HELEN HALL Owner of Blender Bombs
PAGE 4 VOLUME 27 NUMBER 22 ■ CHARLESTONBUSINESS.COM
Part of the
NOVEMBER 1 - 14, 2021 ■ $2.25
network
Help wanted brings higher wage demands
Banking on Carolinas Encore Bank expands into Charleston’s banking and financial market. Page 15
By Ross Norton
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Role reversal
Bank tellers see shifts in roles, salaries with mobile banking. Page 13
As COO, Barbara Melvin oversees the port’s daily operations and major infrastructure projects, including the Hugh K. Leatherman Terminal and Charleston Harbor Deepening Project. (Photo/Walter Lagarenne)
Kitchen inspiration Charleston parents create a kids’ snack that gains national traction. Page 8
Saying goodbye
S.C. Manufacturing Extension Partnership President Chuck Spangler dies at 58. Page 11
INSIDE
Upfront................................. 2 SC Biz News Briefs................. 3 Small Business Spotlight........ 4 In Focus: Banking and Finance.......... 13 List: Banks.......................... 16 Bonus List: Financial Brokerage Firms................. 18 At Work............................... 19 Viewpoint............................23
SC Ports to make history as Melvin named future CEO By Teri Errico Griffis
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tgriffis@scbiznews.com
fter 13 years, Jim Newsome will be stepping down as CEO and President of the S.C. Ports Authority, and COO Barbara Melvin, will step in to the role making history as not only the first female CEO of SCPA, but of a top 10 U.S. operating container port. The announcement came at the 2021
State of the Ports on Oct. 18 after the board unanimously approved the leadership change earlier in the day. Melvin, who has served with the port for 24 years, will transition as the sixth leader on July 1, following Newsome’s anticipated retirement in June 30. “Jim Newsome has truly made a significant and lasting impact on South Carolina’s economy and supply chain,” See PORTS, Page 6
rnorton@scbiznews.com
aybe the politicians can’t agree on what to do about increasing the federal minimum wage, but the market is making its own decisions. And the decision seems to be that wages must go up. The federal minimum has remained $7.25 since 2009 and it seems that’s not enough in 2021. Pressure to pay more, especially in the hospitality sector, was exacerbated by the pandemic, according to Furman University economics professor Kailash Khandke. “The minimum wage debate that started a little before the pandemic, was highlighted during the pandemic, when workers in the service sector, restaurants, etc., felt that they were working long hours with little to no benefits, said Khandke, the Frederick W. Symmes Professor of Economics at Furman. “At the same time research on the poverty line and poverty threshold resulted in government intervention and trial programs with things like Universal Basic Income. So we may be seeing wages begin to go up in some of these low earning positions.” A number of announcements have suggested a trend. Chipotle made national news in May when the company said it would raise its minimum wage companywide to an average of $15 in its American restaurants. Chipotle Mexican Grill Inc. has about 2,800 restaurants but some of them are abroad. In South Carolina, the largest retailer headquartered in the state announced plans to raise the minimum at Spinx convenience stores and car washes to $12 for fulltime staff. And here and there across the Upstate, temporary banners, hand-lettered posterboard and paid advertising have promised higher wages, especially at restaurants. See WAGES, Page 10
State of the Port
SCPA invests in infrastructure to address supply chain issues. Page 12