Issuu

Horticulturist joins Magnolia Plantation & Gardens Page 21

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Room to grow

Downtown Columbia hotel adding new wing. Page 3

Building buzz

Courier Square attracting new retail tenants. Page 4.

Additional spec

Ground broken on spec building in Summerville. Page 6

ROOM SERVICE, MR. ROBOTO A robot greets guests and performs simple service tasks at The Beach Club at Charleston Harbor Resort & Marina in Mount Pleasant. (Photo/Charleston Harbor Resort & Marina)

Clean sweep

High-tech tool helps keep streets spic and span. Page 9

INSIDE

Upfront................................. 2 SC Biz News Briefs................. 3 Best Advice........................... 4 In Focus: Banking and Finance.......... 13 List: Accounting Firms........ 18 Bonus List: Credit Unions... 20 At Work............................... 21 Viewpoint............................23

Robot helps serve guests at Charleston resort By Jenny Peterson

Contributing Writer

here’s a new guest services “employee” at a Charleston-area hotel who dances, tells jokes, plays games, is always in a good mood and on duty 24 hours a day. The Beach Club at Charleston Harbor Resort & Marina in Mount Pleasant has added a delivery robot, the first of its kind in South Carolina. The rolling, three-foot-tall cylindrical robot greets guests in the hotel lobby with a “Welcome to Charleston” message on its screen. More importantly, if guests have forgotten a towel, toothbrush or other items, hotel staff can send the robot up to a guest’s room

via elevator — the robot’s hidden electronic arm extends to push the correct floor number — and it rolls silently down the hallway to a specific room. Once at the door, the robot automatically calls the room via advanced technology and announces that it’s outside. A sensor on the robot can tell when the door opens, and then its large compartment is popped open for guests to reach in and retrieve their items. Once the item has been removed, the robot swivels from side to side in a little dance before returning back to the lobby. Two years ago, an executive at the Charleston Harbor Resort & Marina scrolled through LinkedIn for new and innovative trends in the hospitality industry and saw the novelty

Happy Follidays

Chicago family purchases, renovates 80-year-old Folly Beach inn. Page 9

delivery robot at a hotel in Europe, said Nick Saltmarsh, general manager of the Charleston Harbor Resort & Marina. The delivery robot was able to take towels up to guest rooms and “mingle,” to guests’ delight. It was an ideal post-pandemic restrictions addition — a way to help during a labor shortage and to cater to guests who preferred a contactless experience, Saltmarsh said. Similar delivery robots have been added to restaurants and hospitals to do simple yet time-consuming tasks. A second, identical robot will be added to Harborside, the sister property next door. “We have an amazing group of owners See ROBOT, Page 15

Upfront

BRIEFS | FACTS | STATEWIDE NEWS | BEST ADVICE

f there is an upside to COVID-19, it may be an uptick in wellness and self-care. Life Extension has released a study that says a rising level of anxiety in two years of health, economic and political crises has taken a toll on mental and physical health. People are responding, it seems, by taking better care of themselves. Life Extension pulled data from the CDC, Census Bureau, National Parks Service and Google Trends across three categories: physical and mental health, access to parks and nature, and integrative health practices. The organization indexed the data to create the rankings. Brace yourself for a surprise: South Carolina didn’t do so well. The Palmetto State is No. 38 on the list with a rating of 1.99, compared to No. 1 California’s 3.16 and No. 51 Alabama’s 1.83. (The District of Columbia at No. 9 was counted as a state for the study.)

The study also noted a rise in interest in integrative health practices — mixing the science of Western-based medicine with alternatives such as yoga to address concerns like stress, anxiety and pain that can’t be explained by an MRI.

1.86

1.84

1.83 Alabama

1.87

Oklahoma

1.87

Louisiana

1.88

Arkansas

1.89

Iowa

1.89

Delaware

1.90

North Dakota

Mississippi

2.75 New Jersey

2.92 District of Columbia

2.93

Wyoming

2.94

Alaska

3.06

Utah

3.08

Hawaii

Washington

3.10

Nebraska

1.90 3.12

Florida

3.15

Arizona

California

3.16

Bottom 10

Kentucky

Top 10

SOURCE: Life Extension

ON THE

RECORD

“There were also some people in crypto who got a little too big for their britches and thought the asset was completely immune from economic cycles. People’s expectations were unbelievable, and this is what happened.” —Reid Tymcio, finance professor, University of South Carolina

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SC Biz News Briefs

Hotel Trundle is expanding with a new wing expected to open next spring. (Photo/File)

COLUMBIA

Columbia Regional Business Report

Downtown hotel adding 5 rooms

otel Trundle, a boutique hotel in downtown Columbia, is expanding with a new wing expected to open next spring. The hotel, which transformed three vacant retail buildings at the corner of Taylor and Sumter streets when it opened in April 2018, is adding a block of five guest rooms, including a spacious bridal suite. The 2,500-square-foot Flutter Wing, situated at 1544 Main St. above Drake’s Duck-In, will also feature an outdoor patio. The wing is designed to be a fusion of the hotel and Airbnb experience, Hotel Trundle co-owner Rita Patel told SC Biz News. “It’s modern and dreamy, very similar to the hotel now but a different aesthetic. The same mood and vibe, but with different furnishings,” Patel said. “The opportunity was a good one and it’s a great way to expand hospitality in Columbia and another way of experiencing the city.” After checking in, guests will be directed to a private entrance. They will have the option of a private parking space or valet services. Hotel amenities such as complimentary local craft beer or wine at check-in, complimentary hot breakfast and locally roasted coffee will also be available. The Flutter Wing will be leased from building owners Matthew Bridges and Daniel Boan, who have been attempting to develop the space above Drake’s for several years. Architecture services will be provided by Architectural Concepts, while Don Blackstone Construction will perform the build-out. Pond & Co. will provide interior design services in collaboration with Patel and co-owner Marcus Munse, Patel’s husband. The Flutter Wing, which calls to mind a butterfly mural painted on the side of Hotel Trundle’s main building and is in keeping with the whimsical vibe of the unicorn-themed hotel, will feature original hardwood floors and preserved light wells. The bridal suite, which will overlook a tree-lined section of Main Street’s central business district, will include a separate vanity area with lighting designed to enhance makeup application. “It goes really well with what we are and what we represent,” Patel said. Patel said bridal parties make up a steady stream of business at Hotel Trundle, which has a wedding party booked almost every weekend and once played host to six brides on a memorable Saturday. “I’m so excited. It’s so nice to be growing,” she said. “There’s a big demand for leisure travel on the weekend with big weddings and big groups. This gives people an opportunity to rent a semi-private space.” The Main Street building has housed businesses since around 1868, according to Janie Campbell, preservation consultant at Rogers Lewis Jackson Mann & Quinn. Duffie’s Bookstore occupied the space until around 1912. It was then home to two beauty salons, a shoe store and Marilyn’s Slipper Shop, located there around 1941. Hotel Trundle has drawn national attention since its opening. The 41-room hotel ranked No. 5 in USA Today’s list of the country’s best historic hotels for 2021, and it was featured in Southern Living magazine’s hotel collection, a curated list of 24 recommended hotels, inns and resorts across the South. Last year, Columbia City Council issued a proclamation declaring Oct. 5 Hotel Trundle Day. CRBJ

With publications in Charleston, Columbia and the Upstate, as well as a statewide magazine, SC Biz News covers the pulse of business across South Carolina. Above are excerpts from our other publications.

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New partnership

Landmark sale

Making the grade SC Biz News names Best Places to Work for 2022. Page 6

Courts roundup

MOVING MILESTONE Pyramid Contracting celebrated the grand opening of its new Irmo headquarters June 22. (Photo/Melinda Waldrop)

Irmo contractor settles into new headquarters ahead of anniversary

Defendants sentenced in fraud, bribery cases. Page 8

By Melinda Waldrop

INSIDE

Upfront ................................ 2 SC Biz News Briefs ................ 4 In Focus: Commercial Real Estate ................................ 13 List: Commercial Real Estate Firms ................................ 19 Bonus List: Commercial Moving and Storage Companies........................ 20 At Work .............................. 21 Viewpoint ...........................23

mwaldrop@scbiznews.com

year shy of its 20th anniversary, Pyramid Contracting is celebrating a new home for its business. Company executives joined state representatives and city officials to cut the ribbon on Pyramid’s new corporate headquarters at 951 Western Lane in Irmo on June 22. Pyramid crews completely renovated the former Sea Ray Boats facility just off Interstate 26 as the company relocated from its former Irmo office on Lykes Lane. “I’m most proud that our employees put their hands on and self-performed so much of the work in this building,” Bobby Alex-

ander, Pyramid president, told SC Biz News after cutting the bright blue ribbon to a round of applause. “We’re very proud of it.” Alexander founded the company in April 2003 with one location and nine employees. Now, Pyramid has six locations in three states and employs 50. The contractor, which specializes in commercial, federal and defense construction, was the 2018 South Carolina 8(a) Construction Firm of the Year. Alexander credits joining that Small Business Administration program, which provides training and technical assistance to firms owned and controlled by socially and economically disadvantaged See PYRAMID, Page 7

rnorton@scbiznews.com

wo organizations dedicated to supporting and growing the manufacturing industry and assisting manufacturing companies in the state have entered a formal partnership. The S.C. Manufacturers Alliance and the S.C. Manufacturing Extension Partnership have formalized their relationship after many years on working together on projects. A goal of the partnership is to collaborate formally on efforts to elevate industry and manufacturing statewide, according to a news release. SCMA has worked to ensure manufacturers have the right legislative climate and network to encourage growth and prosperity for the facilities operating in the state. SCMEP has a long history of providing a wide range of consulting and training services that helps small- to medium-sized manufacturers increase their competitiveness, the news release said. A primary aim of the partnership will focus on increased promotion of the services the two organizations provide, ensuring more companies are able to access their support and, in the process, further strengthening the state’s overall manufacturing environment. “The S.C. Manufacturers Alliance and our colleagues at the S.C. Manufacturing Extension Partnership have always worked toward the same goal — creating the most supportive manufacturing environment possible,” SCMA President and CEO Sara Hazzard said in the release. “By creating and committing to a more formal partnership, we will be better equipped to learn from each other, build on each other’s work and provide a comprehen-

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Best Places to Work in SC

SC Biz News reveals top 119 companies for the grind. Page 5

Building boom for industrial space Company expects to build or design nearly 30 million square feet of space. Page 15

An early rendering from February shows pedestrian-friendly areas, retail and entertainment opportunities surrounding the Bon Secours Wellness Arena and the proposed site. (Rendering/Provided)

Mayor urges county to consider FILOT status By Molly Hulsey

mhulsey@scbiznews.com

ast October, Greenville County Council’s finance committee gave a thumbs down to fee-in-lieu tax incentives for a proposed $42 million planned community in Greer because of the development’s residential nature. “FILOTs are used for manufacturing and industrial, not for housing,” Council Chair-

tives. Plusurbia, the Miami-based developers of the project, hope to earmark a percentage of the slated 300-unit multifamily apartments at the former Greenville Memorial Auditorium site as affordable housing. According to White, the affordable housing component of the plan relies on the county’s approval of residential FILOT incentives.

Hydroponics changing crop production

Farm taking hemp to next level

See GATEWAY, Page 8

GSP an early adopter of Clear

INSIDE

Leading Off .......................... 2 SC Biz News Briefs ................ 3 C-Suite ................................ 4 In Focus: Commercial Real Estate......................... 13 LIST: Commercial Real Estate Firms....................... 17 BONUS LIST: Commercial Moving & Storage Companies......................... 18 At Work .............................. 19 Viewpoint ...........................23

man Willis Meadows told GSA Business Report at the time. “So, we follow that rule. Now, I’m sorry to say we haven’t always done that.” The decision could prevent developers of the Greenville Gateway project from seeing their plans for affordable housing in the area become reality, but Greenville Mayor Knox White said he has been in “active discussion” with county councilors on lifting limitations on residential economic development incen-

GROWING TREND

By Molly Hulsey

Staffers test the Clear system on the day it was unveiled at GSP. (Photo/Molly Hulsey)

mhulsey@scbiznews.com

reenville-Spartanburg International Airport’s new amenity for streamlining Transportation Security Administration checks wasn’t a product of the “Travel Armageddon” of the past few weeks, according to airport CEO Dave Edwards. Still, as the summer’s spike in air travel demand continues to mount, the new technology arrived at an apt time on June 27.

“There’s no question that there are staffing shortages in the airline industry today and that’s creating a problem,” Edwards said. “What compounds that issue is, if you have a mechanical problem on an airplane … the ability to reaccommodate those people on another flight is very, very difficult. All the flights are full right now because there’s a limited number of flights. The same with weather.” See related story on how staffing challenges are

Check out the 10 best upscale neighborhoods in Greenville

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See SCMA, Page 9

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Speculative frenzy

Demand for spec buildings fueling strong industrial real estate market. Page 13

Dedicated to serving up business announcements fast & unfiltered.

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Iconic Upstate property sold to investement group. Page 18

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The operators of a new restaurant committed to Courier Square at 128 Columbus St. say they are fine-tuning plans. (Photo/Ellis Creek Photography)

Courier Square development attracting tenants By Ross Norton

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couple that owns a James Island restaurant specializing in the foods of western China has plans for 128 Columbus St. in Charleston, the Courier Square development at the corner of Meeting and Columbus streets. Restaurateurs David Schuttenberg and Tina Heath-Schuttenberg, who own Kwei Fei on James Island, leased a 3,063-squarefoot suite at Courier Square, according to a news release. Kwei Fei started in 2017 as a pop-up concept and moved into a brick-andmortar space four years ago. “We’ve been really scrappy,” Heath-Schuttenberg said in the release. “We always try to think about things in unconventional ways. … There are interesting things happening there. We do

things unconventionally. We want people to subscribe to the experience we’ve provided and that’s something you can do when you’re moving into a newer area.” Heath-Schuttenberg said in the news release they are still working out specific details for their new restaurant, but the menu and space will be “warm and modern.” Both of their restaurants will operate under a company called Always Awkward Hospitality. They expect to open in early 2023. Their restaurant is one of several new tenants for the location, according to Charleston Commercial, which handles leasing for the property. Totality Medispa is slated to open its Courier Square location this month. The medical spa has another location on Daniel Island. Charleston Commercial is also in negotiations with an Atlanta restaurant

group to anchor the 6,305-square-foot corner restaurant suite. Nick Maylander, project lead for leasing at Courier Square, said he hopes to make an announcement on that restaurant project soon. The project also houses the headquarters for Greystar Real Estate Partners and the fully occupied luxury apartment complex, The Guild. Two 1,500-square-foot retail suites are left for lease, the release said. “We took over the Courier Square retail leasing for Greystar late last summer, and at the time, roughly 80 percent of the 19,000 square feet of retail space was vacant,” Maylander said in the release. “We spent the remainder of 2021 fine-tuning our marketing strategy and have seen a strong uptick in interest ever since the beginning of this year.” CRBJ

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Speculative building breaks ground in Summerville By Ross Norton

rnorton@scbiznews.com

he latest speculative warehouse building project is underway in Summerville. Dalfen Industrial, Colliers South Carolina and Dorchester County recently celebrated the groundbreaking for Eastport Distribution Center Building 1, a speculative warehouse. Construction on the planned 229,840-square-foot building is scheduled for a fall completion date with Building 2 expected to deliver next summer. “Our team is confident that the location and time of delivery for Eastport Distribution Center will provide valuable economic benefits to the Charleston area

Ground has been broken for Eastport Distribution Center Building 1. (Photo/Provided)

and fulfill the need for more warehouse and distribution space,” Kevin Caille with Dalfen Industrial said in a news release. “We will follow the completion of this building with Eastport Building 2 which will only add to the tremendous economic growth in the area by bringing new

companies and jobs to Dorchester County.” Both Building 1 and Building 2 (a 322,400-square-foot with a rail spur) are available for pre-leasing with tenant occupancy for Building 1 late this year. Both are rear-load facilities.

“Our team is grateful for the opportunity to continue working with Dalfen Industrial in the leasing efforts for both buildings at Eastport Distribution Center,” Matt Pickard, senior brokerage associate with Colliers, said in the release. “Eastport Building 1 will be the first speculative building to both break ground and deliver in Dorchester County. We are confident that this project will deliver spec industrial space to a growing Dorchester County at a time when it is needed most.” Eastport Distribution Center is off Deming Way at 115 Horton Road in Summerville. CRBJ

Reach Ross Norton at 864-720-1222 or rnorton@ scbiznews.com

Charleston County Coroner’s Office receives federal grant By Ross Norton

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he Charleston County Coroner’s Office has been awarded $53,820 in funds through a Paul Coverdell Forensic Science Improvement Grant, which is administered by the S.C. Department of Public Safety’s Office of Highway Safety and Justice Programs. The funds will be used to hire a foren-

sic autopsy technician who will assist with the examination and documentation of forensic findings during forensic autopsies completed at the coroner’s office, according to a news release. In 2021, the Charleston County Coroner’s Office completed 579 forensic autopsies. Of those, 475 were conducted at the coroner’s office, while the remaining 104 were completed at a local hospital, the

news release said. Those numbers are anticipated to rise in 2022, according to the news release. An updated count is available on the website at https://www.charlestoncounty. org/departments/coroner/index.php. The number stood at 311 for the year when it was updated July 5. “Charleston County has been hit hard by the opioid epidemic and our overdose numbers continue to rise as well as

the number of homicides, suicides and pedestrian/motor vehicle accidents,” Coroner Bobbi Jo O’Neal said in the release. “We are honored to have been awarded funds that will provide for a forensic autopsy technician who will assist as we care for those who have died and lost their voice while providing needed information to surviving families.” CRBJ

Reach Ross Norton at 864-720-1222.

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Swiss company invests $90M in North Charleston operations By Ross Norton

rnorton@scbiznews.com

HL Medical, a provider of drug delivery solutions, is establishing operations in Charleston County with an initial investment of $90 million that will create an estimated 165 new jobs. Headquartered in Switzerland, SHL Medical designs, develops and manufactures drug delivery solutions for pharmaceutical and biotechnology companies around the world. The company creates autoinjectors,

pen injectors and specialty delivery solutions that allow patients to self-inject at home, according to a news release from Charleston County Economic Development. The company also offers contract manufacturing and engineering services for products such as wafer testing equipment, laboratory handling equipment, neurosurgical devices and industrial equipment. “I am delighted to announce SHL’s expansion into South Carolina,” SHL Medical Chairman and CEO Ulrich Faessler said in the release. “Our new

U.S. site in North Charleston will be a state-of-the-art facility that will support our customers further with our end-toend capabilities, providing high-quality drug delivery systems to the end users — patients around the world. This new facility brings us closer to our customers and reduces the risk of supply chain disturbances. Furthermore, it will support our sustainability goals by lessening global shipping distances.” The company said the expansion at 7791 Palmetto Commerce Parkway in North Charleston will enable SHL Medical to meet growing demand.

“As a globally respected designer and manufacturer of drug delivery services, SHL Medical is a tremendous addition to South Carolina’s booming life sciences ecosystem,” S.C. Biotechnology Industry Organization CEO James Chappell said in the release. “Our state’s strong relations with Switzerland will be further enhanced with SHL’s decision to grow and expand their North American markets from South Carolina.” Operations are expected to launch by the second quarter of 2024. Jobs will be posted on the company’s website. CRBJ

Clemson-led, volunteer undergraduate medical reserve corps forms By Christina Lee Knauss

cknauss@scbiznews.com

enedict College is among the S.C. schools participating in a Clemson University-led statewide effort to prepare students as medical reserve corps volunteers. The Clemson University School of Nursing received an award of more than $2.7 million to develop a network of diverse undergraduate students who can organize locally to assist communities during disasters and other emergencies. The grant provides for a multi-institutional collaboration that includes Clem-

son and Benedict as well as Claflin University, Coastal Carolina University and Francis Marion University. Each school will engage 100 students to join the corps during the two-year grant period. The students will get a chance to learn about volunteering in the medical, behavioral health and non-medical communities during emergency situations. They also will participate in a workforce development program to introduce them to the professional field of emergency response and preparedness. “Benedict College is proud to partner with Clemson University and our

Celebrate the “Who’s Who” of the Charleston business community. This elite 40 comprises people under the age of 40 who have excelled in the professional arena and in community involvement. Join us as we honor the best and brightest young professionals in the Lowcountry!

peer institutions to provide our students with an invaluable opportunity to receive workforce development that will support the community during critical times,” Roslyn Clark Artis, President and CEO of Benedict College, said in a news release. A primary goal of the initiative is to help address the emergency response worker shortage revealed by the COVID19 pandemic, according to the release. Students will receive training in areas such as contact tracing certification, program management, behavior health selfcare, care of marginalized populations and global and transcultural health. Henry Counts will direct the project

at Benedict, working with Tami Ashford Carroll who will serve as program coordinator, Scott Blanks as faculty liaison and Paula Shelby as campus liaison. The South Carolina Public Health Reserve Corps has about 1,828 volunteers, including 1,287 non-licensed and 641 licensed health and social science professionals. The grant is sponsored by the Federal Emergency Management Agency and the South Carolina Department of Health and Environmental Control. CRBJ

Reach Christina Lee Knauss at 803-753-4327 or cknauss@scbiznews.com

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SC Biz News names Forty Under 40 honorees for 2022 By Christina Lee Knauss

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C Biz News has named its 2022 Forty under 40 honorees in the Lowcountry and will feature them in a special Sept. 5 edition of the Charleston Regional Business Journal. The honorees will also be feted at a special recognition event, now in its 25th year. The event honors professionals under age 40 from around the Charleston area for their professional success and involvement in the community, drawing honorees from a mix of industry, professional and service sectors. Nominations come from businesses and organizations and are then screened by judges. The event is hosted by SC Biz News, presented by Charleston Southern University and sponsored by the Charleston Gaillard Center. The recognition event will be held at 6 p.m. on Thursday, Sept. 15 at the Charleston Gaillard Center. Tickets can be purchased at: bit.ly/crbj22fortytix 2022 Forty under 40 honorees: • Devon Andrews, Charleston Parks Conservancy • J.R. Barnhart, College of Charleston • Dawn Boren, The Boeing Co. • Marcus Bryant, Vantage Custom Solutions • Ryan Connolly, Roper St. Francis Healthcare

Forty Under 40 honorees from 2021 gather at a special recognition event. (Photo/Kim McManus)

• Jill Lemay Dunnigan, Select Health of South Carolina • Ann E. Rice Ervin, Motley Rice LLC • Theresa Griffith, Top Cheer Talent, CSU • Max Gruetzmacher, Motley Rice LLC • Cerrissa Hugie, MyNDSpace Mental Health Education and Consulting LLC • Ashley Jackrel, Avison Young

• Christina Jettie, Hana Engineers and Consultants LLC • Josh Johnson, S.C. Department of Transportation District 6 • Nichole Johnson, Seacoast • Paige Knowlson, Pattison’s Academy • Jackie Kohlhepp, The Rez Rev LLC • Kate Lilly, American Red Cross South Carolina Region • Abby Martin, Charleston Promise Neighborhood

• Brantley Meier, The Bridge Chiropractic • Fallon Meyer, Encore Bank • Christopher Mims, U.S. Army Corps of Engineers, Charleston District • Josh Mitchell, Stantec Consulting Services Inc. • Megan Molten, Megan Molten • Elissa Morrison, Liollio Architecture • Beth Myers, Charleston Southern University • Benjamin Nesvold, Edward Jones Investments • Laura Patrick, Baystreet Biergarten, Patrick Properties and 4Corners Productions • Matthew Pecoy, DarrowEverett LLP • Matt Pickard, Colliers International • Kella Player Hanna, S.C. Research Authority • John Prorock, Stantec • Ryan Punches, Punch Properties • Henry Ravenel, Southeastern Chamber of Commerce • Samantha Shirley, iDonate • Lauren Sims, Town of Mount Pleasant • Amanda Slade, The Jasper • James Thomas, Thomas & Hutton • Zach Volousky, South State Investment Services • Valerie Warnock, Sev1Tech • Catherine Wilhoit, Bulldog Tours CRBJ

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The Bridge mixed-use development selects contractor By Ross Norton

rnorton@scbiznews.com

ational contractor Balfour Beatty has been selected to be a part of the design-build team to deliver The Bridge at Calhoun in Bluffton. The Bridge is a retail, restaurant and residence project of Cunningham South Carolina LLC and Core Development, according to a news release. Construction is projected to be complete in 2024. Bluffton is a rapidly growing Lowcountry town six miles from Hilton Head Island and situated along the May River, an Atlantic distributary. The Bridge, not far from Old Town Bluffton, is bringing a mixture of dining, shopping and living spaces, with an emphasis on developing ownership in underrepresented populations of women

Balfour Beatty has been selected as contractor for The Bridge at Calhoun in Bluffton. (Photo/Provided)

and African American entrepreneurs and restauranteurs, the news release said. The Bridge, a $1.5 million project, will comprise three buildings united by a Southern coastal architectural style in homage to the original structures, the

release said. In these buildings, Balfour Beatty, along with design partners Court Atkins Group of Bluffton and J. Elder Studio of Savanah, will design and build out five new restaurants and retail stores that

match The Bridge’s community-focused ethos. Additionally, the design-build team will provide walking access to the May River promenade and Calhoun Street public dock. “Balfour Beatty’s team in Savannah is excited to work with our design partner to deliver The Bridge at Calhoun in Bluffton,” Ronnie Hall, Balfour Beatty project executive in Georgia, said in the release. “Our team has extensive expertise in constructing mixed-use buildouts while retaining the architectural charm of original structures. “We look forward achieving our client’s goal of improving shopping and dining offerings for the fast-growing community that Bluffton locals and visitors can enjoy for years to come.” CRBJ

Reach Ross Norton at 864-720-1222.

North Charleston-headquartered Green River Spirits acquired By Jason Thomas

jthomas@scbiznews.com

entucky-based Bardstown Bourbon Co., a distiller, producer and bottler of premium Kentucky bourbon and rye whiskey, has entered into an agreement to acquire Green River Spirits Co., which is headquartered in

North Charleston. The acquisition is scheduled to close in July, subject to customary closing approvals and conditions, according to a news release from Bardstown Bourbon Co. The transaction will bring together two leading Kentucky bourbon producers into an independent spirits company with a commitment to Kentucky whiskey, the release

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stated. Distilling more than seven million proof gallons annually, Bardstown Bourbon Co. is one of the top 10 distilled spirits producers in the country, according to the release. Green River Spirits Co. will add the Green River brand as well as two production sites, including a state-of-theart facility in North Charleston, position-

ing the combined business for continued growth in both Kentucky whiskey and custom distillation. The acquisition includes the historic Green River Distilling Co. in Owensboro, Ky., which is the 10th oldest distillery in the state, and a state-of-the-art spirits production facility in North Charleston, the release stated. CRBJ

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www.charlestonbusiness.com 9

An 80-year-old, 16-room inn at Folly Beach has been renovated and renamed Folliday Inn by a Chicago family who stayed there in 2015. (Photo/Provided)

Family buys, renovates Folly Beach inn after 2015 stay By Ross Norton

rnorton@scbiznews.com

Chicago family bought and renovated a historic Folly Beach inn, renaming the 80-year-old business Folliday Inn. The family said in a news release they wanted to restore the old Folly’s Holiday Inn and preserve the small inn feel of the property. “We bought it to save it,” Matt Baldino, one of the new owners, said in the news

release. “We are going to continue to run it as a family business because we wanted to inject new life into a place that is a piece of Americana.” Baldino first stayed at the inn in 2015. The Inn’s renovations focused on preserving and enhancing the existing property, which has one of the largest pools on the island, the release said. The renovated pool and 16-room inn have been fully modernized and remodeled with a theme of historic American-made wooden boats.

With design nods to boatmakers like Chris-Craft and Hacker-Craft, the Folliday Inn offers multiple outdoor gathering areas, some public and some semi-private. Each of the 16 rooms is named for a vintage boat with mahogany door markers. There are five king rooms, six queen rooms and five double queen rooms. Eight pairs of rooms can connect, creating four suites. Christyn Dunning and the team at The Guest House Design Studio designed the Folliday Inn to create a casually sophisti-

cated environment, the release said. The clean, coastal décor honors the property’s historic past as a beach vacation destination. Amenities include in-room kitchenettes and smart televisions, fast and free WIFI, luxury mattresses and linens and on-site parking. Renovations are complete and the boutique inn is booking stays through their website or through property manager Charleston Coast Vacations. CRBJ

Reach Ross Norton at 864-720-1222.

Glutton helping to keep Charleston streets spic and span By Ross Norton

rnorton@scbiznews.com

he city of Charleston has upped its game in the street-sweeping department, replacing the broom and dustpan with a high-tech tool in the central business district. According to a news release, Charleston is the first major city in the United States to use an electric street vacuum called the Glutton, also the name of the manufacturer. It will be used along highly trafficked areas of King Street. “The Glutton can do a more thorough cleaning than a broom and dustpan, enhancing and speeding up our cleanup efforts where people tend to travel more,” Matt Alltop, superintendent of environmental services for the city, said in the news release. “It can get inside tree wells,

Mayor John Tecklenburg cleans up Charleston with the Glutton. (Photo/Provided)

into grates and along sidewalk curbs.” The Glutton was purchased from Joe Johnson Equipment for $27,000. The city

plans to purchase a second Glutton by the end of the year, the release said. The Glutton was designed in 1996 in

Belgium by company founder Christian Lange. It can be used outdoors and indoors, and fits through doorways, the release said. The Glutton is currently being used in airports throughout Europe and in more than 70 countries. Battery-powered and quieter than some home vacuums, the Glutton runs up to 10 hours on a charge and does not emit exhaust fumes, the release said. It periodically emits a deodorizer scent to neutralize trash pickup smells. Trash is collected in a 240-liter, wheeled trashcan, with liner bags the same size as those used in the city’s Bigbelly trashcans. Glutton operators will patrol King Street from Spring Street to Broad Street and the Market from King Street to East Bay Street from 7:30 a.m. to 8 p.m. Monday through Friday, the release said. CRBJ

Reach Ross Norton at 864-720-1222.

www.charlestonbusiness.com

July 25-August 7, 2022

Joel Ledbetter, general manager of Easley Combined Utilities, addresses the crowd at a May 24 press conference announcing land conservation. (Photo/Mac Stone)

Land conservation expected to save utility millions By Molly Hulsey

mhulsey@scbiznews.com

hen the Greenville County Historic and Natural Resources Trust’s first project was completed — the acquisition of 170 acres added to Jones Gap State Park — one partner was an outlier from the typical conservation line-up. S.C. Parks, Recreation and Tourism; the Naturaland Trust; the S.C. Conservation Bank; and the Open Space Institute are a few familiar faces in the state’s team of land conservators. But this time around, Easley Combined Utilities, a local provider of water, wastewater and electrical services, put its hat in the ring too. “It just makes a lot of sense for us,” said Joel Ledbetter, general manager of Easley Combined Utilities. Easley has drawn its drinking water from Lake Saluda since 1970, he said, but over the past few decades, the lake began to disappear under layers of sediment. Not only would less water be available, but it was expected to impact water quality moving forward for the utility’s 100,000 customers. In 2012, Easley Combined Utilities spent more than $7 million dredging the lake of 360,000 cubic yards of silt. By 2018, two-thirds of the sediment returned to the upper end of the lake. “It was not the return on investment

that we’d like to see,” he said. Easley Combined Utilities then hired Melanie Ruhlman of Save our Saluda as a contract watershed manager and began to take preventive action through conserving land in the 200-square-mile watershed. The utility’s first foray was an $850,000 investment in a 225-acre tract on Cooley Bridge Road that was being primed for development. A year later, Naturaland Trust bought the tract for $500,000 in partnership with the S.C. Conservation Bank. Then Easley Combined Utilities chipped in to help preserve 170 acres of hardwood forest and headwater streams for the Saluda River. Close to 800 feet of the property borders the Middle Saluda River itself. “Anything that happens in that watershed actually affects us at our lake and our plant, and we just realized that it is a lot more cost effective to conserve and invest in preservation,” Ledbetter said. “And that’s why we started this path along with SOS (Save our Saluda), Naturaland Trust and of course, I work with Greenville County and the conservation bank to preserve this tract that we talked about at River Falls, 170 acres. It was important to us to participate.” The utility head noted that the quest for preserving the watershed is a longterm investment that will outlast his time at Easley Combined Utilities. He’s heard of few counterparts who have taken the same initiatives.

But he has seen industries — including those within the Saluda Watershed — that have become much more conscious of their impact on the environment and drinking water. “We have a local business here that discharges into our waste stream, and when they’re trying to get business, their customers want to see if they’ve had environmental violations and impacts. And that goes into them being able to get business,” Ledbetter said.

Bridging the Gap

S.C. Parks, Recreation and Tourism is collaborating with the Open Space Institute to draft a funding proposal with the federal Land and Water Conservation Fund to allow the property to exchange hands, according to an announcement. The public will be able to access the property once it goes under state park management. “As we take over ownership, we are working to identify how to most effectively and strategically protect the new area and share it with visitors,” Duane Parrish, director of S.C. Parks, Recreation and Tourism, said in the announcement. The property’s unique landscape offers significant possibilities to increase public access, and our list of potential projects currently includes adding much-needed parking, creating wheelchair-accessible trails, and providing more acreage for visitors to discover.” According to Raleigh West, executive

director of the S.C. Conservation Bank, the property will help one of South Carolina’s most popular parks stem mounting demand that, since the pandemic, has led to parking reservations on busy weekends. A new entrance gateway will offer more opportunities for parking, the restoration of a small farm and access for mobility-impaired visitors. He also hopes that Easley Combined Utility’s contribution will start a trend as waste and drinking water utilities realize the how much they can save in green by conserving land in their local watershed. “Easley’s very much out in front on this issue, but I suspect you’ll see more of it in time,” he said, nodding to conservation efforts from electric utilities Santee Cooper and Duke Energy. “But I think this is the first one that actually involves a program from the utilities of trying to save properties that they don’t own.” The Greenville County Historic and Natural Resources Trust put $100,000 toward the project, along with $500,000 from the Conservation Bank. West estimated Easley Combined Utility’s contribution at $70,000. “For a relatively modest investment, by cultivating and facilitating these partnerships, we’re able to spread the burden around and the benefit among various groups,” West said. “It’s really powerful.” CRBJ

Reach Molly Hulsey at 864-720-1223.

st 7, 2022 July 25-August 7, 2022

www.charlestonbusiness.com 11

Design firm relocating to larger Upstate office By Jason Thomas

jthomas@scbiznews.com

eamonWhiteside will soon have a new home in Greenville. The site design firm, which has offices throughout the Carolinas including Mount Pleasant and Summerville, will be relocating its Greenville office to the historic Judson Mill District, according to a news release. The multi-disciplinary firm will move its 46 employees from its 7,500-square-foot space on Rhett Street to a 14,730-square-foot space in the Warehouse Building at Judson Mill. The relocation of SeamonWhiteside’s office to the Judson Mill District will foster opportunities for growth and collaboration for the firm, expanding across the Southeast, the release stated. “Our firm is a collaborative group always looking to stay on the leading edge of our industry. When looking for a new space for our Greenville team, we didn’t want just another office setting, we wanted an innovative and unconventional work environment for our team to be able to collaborate,” Joe Bryant, executive vice president of SeamonWhiteside, said in the release. “It was also important to find a space to recruit and retain talent that reflects our forward-thinking mindset. We are looking forward to moving into the new space at Judson Mill and all that it has to

SeamonWhiteside is moving its Greenville office to the historic Judson Mill District. (Photo/Provided)

offer.” The firm is not new to the Judson Mill campus, having worked alongside architects McMillan Pazdan Smith and contractor Triangle Construction on the redesign of Judson Mill over the past several years, according to the release. “SeamonWhiteside has been a long-

term partner of the Judson Mill project and has played a significant role in the re-vitalization of the mill,” said president of Belmont Sayre and co-developer Kenneth Reiter in the release. “We are thrilled to have them on campus and look forward to growing and continuing our partnership.”

It’s been a memorable year for SeamonWhiteside’s Greenville team as the office celebrates its 20th anniversary and moves into its new space in December, the release stated. It’s been a busy year, too. SeamonWhiteside, which is relatively new to the industrial sector, expects to design and/ or build close to 30 million square feet of industrial buildings this year alone. In recent years, the company would build about 100,000 square feet of industrial space. With the addition of SeamonWhiteside at Judson Mill, the Warehouse building is now fully leased and currently occupied by Cowboy Up, Blochaven, Feed & Seed, and the recently announced Judson Mill Community Innovation Hub (JudHub), the release stated. Avison Young, a global commercial real estate company in Greenville, spearheaded the leasing efforts with SeamonWhiteside on behalf of the Judson Mill District, according to the release. “We are proud to have led the leasing efforts at Judson Mill since April 2021,” said Chris Prince, vice president at Avison Young, in the release. “Finalizing a lease with an office user of SeamonWhiteside’s caliber continues to build on the exceptional tenant mix at Judson Mill.” CRBJ

Reach Jason Thomas at 864-568-7570.

2022 | SOUTH CAROLINA

MANUFACTURING CONFERENCE AND EXPO PRESENTED BY:

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• 2023 Economic Outlook: Auto, Aerospace, Biotech • Women in Manufacturing: Leaders and Influencers • SCMEP Manufacturing Excellence Awards

• The South Carolina Manufacturing Extension Partnership (SCMEP) will conduct training courses

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For questions about exhibiting or sponsorship opportunities, please contact Rick Jenkins at rjenkins@scbiznews. com or call (864) 720-1224 Visit scmanufacturingconference.com for the latest updates.

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July 25-August 7, 2022

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AUGUST 23, 2022: 9 AM - 4 PM CHARLESTON AREA CONVENTION CENTER This must-attend event showcases the Lowcountry’s most dynamic businesses on an exciting, interactive show floor. Connect with local professionals, create new relationships and discover new resources for business growth. • Contacts to Contracts • Career Opportunity Center • Nonprofit Pavilion • Happy Hour Networking Reception • Kickoff Power Breakfast: Regional Resilience • Power Leaders Luncheon EXPO SPONSORS:

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st 7, 2022

In Focus

BANKING AND FINANCE LISTS: Accounting Firms, Page 18 | Credit Unions List, Page 20

REVERSAL OF FORTUNES The digital currency world is experiencing a “crypto winter,” a stretch when prices of cryptocurrency worldwide contract and remain low for an extended period. (Illustration/File)

Cryptocurrency investors weathering sharp market downturn By Christina Lee Knauss

cknauss@scbiznews.com

emperatures outside may be in the 90s right now, but investors in the world of cryptocurrency are weathering a very different kind of season. The digital currency world is experiencing a downturn those in the field refer to as a “crypto winter,” and some experts are saying this one might be far more painful than similar downturns since crypto first became a big thing internationally with the introduction of Bitcoin, now the world’s largest cryptocurrency, in 2009. A crypto winter is a stretch when the prices of Bitcoin and what is now thousands of other cryptocurrencies worldwide contract and remain low for an extended period. Two previous such winters have occurred in the recent past, according to an article from the World Economic Forum: one in 2014 and another in 2017-18 after an extended bull market for crypto in 2017. The idea that cryptocurrency isn’t doing well right now might seem strange to casual observers who don’t follow the

market but remember stories from late 2021 when a months-long bull market for crypto caused Bitcoin to reach its highest value ever of more than $69,000 in November. Other cryptocurrencies – even ones that started off as a joke like Dogecoin – experienced similar sharp rises in value. The crypto markets took off because buyers worldwide flush with cash from COVID-19 stimulus payments, pay raises and increased savings decided to put their funds into crypto. This time, not only tech-savvy individuals got into the market, but many more investors crossed over from the traditional markets as well. Then it all fell apart, starting back in the spring. How badly? The value of Bitcoin as of July 18 was $22,073.50.

A precipitous fall

Cryptocurrency, once hoped to be immune to inflation and other factors that roil the traditional markets, proved that it had a weak immune system. What caused it? A fatal trifecta of spiraling inflation, worldwide economic upheaval due to the pandemic and the war in Ukraine, and rash decisions all around -from individual crypto investors all the

way up to major crypto hedge funds. “Prior to 2019, the crypto economy was more correlated with the price movement of Bitcoin and not necessarily the larger financial market,” said Connor Borrego, founder and product manager at Missouri-based digital marketing firm Unipro who has done extensive work with digitally based properties like NFTs and cryptocurrency. “Now crypto is a lot more connected with the larger markets, and things hurting the stock market are also hurting crypto. Cryptocurrency companies like other tech companies are taking a huge hit right now.” The past few months have seen a rash of huge high-profile company failures in the crypto world, from the crash of the Terraluna stable coin – cryptocurrency that was tied to the U.S. dollar – on June 1 to the liquidation and bankruptcy filing from Three Arrows Capital, a large crypto hedge fund. Celsius, a company that offered yields of more than 18% on its crypto accounts, recently revealed problems with liquidity and had to suspend withdrawals to prevent the crypto version of a bank run. A recent article in the U.K. publication The Guardian described distraught

investors in the United Kingdom who have had to check into rehab facilities for “cryptocurrency addictions” and resorted to online primal-scream rooms to vent over the thousands of pounds and Euros they have lost in the crypto market. A few suicides related to the sharp downturn have even been reported in other nations, but so far experts in the U.S.-based crypto market are not hearing many accounts of people going that far here. What the industry is seeing is actually the kind of downturn and radical correction that often happens in markets that get too hot too fast, according to Reid Tymcio, a professor in the finance department at the University of South Carolina in Columbia who has been investing in crypto and studying the field since 2017. “I think crypto is trading right along with everything else in the market right now,” Tymcio said. “Over the past few years, institutional investors have finally stepped up to the plate, and they are sensitive to interest rates in the regular See CYRPTOCURRENCY , Page 15

www.charlestonbusiness.com

IN FOCUS: BANKING AND FINANCE

July 25-August 7, 2022

As mortgage rates climb higher, increases in commercial loan prime interest rates have helped banks offset a drop in home loan and refinancing business. (Illustration/File)

Rising commercial lending interest rates balance mortgage revenue drop By Jenny Peterson

Contributing Writer

s a common rule of business, industries that operate in a changing market are able to survive leaner times with diversified product offerings and additional revenue. Those additional service lines have been vital for banks during an increase in home mortgage interest rates seen this year after a two-year historic low rate following the COVID-19 pandemic. When home mortgage interest rates hovered around 2.6% in 2020, banks’ mortgage departments were inundated with requests for home loans and refinances, said Fleetwood Hassell, president and CEO of the Bank of South Carolina. That resulted in more revenue from origination loans. “We had to add some more processors and underwriters to handle the volume,” Hassell said. “We staffed up a bit; we incentivized people working longer. It was a remarkable period of time.” Banks and mortgage lenders collected loan origination fees and made money selling the influx of mortgages in the secondary market, which boosted the department’s bottom line. “Customers were refinancing equity lines and second mortgages that were

variable rates to low fixed rates,” Hassell said. As of mid-July 2022, the average rate for a 30-year fixed mortgage had risen to 5.73%. The interest rate was even higher in June with the average rate on a 30-year fixed mortgage at 5.9%. That higher interest rate slowed down loans and refinances across the board. Banks have been relying on other service lines — most notably, commercial lending — to help their bottom line and help retain staff. The prime interest rate for commercial has been increasing; it was 4% in May and 4.75% in June. “When interest rates are going up at banks, net interest margins go up; banks are making more money on their commercial loans,” Hassel said. “We’re going to be looking at a prime rate potentially around 6% in a couple of months. When interest rates go up at banks, net interest margins go up and we’ll see increased interest income on our commercial loan portfolio. That extra interest income for the bank largely goes to offset the decrease in mortgage income volume. One should balance out the other, hopefully.” Additional streams such as merchant credit card services also help make up for lost mortgage revenue. Financial institutions that solely rely

on home mortgages haven’t fared so well. A news release in June from the Mortgage Bankers Association stated that continued layoffs hit more mortgage lenders, including North Carolina-based Wyndham Capital Mortgage, which planned to cut 48 employees at its main office in Charlotte effective Aug. 1. “It’s the second Charlotte-based lender to announce a large layoff in the past two weeks, after Nashville-based FirstBank said it would shut down its direct-to-consumer channel Real Genius and close its office, impacting 74 home-based workers,” according to the news release. “FirstBank attributed its move to the waning refinance market and high interest rate environment, a common refrain among mortgage players trimming payrolls.” Other firms confirming cuts include Texas-based Open Mortgage, which acknowledged 14 layoffs, and American Advisors Group, the nation’s leading reverse mortgage lender by volume, which cut an undisclosed number of staff. The moves were reported by Reverse Mortgage Daily, according to the Mortgage Brokers Association. Hassel said, “Non-bank mortgage companies are most likely being impacted in staffing more (than banks) because they don’t have the other products that commercial banks do, like commercial

loans. It hadn’t impacted us (in staffing) yet,” Hassel said. “But as a community bank, if we ever got to that point, we hope there’ll be other opportunities for people within the bank.” A federal government forecast of an even higher prime interest rate should continue to bring in revenue. Hassel said that the higher prime rate for commercial loans hasn’t made business owners wary of applying for loans. “As the economy continues to move forward, the availability of credit is a very integral part of individuals and businesses. While interest rates may be up, that’s the cost of doing business to continue to run your business and provide a return for your shareholders,” Hassel said. Hassel noted that banks have always operated with flocculating home interest rates, and staying nimble is part of doing business. “Back in the early and mid-80s, we had a huge spike in interest rates. My first home mortgage rate was 14% and I remember refinancing at 10 and a half and … that was a good rate,” Hassel said. “I don’t know if we’ll ever see the two anda-half or three-and-a-half percent mortgage interest rates again, but we’re getting back to traditional mortgage rates. It’s a cycle and most banks are built on that type of (changing) model.” CRBJ

st 7, 2022 July 25-August 7, 2022

CYRPTOCURRENCY, from Page 13

markets, and they’re responding to it with their crypto investments, selling off and withdrawing liquidity from the markets.” This crypto winter is providing a hard reality check for people who treated cryptocurrency too much like an economic fantasy world, Tymcio said. “There were also some people in crypto who got a little too big for their britches and thought the asset was completely immune from economic cycles,” Tymcio said. “People’s expectations were unbelievable, and this is what happened.”

The path forward

The key to avoiding severe losses and the panic that comes with them is for those interested in crypto or already in the market to follow basic guidelines that could be applied to any kind of investROBOT, from Page 1

who encourage us to find solutions to challenges or to come up with innovative ideas on ways to move the property forward. We’re given a lot of autonomy and we’re always evolving,” said Saltmarsh. After conversations with four different companies that make robots, the Charleston Harbor Resort & Marina partnered with Relay Robotics out of San Francisco for its Relay+ model. Before the robot was delivered, a Relay Robotics contractor came on site

IN FOCUS: BANKING AND FINANCE

www.charlestonbusiness.com 15

ment: Do your research and do not ever invest more than you can really afford to lose. Tymcio said bad patches like crypto winters or downturns in the traditional market can actually be a vital form of real-world financial education. “An important thing to remember is with every lesson you learn, you earn,” Tymcio said. “If you invest $100 and lose it, you are going to remember that lesson more than if you had only lost $1. You will reap the dividends in the future having knowledge. Losses are a way of getting your bearings. “I think of it like paying tuition in school – the reason I’m so knowledgeable in crypto is that I have made tons of mistakes. I’ve been hacked, I’ve had bitcoins I’ve lost the password to. It’s all a matter of learning.” Tymcio said it is important to remember that Bitcoin and other cryptocurrency

are going to be here well into the future. “We’ve hit a rough patch right now, but at the end, the tech is still going to be there, and it’s going to be a big part of the future,” he said. While Bitcoin and other cryptocurrency goes through this rough cycle, traditional markets are also not in the greatest shape. Financial advisors are hearing from clients who are wondering if they should take money out of the stock market if it slows down or avoid investing all together. That is by far the worst decision anyone needing to save for future plans like retirement could make, according to Angie Thames, a financial advisor with Wells Fargo in Columbia. Instead, she said, the onset of the bear market is a good time for people to seriously consider their financial plans, look at their future goals and realize that the key is to plan for the long term.

It is also probably not a good time for those new to investing to consider delving into crypto or other trendy financial products. Thames said during times like these, she advises new investors to look at companies they already use or are familiar with when considering what to invest in. “I keep telling people not to get nervous over what they’re hearing on the news, but to keep focused on what you can control – how much you can save and sticking to a solid plan,” Thames said. “It’s important not to get caught up in everything happening in the economy. Really the only thing you can control is your spending and saving. “This is an important time to be working with a financial advisor, and if you are interested in taking more risk with your investments, it really needs to be done with money you could absolutely afford to lose.”

to digitally map out the resort so that the robot would know where walls, obstacles, elevators and rooms are located. The robot requires no special training to operate — the employee simply presses the “delivery” function and enters a code and room number, places the item its compartment, and is on its way. A “mingle” button will send the robot to the lobby to interact with guests and visitors in a game of rock, paper, scissors or display a joke if requested. In between duties, it automatically returns to its docking station to charge up.

“We are proud to step out of the box and into the future with this new technology,” said Oliver Rooskens, managing director of The Beach Club at Charleston Harbor Resort & Marina. During overnight shifts, the robot can easily bring someone an extra towel without an employee having to leave the front desk unmanned, Saltmarsh said. “It’s not an ‘employee’ because it’s not displacing or replacing a human being,” Saltmarsh said. “It just allows up to keep our staff focused on more high-priority stuff.”

The novelty of the robot gives the Harbor Resort & Marina an edge in attracting more hotel guests, whether by word-ofmouth or on social media, Saltmarsh said. “When I told my children that we were getting a robot at the hotel, they thought it was the coolest thing ever,” Saltmarsh said. Future plans are to “theme” the robot with birthday messages or other celebratory messages as an extra surprise for guests, as well as connecting it to the hotel’s app so guests can request the robot directly.

CRBJ

Alice Paylor and Bijan Ghom join Saxton & Stump to serve South Carolina We’re welcoming Alice and Bijan to our team of attorneys in our Charleston office. Saxton & Stump is a full-service law firm with an innovative approach to serving clients. Our established practices in business and corporate law, commercial litigation, insurance, real estate, labor and employment, trusts and estates and appellate and post-trial advocacy offer legal services focused on the needs of businesses. Our South Carolina Team

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www.charlestonbusiness.com

IN FOCUS: BANKING AND FINANCE

July 25-August 7, 2022

Mortgage lender opens Mount Pleasant office By Ross Norton

earlier this month. “This is an extremely talented group of wealth professionals deeply rooted within the Charleston community. They understand the unique needs of South Carolinians as they have been serving multi-generational families and institutions across the Palmetto State for decades. “We could not be more thrilled that they will continue their great work as part of the Diversified Trust team.”

rnorton@scbiznews.com

eneva Financial, a direct mortgage lender operating in 46 states, has announced the opening of a new branch in Mount Pleasant at 115 Bowman Road. It is the company’s first location in the Lowcountry, according to the Geneva website location guide. Adam Kernen is the branch manager, according to a news release. “The growth in the South Carolina market over the past year showed us it was time for a new base of operations,” Kernen said in the news release. “This new branch location is our opportunity to better serve borrowers in our community and across the Carolina’s achieve their goals of homeownership and refinance strategy.” The branch can serve customers throughout the state, the release said. Products include conventional, FHA, V.A., USDA, refinance, reverse and jumbo loans. The Mount Pleasant location is part of the company’s strategy to expand in all of its markets, the release said. Other S.C. locations are in Greenville, Chapin and Gaston. The company is based in Chandler, Ariz.

The new Charleston office will be located in the downtown historic district on lower King Street. “Diversified Trust is recognized across the Southeast for its generational impact, and the firm’s values align so well with the community and culture in Charleston,” Main said in the release. “We are thrilled to continue serving the Charleston community under the Diversified Trust banner and work with such a high-caliber team of wealth professionals.” Diversified Trust, established in 1994, provides clients with comprehensive wealth management solutions, including investment management, trust and estates, and family office and institutional advisory services. The employee-owned company also has offices in Greensboro, N.C.; Memphis and Nashville, Tenn.; and Atlanta.

Illustration/File

Wealth management firm opening Charleston office

Diversified Trust, a wealth management firm with offices throughout the Southeast, plans to expand into South Carolina with an office in Charleston. The Charleston office, the company’s fifth, is the first new office for Diversified Trust in 11 years, according to a news release, which said the company manages more than $8 billion in client assets. Leading the new Charleston market will be six senior-level wealth manage-

You’ve Earned it.

B ote it! PromA

now

ment professionals, all of whom join as principals and shareholders of the firm. The team includes Eric A. Main, W. Ashley Thiem, Cynthia M. Legette, R. Thomas Cox III, Zachary Fuqua and Mark J. Green. All six join Diversified Trust from their previous roles at Bank of America Private Bank in Charleston. “Today represents a historic moment for our firm as we expand our footprint to serve the broader region and state of South Carolina,” Samuel N. Graham, CEO of Diversified Trust, said in a news release

Reach Ross Norton at 864-720-1222.

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r. Shasta Henderson is a force. Of the nearly 20,000 orthopedic surgeons in the U.S., only 6.5% are women and around 2% are Black, with Black, female surgeons making up less than 1%, according to reports by the American Academy of Orthopedic Surgeons and Yale School of Medicine, respectively. Henderson is the 10th Black female orthopedic trauma surgeon to enter the industry in the U.S. and she works at Trident Health in North Charleston. “It’s 2021. Who knew?” she said. Excited, not deterred by this statistic, the surgeon is working to bridge the gap with both women and minorities, hoping when they see her, they see opportunities for themselves in the field. “I always find great joy in the shock and awe of when I walk in the room and say, ‘Hey, I’m Dr. Henderson, and I’m an orthopedic surgeon,” she said. “Sometimes I’m met with a look of surprise, and I welcome that. It’s good. It’s a change that’s happening in the world, that’s happening here.” Growing up with both her parents working in a health care field, Henderson felt destined to follow in their footsteps.Her mother worked on the administrative side and ran several federally qualified health care centers, while her father was a gastroenterologist. Henderson remembers

Dr. Shasta Henderson sees being one of the few Black female orthopedic surgeons in the country as an opportunity to model her profession for those who might not have considered the possibility. Photo Provided

spending weekends as a little girl making rounds with her father, and was impacted by the way he was always there for patients in times of need. A Division I college basketball career at Barnard College of Columbia University and a sports injury led her to orthopedics in particular. She was impressed with how involved her doctors were and how they literally and figuratively helped patients back on their feet. After graduation, Henderson moved to Winston-Salem, N.C., where she attended Wake Forest

School of Medicine. It was there she fell in love with fracture care, the “bread and butter of ortho care,” as she put it. Orthopedics was the best way for her to work with her hands and intervene on the worst days of patients’ lives. “No two fractures are the same and every case presents its own unique complexities, but also opportunities for fixation,” she said. “It’s a very artistic puzzle that you can piece back together and mend with plates and screws, getting people back to function and doing what they love.”

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IN FOCUS: BANKING AND FINANCE

st 7, 2022 July 25-August 7, 2022

www.charlestonbusiness.com 17

ice Credit unions stepping into growing bank branch gap By Molly Hulsey

mhulsey@scbiznews.com

espite their growing prominence with small businesses during the pandemic years, local bank branches may soon be rare. In 2020, more than 2,120 bank branches closed across the United States, then the highest net number on record. Then, in 2021, net closures spiked by 38% as shuttered bank branches neared 3,000, according to a 2022 S&P Global Market Intelligence Report. Wells Fargo, U.S. Bancorp., Truist Financial Corp., Huntington Bancshares Inc. and Bank of America Corp. closed the highest number of branches over the past year, according to the report. But some experts say online banking technology has allowed banks to keep customers despite those closures. “The technology has made the customers a lot stickier than they used to be,” Jeffrey Deuel, CEO of Heritage Financial Corp., a bank that pruned away 18% of its brick-and-mortar locations in 2021, said in the report. “And I think that’s playing to our advantage. As we’ve watched how customers manage through the pandemic, it gave us a bit more confidence to take the actions we take.” But those actions have consequences for customers who no longer have a bank servicing their local community. The Consumer Financial Protection

Bureau reported in April that 9 in 10 rural households visit a bank branch instead of relying remotely on a larger bank. Rural households with an ever-shrinking pool of local financial services are also more likely to rely on payday lenders, pawn shops and other non-bank sources of credit to fill income gaps than those in suburban and urban areas. “One of the trends that we have seen, I think that’s particularly alarming, is the increasing number of financial deserts,” Dan Schline, CEO and president of the Carolinas Credit Union League, told SC Biz News. “If you look at some of the data, from 2010 to 2020 in South Carolina, there are about 258 fewer bank branches.” He noted that the number of S.C.-chartered banks have dipped over the past few years as the likes of Charleston-headquartered Carolina Financial and Greenville’s GrandSouth Bank have been absorbed by out-of-state purchasers. “I think some of what’s happening is, with the consolidation in the banking industry, that they’re taking a hard look at where they have physical locations and making some determinations perhaps based on profitability,” Schline said. “The result has been increasingly there are some communities across South Carolina where there’s a lack of access to a brickand-mortar institution.” But in the vacuum left by for-profit banks, nonprofit credit unions are on the rise, he said.

During the same period of time, a net increase of 17 credit union branches peppered the state, he said. “Credit unions are locally owned and operated,” he said. “They tend not to close branches; they tend to keep people employed, so that’s a real positive trend.” Schline hopes that a bill adopted by the U.S. House of Representatives on June 15 will soon find allies in the Senate in light of the mounting number of banking deserts across the country.

“If you look at some of the data, from 2010 to 2020, there are about 258 fewer bank branches.” Dan Schline CEO, Carolinas Credit Union League

In its current form, the Financial Access for Underserved Communities Act allows federal credit unions to add

Providing Advice & Guidance for Your Financial Future

in residents of underserved areas to their field of membership. It also widens the definition of an underserved area to locations more than 10 miles away from the nearest financial institution, a Community Development Banking and Financial Institutions Act of 1994 Investment Area, or groups of contiguous census tracts in which 85% of the communities within are designated as low income, according to the legislation. Schline said the bill would also exempt business loans made in underserved areas from the typical lending cap for member businesses. On the state level, the Carolina Credit Unions League is helping develop another bill that Schline argues will aid the industry as it fills the growing bank branch void. In Florida and Georgia, among a number of other states, when a bank seeks to sell the assets of a shuttered branch to a local credit union, the state regulator allows transactions from the bank to transfer to the credit union. Most banks are acquired by other by banks, not credit unions, but Schline reiterated that it is important to keep the option open for the exception. “We’ve been working with the state Legislature,” he told SC Biz News. “We had a bill introduced last session. Ultimately, we had a hearing, but it didn’t advance. But that’s an issue that we’re going to continue working on.” CRBJ

Wherever you are along your financial journey, we’re here to provide advice and guidance when you need it most. At SouthState Investment Services, we strive to deliver exceptional financial insight and personalized service to help position you toward preserving and growing your wealth. We are committed to listening closely and taking the time to develop a comprehensive investment strategy driven by your personal needs and goals. Whatever your needs may be, we’re here to serve as a valued partner to guide you along your journey. To learn how we can help you with investments, financial planning or retirement, contact us today: SouthStateBank.com/Wealth • 800.382.0564

Tim Sease, CFP®, ChFC EVP, Managing Director

Neal Webb, CFP®

SVP, Financial Consultant

Andy Dalrymple, CFP® SVP, Financial Consultant

Zach Volousky

VP, Financial Consultant

Lisa DeHaven

SVP, Director of Operations

Stacy Cannon

SVP, Financial Consultant

Ryan Reeves, CFP®

SVP, Financial Consultant

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. SouthState Bank, N.A. and SouthState Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using SouthState Investment Services and may also be employees of SouthState Bank, N.A. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, SouthState Bank, N.A. or SouthState Investment Services. Securities and insurance offered through LPL or its affiliates are: Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed

Not Bank Deposits or Obligations

May Lose Value

IN FOCUS: BANKING AND FINANCE

www.charlestonbusiness.com

July 25-August 7, 2022

Accounting Firms

Ranked by No. of CPAs in the Charleston Area CPAs / Accountants / Employees

Company

Phone / Website / Email

Managing Partner(s) / Year Founded

Forvis LLP 525 E. Bay St., Suite 100 Charleston, SC 29403

843-722-6443 www.forvis.com email@forvis.com

Sarah Windham 2022

38 62 71

Traditional audit and tax services, litigation support, forensic accounting, business valuation, transaction advisory services, corporate governance, health care consulting, sales tax compliance, cost segregation and R&D tax credit studies

Elliott Davis LLC 100 Calhoun St., Suite 300 Charleston, SC 29401

843-577-7040 www.elliottdavis.com elliottdavis@elliottdavis.com

Tim Grow, Cindy Brams 1920

36 55 77

Assurance and advisory, tax planning and preparation, business strategy and valuation, international tax, litigation support and forensic accounting, bookkeeping and payroll

Baldwin & Associates LLC 210 Wingo Way, Suite 202 Mount Pleasant, SC 29464

843-722-0785 www.baldwincpa.com

Stephen Moose, Alys Anne Dennis, Robert Baldwin 2003

17 29 34

Tax management, bookkeeping, tax prep, payroll services, estate planning, international tax services

Veris CPA 1156 Bowman Road, Suite 100-A Mount Pleasant, SC 29464

843-881-4477 www.veriscpa.com marketing@veriscpa.com

Melissa A. Kiddy, Justin K. Kiddy, Russell Deal, Chris Kerr, Jenara Noel 1986

15 38 48

Proactive tax, audit and assurance, bookkeeping, outsourced CFO and consulting services for individuals and businesses. Offices in Mount Pleasant, Summerville and West Ashley

Streetman, Jones & Powers LLC 171 Church St., Suite 240 Charleston, SC 29401

843-723-3133 www.cpacharleston.com jstreetman@cpacharleston.com

Brian R. Powers, James A. Streetman, Patrick F. Jones 1996

12 17 29

Individual and business tax planning and preparation, audit, review and compilation services, government contracting, business valuation, tax resolution, succession planning, cash flow management, legal advisory services and new business formation

Moody & O'Neal CPAs LLC 654 Coleman Blvd., Suite 200 Mount Pleasant, SC 29464

843-849-3000 www.moodycpas.com

Chris O'Neal, Lora Prevatte 2009

10 19 21

Traditional audit and tax services, bookkeeping, management advisory, trusts and estates, litigation support and business valuation, risk advisory, controller-to-go, cost segregation studies, R&D tax credit studies

Moore Beauston & Woodham LLP 3520 W. Montague Ave., Suite 201 North Charleston, SC 29418

843-766-5010 www.fullservicecpa.com info@fullservicecpa.com

John B. Beauston 1992

9 16 23

Business sales and acquisition consultation; business valuation; tax planning and preparation; litigation support, attestation and bankruptcy services

Welch, Roberts, Amburn & Hutto LLC 157 E. Bay St. Charleston, SC 29401

843-577-0148 www.wrahcpa.com info@wrahcpa.com

Andrew Preston, Franklin Amburn, Jeff Hutto 1976

9 12 13

Business advisory services, tax and estate planning, tax preparation and consulting services, client accounting services, financial statement preparation and assurance services

WebsterRogers LLP 40 Calhoun St., Suite 460 Charleston, SC 29401

843-577-5843 www.websterrogers.com tsinclair@websterrogers.com

Charles Talbert III, Bobby Creech, Amy F. Urquhart 1984

8 12 18

Tax preparation and planning, assurance and audit, CFO and business advisory services, outsourced accounting, employee benefit plan administration, estates and trusts, forensic and litigation support, business valuations, health care consulting

Hyland, Ruddy & Garbett CPAs LLC 820 Johnnie Dodds Blvd., Suite B Mount Pleasant, SC 29464

843-884-6184 www.hrgcpas.com atoole@hrgcpas.com

James R. Swindal, George L. Garmendia, Heather M. Aydlette 1925

7 16 18

Tax preparation, financial statement preparation, bookkeeping services

Jarrard, Nowell & Russell LLC 975 Morrison Drive Charleston, SC 29403

843-723-2768 www.jnrcpas.com admin@jnrcpas.com

Christopher C. Nowell, William A. Russell, William H. Jarrard 2005

7 20 25

Traditional accounting and income tax services, business advisory services, auditing, captive insurance consultation and auditing, business modeling and valuations, wealth management

Johnson Lambert LLP 100 Brigade St. Charleston, SC 29403

843-414-0330 www.johnsonlambert.com info@johnsonlambert.com

John Prescott 2003

7 7 8

Provides audit, tax and consulting services to the insurance industry and alternative risk entities, associations and other nonprofits, and employee benefit plans

Legare Bailey & Hinske LLC 1100 Queensborough Blvd., Suite 100 Mount Pleasant, SC 29464

843-766-0400 www.lbhcpas.com info@lbhcpas.com

Ben Newton, Joseph A. Hinske 1998

7 9 10

Tax preparation and planning, accounting and auditing, estate and trust planning and compliance; business consulting and litigation support and business valuation

Accountfully 1567 Meeting St., Suite 100 Charleston, SC 29405

843-501-2774 www.accountfully.com hello@accountfully.com

Brad Ebenhoeh, Meredith Ebenhoeh 2012

6 32 35

Outsourced bookkeeping and accounting, tax preparation and planning, finance and advisory services, inventory management consulting

The Lanning Group LLC 235 Magrath Darby Blvd., Suite 140 Mount Pleasant, SC 29464

843-416-8784 www.thelanninggroup.com emily@tlgtax.com

Carrie S. Lanning 2019

6 8 11

Boutique tax practice located in Mount Pleasant that focuses on high wealth individuals, estate and trust planning and small businesses; tax planning and strategies; client relationships

Davis & Co. CPAs P.O. Box 1552 Mount Pleasant, SC 29465

843-881-3315 www.davisandcocpas.com zoe@davisandcocpas.com

Zoe M. Davis 2010

3 6 6

Assurance, tax and consulting services to non-profit organizations, employee benefit plans and homeowner associations

Ferira, Ainsworth & Co. LLC P.O. Box 41697 North Charleston, SC 29423

843-722-7676 www.contractorcpa.net joe.ferira@contractorcpa.net

Joseph W. Ferira, T. Dale Ainsworth 1978

3 4 6

Accounting and consulting for construction companies

Jackson CPA Firm LLC 721 Long Point Road, Suite 404 Mount Pleasant, SC 29464

843-856-0301 www.jacksoncpafirmsc.com frank@jacksoncpafirmsc.com

J. Franklin Jackson 1998

3 5 6

Accounting, auditing, tax return preparation and planning; bookkeeping, computer services and small business planning

McGuire & Co. LLC 1100 Queensborough Blvd., Suite 201 Mount Pleasant, SC 29464

843-577-5533 www.mcguirecpa.com officemanager@mcguirecpa.com

Andrea Hershberger, DJ Barnhill, Sharon C. Hartley 1982

3 3 4

Financial statement compilations, reviews, write-up, business advisory services, income tax planning, estate and retirement planning; individual, partnership trust, estate tax returns

Thiem McCutcheon Winkler CPAs P.A. 1040 eWall St. Mount Pleasant, SC 29464

843-725-3838 www.tmwcpas.com info@tmwcpas.com

Samuel B. Winkler, J. Ben McCutcheon III, David E. Thiem 2009

3 6 8

Tax preparation and planning; compilation and reviews; business consulting and client accounting services

Ceterus 4900 O’Hear Ave., Suite 100 North Charleston, SC 29405

800-571-6119 www.ceterus.com marketing@ceterus.com

Christopher Rossie 2008

2 4 25

Automated accounting and bookkeeping, financial and non-financial industry and brand benchmarking, automated financial insights, franchisor reporting, tax return prep and filing

Glaser & Co. LLC 1859 Summerville Ave. Charleston, SC 29405

843-849-0179 www.glasercompany.com cpa@glasercompany.com

Erik M. Glaser 2006

2 5 6

Audit, review, compilation services; affordable housing and nonprofit client services; tax preparation services and internal control consulting

Because of space constraints, sometimes only the top-ranked companies are published in the print edition. Although every effort is made to ensure accuracy, errors sometimes occur. Email additions or corrections to research@scbiznews.com.

Services

Researched by Paige Wills

IN FOCUS: BANKING AND FINANCE

st 7, 2022 July 25-August 7, 2022

www.charlestonbusiness.com 19

Accounting Firms

Ranked by No. of CPAs in the Charleston Area Company

Phone / Website / Email

Greene Finney Cauley LLP 39 Farmfield Ave. Charleston, SC 29407

843-735-5805 www.greenefinneycauley.cpa susanna.garreau@gfhllp.com

Moss & Yantis CPA Firm 272 W. Coleman Blvd., Suite 100 Mount Pleasant, SC 29464

Managing Partner(s) / Year Founded

CPAs / Accountants / Employees

Services

Emily Sobczak, Larry J. Finney 1996

2 6 6

Audit, advisory, review, compilation, tax planning and preparation, and outsourced accounting and payroll with focus on local government, nonprofits and small and medium businesses

843-606-2349 www.mycpafirm.org info@mycpafirm.org

Deanna R. Moss, Christa Yantis 2010

2 8 11

Full-service accounting firm offering tax, audit and accounting services; niche markets include nonprofits and small businesses

Richard B. Homes CPA LLC 102 Wappoo Creek Drive, Suite 11 Charleston, SC 29412

843-795-0819 www.rhomescpa.com info@rhomescpa.com

Richard B. Homes 2000

2 6 9

Tax preparation and tax planning for businesses, individuals, trusts and estates; accounting and bookkeeping, full payroll services, IRS problems and issue resolution, Quickbooks advisors, business consulting, small business mergers and acquisitions

Smith, Kesler & Co. PA 1127 Queensborough Blvd., Suite 106 Mount Pleasant, SC 29464

843-388-1704 www.skandco.com peevans@skandco.com

Phillip E. Evans 1978

2 3 3

Audit, review and compilation services; corporate tax planning; corporate tax preparation with concentration in the construction industry

Dennis L. Gore LLC 3293 Ladson Road Ladson, SC 29456

843-767-7891 www.dlgorecpa.com dennis@dlgorecpa.com

Dennis L. Gore 1990

1 2 7

Strategic business planning, corporate, partnership, nonprofit, trust and individual taxes, Quickbooks training, IRS negotiations, reviews, compilations, bookkeeping

James M. Lopez CPA LLC 210 S. Cedar St., Suite 4 Summerville, SC 29483

843-879-8272 www.jmlcpallc.com james.lopez@jmlcpallc.com

James M. Lopez 2009

1 2 2

Tax planning and preparation firm specialized in working with startups and small businesses, as well as individuals

The Roberts CPA Firm P.A. 537 Long Point Road, Suite 103 Mount Pleasant, SC 29464

843-388-8601 www.robertscpafirm.com ray@rrobertscpa.com

Ray L. Roberts 1997

1 2 3

Business and tax prep planning, tax planning for tax savings, business valuations, retirement planning and asset management, family tax and financial services

Stacy E. Wiggins CPA PC 1409 Ashley River Road Charleston, SC 29407

843-556-5567 www.sewcpa.com stacy@sewcpa.com

Stacy E. Wiggins 2003

1 2 2

Individual tax, business tax, tax planning, bookkeeping and write-ups, QuickBooks and small business consulting

Swamp Fox CPA LLC 402 Old Trolley Road, Suite 109 Summerville, SC 29485

843-508-8130 www.swampfoxcpa.com scott@swampfoxcpa.com

Scott A. Leister 2015

1 5 7

Tax preparation and planning, accounting, bookkeeping, business advisory services, assurance, CFO and controller service, outsourced services

Tillman Accounting LLC 311 W. Hudson Ave. Folly Beach, SC 29439

843-817-9136 julietillman@bellsouth.net

Julie A. Tillman 2009

1 1 1

Tax preparation and planning, small business consulting and bookkeeping

Breakthrough Financial Solutions 925 Wappoo Road, Suite D Charleston, SC 29407

843-571-6497 www.breakthroughfinancialsolutions.com mark@breakthroughfinancialsolutions.com

Mark Gilbert 2005

4 4

Accounting, bookkeeping, payroll and tax services

Charleston Accounting & Tax 1064 Gardner Road, Suite 114 Charleston, SC 29407

843-408-0308 www.charlestonaccountingandtax.com teresa@charlestonaccountingandtax.com

2017

1 3

Tax planning and preparation, outsourced bookkeeping and accounting, payroll, small business consulting

Gold Star Business Services LLC 3239 Heathland Way Mount Pleasant, SC 29466

843-696-4735 www.goldstarbusinessservices.com elaine@goldstarbusinessservices.com

Elaine Domin 2009

1 2

QuickBooks setup and training, bookkeeping, accounting, cloud services, tax services

Researched by Paige Wills

Presented by: SC Biz News Sponsored by: Doctors Care

AUGUST 18, 2022 6 pm - 9 pm Columbia Metropolitan Convention Center

Join the Party!

Executives from more than 100 companies will gather to celebrate being named one of the Best Places to Work in South Carolina, and no event this year will provide better networking bit.ly/22bestplacessctix opportunities! Join all the fun at this celebratory event featuring cocktails, dinner and an introduction of this year’s winners. #BestPlacesSC For sponsorship information, contact Rick Jenkins at 864.720.1224 or rjenkins@scbiznews.com.

IN FOCUS: BANKING AND FINANCE

www.charlestonbusiness.com

July 25-August 7, 2022

Credit Unions

With Branches in the Charleston Area, Ranked by Total No. of Members Company

Phone / Website / Email

Top Local Official(s) / Year Chartered

Navy Federal Credit Union 7255 Rivers Ave. North Charleston, SC 29406

888-842-6328 www.navyfederal.org

Boeing Employees Credit Union - BECU 5400 International Blvd. Charleston, SC 29418

Total Members

Total Assets

Total Loans

Mary McDuffie 1947

11,423,451

$160,440,596,270

$96,745,040,078

800-233-2328 www.becu.org memberservices@becu.org

Benson Porter 1935

1,358,591

$30,443,892,046

$14,305,324,990

Grow Financial Federal Credit Union 1585 Central Ave., Suite C1 Summerville, SC 29483

813-837-2451 www.growfinancial.org glrecon@growfinancial.org

Thomas Feindt 1955

221,383

$3,512,027,459

$2,097,705,925

South Carolina Federal Credit Union 2175 Credit Union Lane North Charleston, SC 29406

843-797-8300 www.scfederal.org ngeiger@scfederal.org

R. Scott Woods 1936

166,018

$2,494,870,871

$1,603,790,971

State Department Federal Credit Union 2009 Dyess Ave., Building F Charleston, SC 29405

843-806-4571 www.sdfcu.org sdfcu@sdfcu.org

Jan N. Roche 1935

90,982

$2,625,740,432

$1,186,120,982

S.C. State Credit Union 6750 Rivers Ave. North Charleston, SC 29406

843-747-2210 www.scscu.com info@scscu.com

James Kinard 1952

83,660

$1,319,173,162

$611,672,920

REV Federal Credit Union 200 Marymeade Drive Summerville, SC 29483

843.832.2600 www.revfcu.com info@revfcu.com

Jason Lee, Tara Smith, Shawn Kaup 1955

68,373

$922,756,250

$783,331,853

CPM Federal Credit Union 1066 E. Montague Ave. North Charleston, SC 29405

800-255-1513 www.cpmfed.com admin@cpmfed.com

James Gergen 1955

60,829

$580,720,458

$297,800,987

Bayer Heritage Credit Union 309 N. Goose Creek Blvd. Goose Creek, SC 29445

843-820-6070 www.bayerhfcu.com memberservices2@bayerhfcu.com

Robert Burrow 1957

38,605

$668,812,025

$493,187,474

Carolinas Telco Federal Credit Union 4940 Centre Pointe Drive, Suite A North Charleston, SC 29418

843-723-5511 www.ctelco.org

Chris Dickman 1979

32,078

$596,519,598

$303,271,098

Nucor Employee's Credit Union 1000 Hagan Ave. Huger, SC 29450

843-336-6590 www.nucorcu.org info@nucorcu.org

Paul D. Chappell 1962

7,372

$64,646,775

$23,542,279

Santee Cooper Credit Union 612 Rembert C. Dennis Blvd. Moncks Corner, SC 29461

843-761-4001 www.santeecoopercreditunion.com sccu@santeecoopercu.org

Melynda Champion 1953

7,076

$77,674,930

$43,781,100

Latitude 32 Credit Union 1845 Sam Rittenberg Blvd. Charleston, SC 29407

843-556-4809 www.latitude32.org etelli@latitude32.org

Marcus R. Rhymer 1952

6,670

$67,075,599

$38,109,626

Berkeley Community Federal Credit Union 600 Main St. Extension Moncks Corner, SC 29461

843-761-8298 www.berkcofcu.com staff@berkcofcu.com

Max D. Jones 1960

2,507

$16,011,195

$5,166,495

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CRE firm

Source: National Credit Union Administration, March 2022 call report (latest available at time of publication) Researched by Paige Wills

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Business Digest

AGRICULTURE

South Carolina’s largest oyster farm, Lowcountry Oyster Co., has expanded of its successful farm tour program with added dates, time slots and a transportation package. The 90-minute tour includes a boat ride through the ACE Basin. Tickets are $150 per person and available online at https://lowcooysters.com/. Locals can receive $50 off with the discount code LOCALCHS. The company, founded in 2017, launched its farm tour program last year and is adding a 12:30 p.m. time slot on Thursdays and Fridays. Transportation is also now available from the Charleston Visitors Center at 375 Meeting St. The company plans on increasing tours to four days per week by the end of the year, according to a news release. “We’ve had guests travel from L.A., Montana, New York City, and Canada to visit our farm,” Trey McMillan, founder of Lowcountry Oyster Co., said in a news release. “We want to share the experience of one of the Lowcountry’s culinary backbones with as many people as possible, including locals.”

CRE firm sells auto parts store

Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has sold an O’Reilly Auto Parts located in Summerville for $2.6 million. “This property sold at full asking price to a local 1031 exchange buyer,” said Jason Jolly, associate in the firm’s Charleston office. “Both parties were willing to close early the deal early — the buyer due to it being a new construction in a highgrowth area, and the seller because of the rising interest rate environment and having a full price offer in hand.” Jolly, in addition to Andrew Margulies, senior vice president investments in the firm’s Raleigh office, marketed the property on behalf of the seller and secured the buyer. The O’Reilly Auto Parts is located at 1839 State Road in Summerville, South Carolina and was built in 2022.

Johns Island business expanding

Local businesswoman Courtney Bukowsky is expanding her business, One of A Find Charleston, to a renovated storefront in the heart of Johns Island. The One of A Find storefront is located on Johns Island at 3226 Maybank Hwy Unit E3 and opened on June 25, 2022. Visitors to the storefront will be able to shop and celebrate from 10 a.m. until 7 p.m.

Initiative recruiting horticulture professionals

The Charleston Parks Conservancy has launched an initiative to recruit and train a new generation of horticulture professionals from traditionally underrepre-

sented communities. The Conservancy is kicking off a $2.5 million campaign to fund the first five years of the Community Horticulture Fellowship Program. Bank of America is getting the program off the ground with a donation of $150,000 over three years. Annually, the Conservancy will recruit a class of six fellows for an immersive year of professional development and on-thejob training in parks, gardens, and public spaces in South Carolina. The Conservancy also will work to place the fellows in management-track positions at park management agencies, botanical gardens, horticulture companies, municipalities, businesses and institutions.

Engineering firm partnerships with professional services company

CRANSTON, an engineering, landscape architecture, planning, and surveying firm that has been serving Southeast communities for more than half a century, has formed a strategic growth partnership with The HFW Companies, a fast-growing professional services firm with a national focus on the architecture and engineering industry. The new partnership will allow CRANSTON, which has an office in Mount Pleasant, to accelerate its strategic vision for growth and expand even more aggressively throughout the heart of the Southeast with additional services, locations, and people, according to Scott Williams, PE, president of CRANSTON.

Summerville complex acquired by Fogelman Properties

Fogelman Properties, one of the country’s largest, privately owned and fully integrated multifamily investment and property management companies, announces the acquisition of Westbury Mews, a 132-unit apartment community in Summerville, South Carolina, a Charleston submarket. Built in 1988, Westbury Mews features one, two and three-bedroom apartment

homes with rental rates currently ranging from $975-$1,420. The recently acquired property is 97% occupied and will be managed by Fogelman. The company’s investment plan entails a full renovation of the unit interiors, signage, landscaping, clubhouse and amenity areas. Fogelman acquired Westbury Mews through a joint venture with Thackeray Partners. Together, the Fogelman and Thackeray partnership has acquired 16 multifamily communities now totaling more than 3,000 units.

Frampton Construction begins work on Tampa business center

Frampton Construction Co. LLC has started work on Sunlake Business Center, a two-building industrial development in Tampa, Fla. Stonemont Financial Group, a privately held real estate investment firm, is developing the project. Totaling 361,000 square feet, the two rear-load facilities will be constructed of concrete tilt walls and a structural steel frame. Building one will measure 190,000 square feet, with 32-foot clear heights, 57 dock doors, and 309 parking spots. Building two will be 171,000 square feet, with 32-foot clear heights, 51 dock doors, and 231 parking spaces. The layout includes dedicated storefront office space at the two front corners of each building. “We’re excited about our Tampa market debut as we begin to move dirt for the Sunlake Business Center project,” Kyle Shank, project manager at Frampton Construction, said. “Thanks to careful collaboration with our partners during the planning stage, our team is well-equipped to deliver a high-quality project, safely and efficiently.” Located on State Road 54, Sunlake Business Center provides easy access to Suncoast Parkway, Highway 41, and I-75. Tampa’s airport, central business district, and the Port of Tampa are all located within a 30-minute drive of the park. CRBJ

Horticulturist Jim Martin has joined Magnolia Plantation & Gardens as director of horticulture. Martin has 35 years of experience in public horticulture and is Martin a recognized leader in the fields of horticulture, garden management, and design. Martin will oversee the plantation’s gardens and will set the educational direction in gardening, horticulture and other art-based fields at Magnolia. He will also oversee design, development and renovation of both current and future gardens. Martin will draw on his extensive experience as director of horticulture for Riverbanks Zoo + Botanical Garden, in Columbia Mepkin Abbey, and Brookgreen Gardens in South Carolina. More recently, Martin served as executive director and program director of the nonprofit Charleston Parks Conservancy. Martin has a bachelor’s degree in ornamental horticulture from Clemson University.

BUSINESS SERVICES Institute for Organization Management, the professional development program of the U.S. Chamber of Commerce, is pleased to announce that Caroline Titze, the Membership Director of the Greater Summerville/Dorchester County Chamber of Commerce, has recently completed her first year at Southeast Institute for Organization Management, a four-year nonprofit leadership training program at the University of Georgia in Athens, Ga.

CONSTRUCTION Charleston, S.C. -- Frampton Construction Co. has promoted six team members to new positions. David Oliphant has been named senior superintendent, while Keith Horton, Dan Moore, and Kyle Shank have all been named senior project managers. Zach Hollifield has been promoted to project manager and Ryan Colucci to assistant project manager. Oliphant, who joined Frampton in 2021, is certified in first aid, silica safety, and both 10 and 30-hour OSHA construction safety. Oliphant earned his Bachelor of Science in civil engineering from Auburn University. Horton and Shank both started with See PEOPLE, Page 22

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the firm as project managers. Shank, who started in Frampton’s Charlotte office in 2019, holds a bachelor’s degree in business administration and entrepreneurship from State University of New York at Plattsburgh. Horton joined Frampton’s Charleston office in 2020 and has a bachelor’s degree in building construction from Georgia Institute of Technology. Moore, who began working in Frampton’s Charlotte office as project manager in 2019, received a bachelor’s degree in civil engineering from the University of North Carolina at Charlotte. Hollifield started with Frampton in 2019 as an assistant project manager and has a Bachelor of Science degree in civil engineering with a focus in construction from Clemson University. Colucci, previously a project engineer, holds a Bachelor of Science degree in management and marketing from the University of South Carolina. Hill Construction has hired Robert Reilly as director of business development. Reilly spent the last 18 years at SC Biz News and the Reilly Charleston Regional Business Journal. He brings a blend of marketing, sales, and business development experience across an array of South Carolina industries.

CREATIVE INDUSTRIES Malika N. Pryor-Martin has joined the International African American Museum as chief learning and engagement officer. In this role, Pryor will provide strategic direction for creating museum programs and community engagement events – including K-12 school programs and curriculum, programming, and partnerships that support the museum’s faith-based initiatives, workshops, and engagements through the Center for Family History – at local, regional, and national levels.

FINANCIAL SERVICES George Rabon earned the Certified Financial Planner designation from the Certified Financial Planner Board of Standards, Inc., Washington, D.C. Rabon The CFP designation marks identify those individuals who have met the rigorous experience and ethical requirements of the CFP Board, have successfully completed financial planning coursework and have passed the CFP Certification Examination covering the following areas: the financial planning process, risk management, investments, tax planning and

management, retirement and employee benefits, and estate planning. CFP professionals also agree to meet ongoing continuing education requirements and to uphold CFP Board’s Code of Ethics and Professional Responsibility, Rules of Conduct and Financial Planning Practice Standards.

HOSPITALITY The Sanctuary at Kiawah Island Golf Resort has brought in Matthew Gabos as director of food and beverage. In this role, he is responsible for all front-of-house Gabos food and beverage operations. Gabos developed his skills as a director while working at several luxury properties in California, including Auberge Resorts, Ojai Valley Inn & Spa, The Grand Del Mar Resort & Spa, The Lodge at Pebble Beach, and The St. Regis Monarch Beach.

Nico Scherman is now general manager at Wild Dunes Resorts. In this role, he is responsible for managing all operational aspects of the 1,600-acre proper- Economist S ty, from marketing to resort operations, while maximizing company revenue. He brings 20 years of hospitality experience—most recently, as area general manager at Quirk Hotels & Galleries. A graduate of San Diego State University, Scherman started his career at La Costa Resort & Spa, then moved into key positions with Four Seasons and Hyatt, including corporate director of food and beverage.

LAW The Noble Law, a national plaintiff employment law firm with offices in New York, Raleigh, and Charlotte, has brought in Victoria Kepes as a partner to lead its new Charleston/Mount Pleasant office. Kepes previously worked as senior counsel for Gordon Rees Scully Kepes Mansukhani. William T. “Will” Stephenson is now an associate in Haynsworth Sinkler Boyd’s Charleston office, where he works with the firm’s real estate and tax practice groups. Previously, he served as a law clerk to the Hon. Henry M. Herlong, Jr., U.S. district judge for the District of South Carolina. Stephenson earned his master of laws in taxation, with distinction, from the Georgetown University Law Center. He earned his juris doctor, summa cum laude, from the University of South Carolina, where he was associate editor-inchief of the South Carolina Law Review. CRBJ

st 7, 2022

Viewpoint

VIEWS, PERSPECTIVES AND READERS’ LETTERS

Economist Stephen Slifer says several traditional indicators of recession are not yet present in the national economy, despite widespread predictions. (Illustration/File)

Indicators of recession not yet visible in US economy

econd-quarter GDP growth will be released on Thursday morning, July 28. We expect 0.5% GDP growth in that quarter. Combining that growth rate with a 1.6% decline in the first quarter paints a picture of an economy that is in trouble. But is the economy as weak as the GDP growth rates suggest? No. Will anemic first half growth throw a wrench into the Fed’s series of planned increases in the funds rate? No. How high might the funds rate need to climb to slow the pace of economic expansion enough so that inflation retreats to the desired 2.0% pace? We are thinking 5.0% (or higher), which is significantly above the 3.8% funds rate the Fed currently anticipates at the end of next year. Everybody seems convinced that we are either already in or soon will be in a recession. If that’s correct, the economy should slow enough to curtail inflation and rates will not need to go much higher. We think they are being far too pessimistic. It is always a mistake to underestimate the strength and resilience of the U.S. economy. With respect to the notion that we are already in a recession, the economy con-

tinues to crank out jobs. In a recession, payroll employment declines. Currently, the economy is producing 375 thousand jobs per month with few signs of slowing. Layoffs have risen somewhat but still remain very low. Job openings have declined for two consecutive months, but the declines are moderate, and they are falling from a record-high level. The labor market remains tight and is unlikely to reverse course any time soon. Industrial production declines in a recession. Instead, it has risen steadily for the past year, although it has leveled off in recent months. As the supply chain difficulties recede, the economy will get a tailwind for the rest of this year and on into 2023. The production managers indexes for both the manufacturing and service sectors of the economy remain above the break-even point of 50 through June. If the economy were in recession, they would have dropped well below the 50 mark. While second quarter GDP growth will look anemic, solid growth will likely average 2.5% in the final two quarters of the year as supply chain difficulties continue to abate. We suspect that the Fed sees things the same way. In mid-June, it expected GDP growth for the year of 1.7%. Given that first quarter growth had fallen by 1.6%, the Fed expected GDP growth in the final three quarters of the year to average 2.8%. While that forecast may have softened in the past month, nothing that has been

released seems likely to have caused a wholesale downward revision. On the inflation front, the CPI data for June revealed a 41-year-high 9.1% increase in the past year. The core CPI has risen 5.9% in the past year, but it has accelerated in the past three months. Inflation is an inescapable problem that is showing no sign of going away any time soon. Thus, the combined expectation of solid economic growth in the second half of the year and long-lasting upward pressure on the inflation rate will force the Fed to maintain or accelerate its pace of tightening. Thus, a 0.75% increase in the funds rate next week is probably the best bet. But its action is merely another step on the path to higher rates. How high might the funds rate need to go to break the back of inflation? The answer lies with the real funds rate. If the Fed lifts the funds rate 0.75% to 2.5% next week, the core CPI has risen 5.9% in the past year. Thus, the real funds rate a week from now will -3.4%. To have any chance of slowing the pace of economic activity and bringing down the inflation rate, the real funds rate needs to be positive. Prior to the 2008-09 recession, the real rate climbed to +3.0% before the economy finally went over the edge. In the late 1970’s when the inflation rate was well-entrenched, the real rate climbed to +8.0%. Negative real rates are not going to accomplish the Fed’s objective.

How quickly the Fed raises the funds rate and the speed with which the inflation rate subsides will determine how soon real rates turns positive. By the end of 2023, we are looking for the funds rate to reach the 5.0% mark. Meanwhile, we expect the inflation rate to slow to 5.2%. That means that by year-end 2023, the real funds rate will be -0.2%. Not good enough. Will the Fed have the courage to push the funds rate to 6.0% to make the real funds rate positive? Or will the FOMC wimp out and repeat the mistake it made in the inflation-prone period in the late 1970’s of chasing the inflation rate higher and never getting ahead of the curve? From 1980 until 2003, when he retired, Stephen Slifer served as chief U.S. economist for Lehman Brothers in New York City, directing the firm’s U.S. economics group along with being responsible for forecasts and analysis of the U.S. economy. He has written two books on using economic indicators to forecast financial moves and previously served as a senior economist at the Board of Governors of the Federal Reserve in Washington, D.C. Slifer can be reached at www.numbernomics.com. CRBJ

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