank OUR SUCCESS IS measured by our clients’ successes. We’re in tune with our local economy and understand the unique factors that impact it. As community bankers, we live and work here, too. That makes a difference when a business needs us. We not only have the capacity to take care of our clients’ big needs, but we also have the willingness to take care of the small ones. We’re a family of bankers, and we truly care. Our pride comes from seeing clients reach and exceed their goals.

Daily-Report.com | BUSINESS REPORT, June 4, 2019

YOUR BUSINESS

MOVING UP

BANKING AND FINANCE Robert Stuart recently joined Hancock Whitney as a senior vice president, middle market banker. Stuart previously worked at Wells Fargo for three years, and before that at Chase Bank for four years. Stuart is a Baton Rouge native, and is active with Junior Achievement and the Big Buddy Program. INSURANCE Diane Howell has joined Blue Cross and Blue Shield of Louisiana as vice president, benefit operations–core systems configuration and operational reporting. Howell brings 16 years of experience in business systems analysis and health care management applications. Howell comes to Blue Cross from CareFirst BlueCross BlueShield in Baltimore, where she served as senior director, facets integration, delivery and support. Before CareFirst, she worked for the TriZetto Group in Denver and as senior business systems analyst at Blue Cross Blue Shield of South Carolina.

ROBERT STUART Hancock Whitney

CHET PILLEY BXS Insurance

Chet Pilley has been promoted to director of analytics for the employee benefits division of BXS Insurance, a subsidiary of BancorpSouth Bank. In this role, Pilley will guide a team of analysts in providing clients with deep insights into cost drivers, emerging issues and administrative partner performance. Previously, Pilley served as a senior data analyst, developed BXSI’s proprietary employee benefits analytics system, and served as the lead pharmacy benefits consultant for the agency. Amy Underwood has been promoted to VP/director of sales development and operations for the employee benefits division

Stay Informed. www.businessreport.com sponsored by:

LOUISIANA FIRE EXTINGUISHER, INC. 42

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

AMY UNDERWOOD BXS Insurance

KENNON BREAUX Kean Miller

RICHARD LEIBOWITZ Butler Snow

JODI CONACHEN Mary Bird Perkins Cancer Center

of BXS Insurance, a subsidiary of BancorpSouth Bank. In this role, Underwood will support BXSI’s organic growth and enterprise-level business initiatives; deploy resources and ensure utilization among clients; and lead the sales team by providing guidance and education. Most recently, Underwood served as BXSI’s VP/director of resources innovation; through processes and technology, she implemented additional resources for clients to enhance their employee benefit plans. Underwood has more than 10 years of experience in the employee benefits industry.

named chief financial officer for Kean Miller. Kennon will be responsible for all accounting and financial functions, including budgeting, financial and managerial reporting, internal control, employee retirement 401(k) plan management, financial analysis and treasury management. Additionally, she will be involved in the firm’s strategic planning process, alternative fee proposal development and innovative pricing efforts. Kennon will supervise a team of accounting professionals and will work closely with key management personnel.

LAW Kennon Breaux has been

Richard Leibowitz has joined the Butler Snow Baton Rouge

positions at the Louisiana Department of Transportation and Development and Woman’s Hospital.

PETER CLAFFEY Knock Knock Children’s Museum

ANDY BROWN Louisiana Farm Bureau Federation

KYLE MCCANN Louisiana Farm Bureau Federation

office. Leibowitz will practice with the firm’s public finance, tax incentives and credit markets group. Leibowitz has more than 34 years of practice experience in public finance. He frequently serves as bond counsel for the state of Louisiana, political subdivisions, local agencies and public trusts, and represents underwriters in public finance transactions. Leibowitz has been recognized by Chambers USA for banking and finance: public finance and by MartindaleHubbell with an AV-Preeminent Peer Review rating.

marketing and communications at Mary Bird Perkins Cancer Center, where she will be responsible for advancing the organization’s mission through comprehensive messaging and brand strategies. She previously served as senior manager of communications at Community Coffee Company, where she helped increase brand awareness through key marketing efforts and influencer campaigns to drive business results. She was also instrumental in leading the communication and digital strategies for the company’s sucIssue Date: 8/28/18 Ad proof #1cessful national expansion and MARKETING therevisions. creation of engaging experi• Please respond by e-mail or fax with your approval or minor • AD WILLConachen RUN AS IS unless approval or final revisions ences for consumers. Conachen Jodi has been are received by the close of business named vice president of today. also previously held leadership • Additional revisions must be requested and may be subject to production fees.

NONPROFITS Peter Claffey has been hired as executive director of Knock Knock Children’s Museum. Originally from Connecticut, Claffey’s experience with children’s and science museums runs the gamut, from facilities director to executive director and everything in between. For the last four and a half years, he has served as the executive director of Sci-Tech Discovery Center in Frisco, Texas. While there, he oversaw the implementation of new and innovative exhibits and programs, created extensive outreach initiatives, and expanded Sci-Tech’s community partnerships. Andy Brown has rejoined the Louisiana Farm Bureau Federation as the organization’s associate commodity director and director of national affairs. Brown had previously served

the Louisiana Farm Bureau as its area 1 field services director during 2015. He left that position to join the Mississippi Farm Bureau Federation as its region 1 regional manager. It was there that Brown worked closely with farmers and commodity groups and served as the liaison between the Mississippi Farm Bureau and the Mississippi FFA. Kyle McCann has been named the assistant to the president for the Louisiana Farm Bureau Federation, the top staff position for the grassroots volunteer organization. McCann joined the Louisiana Farm Bureau staff in 1988 in the commodity department. Prior to the assistant to the president position, he last served as associate commodity director and director of national affairs. McCann coordinated grassroots lobbying efforts on national issues and served as secretary with commodity groups like the Louisiana Rice Research Board and the Louisiana Soybean and Grain Research and Promotion Board.

WEEKDAY MORNINGS

Daily-Report.com | BUSINESS REPORT, June 4, 2019

YOUR BUSINESS

SPECIAL PROMOTION

2019 Influential Women in Business luncheon BUSINESS REPORT HONORED ten successful women from the Capital Region at the 23rd annual Influential Women in Business luncheon May 21 at the Crowne Plaza Hotel. Family, friendsâ€¨and colleagues gathered to celebrate with this yearâ€™s honorees. Keynote speaker Dr. Betty Uribe, bestselling author, inspired the audience with her idea that career growth comes from showing up and leaning into discomfort. The luncheon was sponsored by Business First Bank, Kean Miller LLP, Lee Michaels Fine Jewelry, Mercedes-Benz of Baton Rouge, and NAI Latter & Blum. 1. 2019 Influential Women in Business Honorees 2. Sold-out crowd enjoys lunch at the Crowne Plaza 3. Scott Berg, President of Lee Michaels Fine Jewelry 4. Lacey Conway, NAI Latter & Blum (sponsor); Kerrie Richmond, Business Report; Katheryne Mauldin, Lee Michaels Fine Jewelry (sponsor); Linda Perez Clark, Kean Miller LLP (sponsor) 5. Keynote Speaker, Dr. Betty Uribe

6. Sherry Melara, Mayor Sharon Weston-Broome, Mary Kay Carleton, Dr. Tina Holland 7. Heather Roemer, Business First Bank (sponsor) and Stephanie Riegel, Business Report 8. JR Ball, Business Report with Honoree, Raedtha Vasquez 9. Jennifer Tormo, 225 Magazine; Dr. Betty Uribe, Speaker; Ashley Gordon, inRegister; Gwen Wild, Mercedes-Benz of Baton Rouge (sponsor)

9 44

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

YOUR BUSINESS

FLASHBACK

THE YEAR: 2013 The deal seemed to have it all: Hundreds of high-tech jobs, a flashy new riverfront development, a tie-in with LSU to expand and enhance its College of Engineering’s computer science program, and—perhaps most importantly—one of the biggest tech firms in the world. “This is the tipping point for downtown Baton Rouge,” is how Downtown Development District Executive Director Davis Rhorer described the IBM deal in a 2013 Business Report cover story titled, “Game changer.” Economic development officials and politicians pretty much ran out of grandiose superlatives to describe the deal, which took some two years to bring to fruition. Leading the negotiations was Louisiana Economic Development Secretary Stephen Moret, who took charge of a multifaceted series of negotiations—code-named Project HAL— that included IBM; the Baton Rogue Area Foundation and its for-profit real estate company, Commercial Properties Realty Trust; LSU; the state and city-parish.

Congratulations on the appointment as

Chairman of the Louisiana Bankers Association

Gary S. Littlefield

Baton Rouge Market President GaryLittlefield@gulfbank.com NMLS# 490459 225-932-7245 7235 Jefferson Highway Baton Rouge, LA 79806

Issue Date: 6-4-19 3-12-19AdAdproof proof#2 #1 • Please respond by e-mail or fax with your approval or minor revisions. | GULFBANK.COM • AD WILL RUN AS IS unless approval or final revisions

are received by the close of business today. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

GCB_LittlefieldBizReport4.25x5.indd 1

5/14/19 5:59 PM

BE SURE TO CHECK OUT THE

WORKFORCE TIP OF THE WEEK Presented by

“BY THE TIME Gov. Bobby Jindal announced on March 27 IBM’s plans to bring an 800-job technology center to the heart of downtown, the worst-kept secret in Baton Rouge was out of the bag. For months, in fact, the Capital Region had been abuzz about the efforts of state economic development officials and the Baton Rouge Area Foundation to lure the blue-chip giant to the Red Stick through a unique public-private partnership that includes incentives, promises to provide a skilled, high-tech workforce of freshly minted computer science graduates, and a brand-new, $55 million, mixeduse complex with an eight-story office tower, 11-story apartment building and parking garage overlooking the Mississippi River. With the details now revealed, it’s easy to understand the exuberance over the IBM deal. This is big for Baton Rouge. Very big. ‘For Baton Rouge, this may be the singled biggest moment in the history of its economic development,’ says Jindal. ‘It’s transformative.’”

MONDAYS ON

—From the April 2, 2013, issue of Business Report

+ ALSO FROM THAT ISSUE ... A NEW HOPE: A group of investors has purchased the struggling Cortana Mall with hopes of breathing new life into the 37-year-old shopping center. The investors, who organized in Louisiana in February as Cortana Mall LA, want to “do whatever we need to do to turn the project around,” says Sandra O’Clock of Nevada-based Moonbeam Equities, the new owners’ parent company.

COMING SOON: Commercial Properties Realty Trust has announced more tenants for the Acadian Village shopping center project that’s underway at Perkins Road and South Acadian Thruway. Joining previouslyannounced tenants Trader Joe’s, Petco and Kean’s Fine Dry Cleaning will be The Keeping Room, Nadeau, Smarter Eyewear, Pei Wei, Baby Bump Maternity, Air Blow Dry Bar and La Divina Italian Cafe.

LEARN: How to respond to an employee’s social media post Tips for interviewing and onboarding new employees How to deal with marijuana in the workplace spectrumemployeeservices.com 225.755.8822

AND MORE!

Daily-Report.com | BUSINESS REPORT, June 4, 2019

PASSION

GARDENING

Jim Urdiales

OWNER AND CHEF, MESTIZO LOUISIANA MEXICAN CUISINE

PHOTOGRAPHY BY COLLIN RICHIE

BUSINESS REPORT, June 4, 2019 | BusinessReport.com

“My backyard is my church, my therapy. Getting out there for an hour or two every morning or afternoon—and sometimes both—is how I calm down, get centered and just enjoy the beautiful richness of nature. I’ve tried yoga, and I love it, and I enjoy working out, but there’s just something about being out in nature that recharges me more than anything else.”

CEO noun. /sē, ē’ō/ The big cheese. The head honcho. The leader. A risk taker. One who greatly desires to make an impact in the community. Other qualities include determination, persistence, innovation and a vision to make a difference.

Reach the TOP CEO’s of our capital region in the 7.16.19 issue.

TOP100 P R I VAT E C O M PA N I E S BRTop100.com To advertise, contact Kerrie Richmond at krichmond@businessreport.com.

Confidence won’t grow from a superficial understanding of your business. LaPorte goes deep.

When you talk, we listen. But we don’t stop there. We go deeper to uncover important accounting, tax, and advisory needs. LaPorte invests the time and tools to provide strategic, long-term guidance and to build enduring relationships. Combine that with our industry strength, national and international resources, and proactive service—and you walk away with something substantial: deep confidence in your CPA firm. CALL US AT: