Citigroup Inc.’s takeover of Charlotte-based Wachovia Corp. will make the big New York bank a retail-banking leader in South Carolina, and remove the corporate headquarters for the successor to the old South Carolina National Bank even further from the state.
When Wachovia took over South Carolina National Corp. in 1991, SCN was the largest bank based in the state, with more than $7 billion in assets and 164 offices statewide.
Today, Wachovia has 137 branches in South Carolina, with 26 of those in the tri-county region, according to the latest data available from the Federal Deposit Insurance Corp. As of June 2007, the bank had $2.4 billion in deposits from this region, claiming almost 27% of the market share, more than any other institution.
Statewide, the bank ranks second in terms of deposits, behind only Charlotte-based Bank of America.
With its headquarters in Charlotte, and a large work force on the border with South Carolina, employment will be a concern as the New York bank takes over.
Steven Mann, professor of finance at the Moore School of Business, predicted that Charlotte “is going to be a little bit diminished as a banking center” because of the merger announced today.
Jason Caskey, a CPA and chairman of Elliott Davis LLC’s banking practice, speculated that the buyout could lead to more community banks in rural areas where Wachovia is now located.
“It would be my guess that Citigroup would not be interested in remaining in those small communities,” said Caskey, whose firm conducts audits for about 50 community banks across the state.
Wachovia Corp. will remain a public company with two main operating subsidiaries: Wachovia Securities, the nation’s third-largest brokerage firm; and Evergreen Asset Management, a provider of asset management services. Under terms of the transaction, Citigroup will pay $2.1 billion to Wachovia and assume the senior and subordinated debt of Wachovia Corp., Wachovia’s statement said.
“Customers of both companies should continue banking as usual, and feel confident that their deposits are secure. Also, employees and vendors should continue to operate business as usual,” the bank said.
Wachovia Corp. said it will remain headquartered in Charlotte. Wachovia Securities will continue to be headquartered in St. Louis. Citigroup will base the retail bank in Charlotte and the investment bank in New York.
Saturday, October 4, 2008
Thursday, October 2, 2008
newly-formed Ad-Hoc biker committee
A newly-formed biker committee from Horry County met with Myrtle Beach officials to compare notes on what the county will do with the approaching spring bike events.
Many of the bikers are pretty curious about the next step the county might take. Many feel the City of Myrtle Beach has done its best to make them feel unwelcome, and wait to see if the county does the same.
Horry County Council wants to know exactly what Myrtle Beach Mayor John Rhodes wants from them.
Mayor John Rhodes says he is asking the county not to turn their back on the city.
The council members that make up the Ad-Hoc committee say they won't do that, but say they probably won't rubber stamp the 15 ordinances the city passed.
Councilman Bob GrabowskiI says he certainly don't want to tell 200,000 to 500,000 people not to come here, that's bad business.
Rhodes toughest criticism came from councilman and biker, Bob Grabowski, who tried to pin down Rhodes, accusing him of wanting to flat out end the rallies.
"Mr. Grabowski, we have never said end bike rallies. We've said we don't like rallies. We don't want rallies because of the masses," said Rhodes.
Rhodes told the county he welcomes bikers, as long as they respect Myrtle Beach.
Biker enthusiasts who attended Wednesday's pow-wow say they liked what they heard from the county.
The county made it clear they want to welcome bikers. They don't want to get ride of the bike week. They realize the economic impact it brings to the county, said a local business owner.
Rhodes also suggested moving the county's vendors west of the Intracoastal Waterway. Both sides agree on working with the private sector, asking them what they can do about some of the issues of noise and rowdy behavior.
The commission will meet again October 14th.
This meeting represented the views for the newly formed biker committee. Many of the local residents who oppose the bike week did not attend this meeting. Many local residents are waiting to see the positive impact from the newly passed Myrtle Beach laws aimed at keeping bike week under control.
Many of the bikers are pretty curious about the next step the county might take. Many feel the City of Myrtle Beach has done its best to make them feel unwelcome, and wait to see if the county does the same.
Horry County Council wants to know exactly what Myrtle Beach Mayor John Rhodes wants from them.
Mayor John Rhodes says he is asking the county not to turn their back on the city.
The council members that make up the Ad-Hoc committee say they won't do that, but say they probably won't rubber stamp the 15 ordinances the city passed.
Councilman Bob GrabowskiI says he certainly don't want to tell 200,000 to 500,000 people not to come here, that's bad business.
Rhodes toughest criticism came from councilman and biker, Bob Grabowski, who tried to pin down Rhodes, accusing him of wanting to flat out end the rallies.
"Mr. Grabowski, we have never said end bike rallies. We've said we don't like rallies. We don't want rallies because of the masses," said Rhodes.
Rhodes told the county he welcomes bikers, as long as they respect Myrtle Beach.
Biker enthusiasts who attended Wednesday's pow-wow say they liked what they heard from the county.
The county made it clear they want to welcome bikers. They don't want to get ride of the bike week. They realize the economic impact it brings to the county, said a local business owner.
Rhodes also suggested moving the county's vendors west of the Intracoastal Waterway. Both sides agree on working with the private sector, asking them what they can do about some of the issues of noise and rowdy behavior.
The commission will meet again October 14th.
This meeting represented the views for the newly formed biker committee. Many of the local residents who oppose the bike week did not attend this meeting. Many local residents are waiting to see the positive impact from the newly passed Myrtle Beach laws aimed at keeping bike week under control.
Wednesday, October 1, 2008
Palmetto Achievement Challenge Tests increased
While the Horry County schools system rates above the State schools average in many achievements the rest of the States schools are not so lucky.
The state Education Department says 80 percent of South Carolina's elementary and middle schools did not meet federal education goals.
The agency announced Wednesday that 160 of the state's 875 public primary schools, or 18 percent, made "adequate yearly progress" under No Child Left Behind.
That's down from 39 percent last year.
The drop comes despite students' improvements on tests taken in the spring. The percentage of students meeting or exceeding expectations on the state's Palmetto Achievement Challenge Tests increased across every grade and subject compared to 2007.
Federal goals for South Carolina also jumped. Nearly 60 percent of students had to score "proficient" or "advanced" to make adequate progress, up from about 40 percent.
The state Education Department says 80 percent of South Carolina's elementary and middle schools did not meet federal education goals.
The agency announced Wednesday that 160 of the state's 875 public primary schools, or 18 percent, made "adequate yearly progress" under No Child Left Behind.
That's down from 39 percent last year.
The drop comes despite students' improvements on tests taken in the spring. The percentage of students meeting or exceeding expectations on the state's Palmetto Achievement Challenge Tests increased across every grade and subject compared to 2007.
Federal goals for South Carolina also jumped. Nearly 60 percent of students had to score "proficient" or "advanced" to make adequate progress, up from about 40 percent.
Tuesday, September 30, 2008
Myrtle Beach Bike Rally September 24, 2008 Ordinances
New Ordinances
Posted Wednesday, September 24, 2008
The Myrtle Beach City Council approved the following ordinances at its regular meeting on Tuesday, September 23, 2008. Some amend existing ordinances, while others are entirely new. Five are effective immediately, including the Noise Ordinance amendment, 2008-68. The remaining 10 ordinances take effect Sunday, December 21, 2008, which is 90 days from adoption. Use the links below to view individual ordinances as PDF documents.
Ordinances 2008-57, 2008-58, 2008-59, 2008-60, 2008-68, 2008-69 and 2008-70 are laws of general application and should be read in context of the Chapter, Article and Division that they amend or supplement. The City Code is available for comparison, but note that the new ordinances have not yet been incorporated into the existing on-line code. Ordinance 2008-71 establishes an administrative process to handle infractions, as specified in Ordinances 2008-61, 2008-62, 2008-63, 2008-64, 2008-65, 2008-66 and 2008-67.
2008-57 Amend existing Nuisance law found in Chapter 10, Article II, Nuisances of the Code. The effects of an unpermitted special event, or rally are a public nuisance against public health, public decency, peace and order, public welfare and safety and the public economy and responsible parties to be held financially responsible for public cost that result from their promotion. (effective immediately)
2008-58 Amend existing Special Event law in Sections 19-127, 19-128 and 19-156 of Chapter 19, Article VI, Special Events of the Code. Those events in or adjacent to City limits, permitted or unpermitted, that impose an excessive public resource deployment are unlawful, and responsible parties are to be held financially responsible for public cost that result. (effective immediately)
2008-59 New law amending Chapter 14, Article 1, Section 14-1. No alcohol served between 2:00 a.m. and 6:00 a.m. Business can exempt from 2:00 a. m. to 6:00 a. m. sale prohibition upon showing of policy or practice that addresses among other things underage drinking, over-serving, internal and premises security. (effective December 21, 2008)
2008-60 New Law. Chapter 14, Article 1, Section 14-7. Defrauding a restaurant is a misdemeanor. (effective immediately)
2008-61 New law. Chapter 14, Article X, Sections 14-220. Infraction. Administrative process. Short term rental, payers of accommodation tax, innkeeper or hotel check-in procedures; photo id for check-in; identification of all guests per room, identification of all vehicles; issue parking card. (effective December 21, 2008)
2008-62 New law. Infraction. Chapter 14, Article X, Sections 14-221. Administrative process. No alcohol consumption or open possession in parking areas, lots and garages. Business shall not permit. (effective December 21, 2008)
2008-63 New law. Infraction. Chapter 14, Article X, Sections 14-222. Administrative process. Use of parking lot for non-parking activities a nuisance. No destruction of landscaped areas by chairs, etc. Businesses shall not permit. (effective December 21, 2008)
2008-64 New law. Infraction. Chapter 14, Article X, Sections 14-223 through 14-227. Administrative process. Helmet and protective eyewear required for cycles and mopeds. (effective December 21, 2008)
2008-65 New law. Infraction. Chapter 14, Article X, Sections 14-228 through 14-231. Administrative process. No trailers parked on public streets, or unlicensed private lots. (effective December 21, 2008)
2008-66 New law. Infraction. Chapter 14, Article X, Sections 14-232 through 14-235. Administrative infraction. Convenience store and premises security. (effective December 21, 2008)
2008-67 New law. Infraction. Chapter 14, Article X, Sections 14-236 through 14-239. Administrative process. Minor or Juvenile Curfew: 1:00 a.m. to 6:00 a.m. (effective December 21, 2008)
2008-68 Amend existing Noise law found in Chapter 14, Article X, Sections 14-240. No loud mufflers; EPA labeling required, or maximum 87 decibels allowed at idle measurement. (effective immediately)
2008-69 Amend existing law in Chapter 14, Article V, Section 14-85, adding section (b) (10). No loitering on commercial lots after hours, or when posted. (effective immediately)
2008-70 Amend existing law in Chapter 12, Article III, Division 1, by adding Section 12- 102: only 2 motorcycles per public parking space; Chapter 12, Article III, Division 2, Repeal deactivation of meters for bike parking. (effective December 21, 2008)
2008-71 New law to enact Chapter 14, Article X, Sections 14-200 through 14-and/or reserve 14-219. Creation of administrative hearing process for disposition of infractions. (effective December 21, 2008)
Posted Wednesday, September 24, 2008
The Myrtle Beach City Council approved the following ordinances at its regular meeting on Tuesday, September 23, 2008. Some amend existing ordinances, while others are entirely new. Five are effective immediately, including the Noise Ordinance amendment, 2008-68. The remaining 10 ordinances take effect Sunday, December 21, 2008, which is 90 days from adoption. Use the links below to view individual ordinances as PDF documents.
Ordinances 2008-57, 2008-58, 2008-59, 2008-60, 2008-68, 2008-69 and 2008-70 are laws of general application and should be read in context of the Chapter, Article and Division that they amend or supplement. The City Code is available for comparison, but note that the new ordinances have not yet been incorporated into the existing on-line code. Ordinance 2008-71 establishes an administrative process to handle infractions, as specified in Ordinances 2008-61, 2008-62, 2008-63, 2008-64, 2008-65, 2008-66 and 2008-67.
2008-57 Amend existing Nuisance law found in Chapter 10, Article II, Nuisances of the Code. The effects of an unpermitted special event, or rally are a public nuisance against public health, public decency, peace and order, public welfare and safety and the public economy and responsible parties to be held financially responsible for public cost that result from their promotion. (effective immediately)
2008-58 Amend existing Special Event law in Sections 19-127, 19-128 and 19-156 of Chapter 19, Article VI, Special Events of the Code. Those events in or adjacent to City limits, permitted or unpermitted, that impose an excessive public resource deployment are unlawful, and responsible parties are to be held financially responsible for public cost that result. (effective immediately)
2008-59 New law amending Chapter 14, Article 1, Section 14-1. No alcohol served between 2:00 a.m. and 6:00 a.m. Business can exempt from 2:00 a. m. to 6:00 a. m. sale prohibition upon showing of policy or practice that addresses among other things underage drinking, over-serving, internal and premises security. (effective December 21, 2008)
2008-60 New Law. Chapter 14, Article 1, Section 14-7. Defrauding a restaurant is a misdemeanor. (effective immediately)
2008-61 New law. Chapter 14, Article X, Sections 14-220. Infraction. Administrative process. Short term rental, payers of accommodation tax, innkeeper or hotel check-in procedures; photo id for check-in; identification of all guests per room, identification of all vehicles; issue parking card. (effective December 21, 2008)
2008-62 New law. Infraction. Chapter 14, Article X, Sections 14-221. Administrative process. No alcohol consumption or open possession in parking areas, lots and garages. Business shall not permit. (effective December 21, 2008)
2008-63 New law. Infraction. Chapter 14, Article X, Sections 14-222. Administrative process. Use of parking lot for non-parking activities a nuisance. No destruction of landscaped areas by chairs, etc. Businesses shall not permit. (effective December 21, 2008)
2008-64 New law. Infraction. Chapter 14, Article X, Sections 14-223 through 14-227. Administrative process. Helmet and protective eyewear required for cycles and mopeds. (effective December 21, 2008)
2008-65 New law. Infraction. Chapter 14, Article X, Sections 14-228 through 14-231. Administrative process. No trailers parked on public streets, or unlicensed private lots. (effective December 21, 2008)
2008-66 New law. Infraction. Chapter 14, Article X, Sections 14-232 through 14-235. Administrative infraction. Convenience store and premises security. (effective December 21, 2008)
2008-67 New law. Infraction. Chapter 14, Article X, Sections 14-236 through 14-239. Administrative process. Minor or Juvenile Curfew: 1:00 a.m. to 6:00 a.m. (effective December 21, 2008)
2008-68 Amend existing Noise law found in Chapter 14, Article X, Sections 14-240. No loud mufflers; EPA labeling required, or maximum 87 decibels allowed at idle measurement. (effective immediately)
2008-69 Amend existing law in Chapter 14, Article V, Section 14-85, adding section (b) (10). No loitering on commercial lots after hours, or when posted. (effective immediately)
2008-70 Amend existing law in Chapter 12, Article III, Division 1, by adding Section 12- 102: only 2 motorcycles per public parking space; Chapter 12, Article III, Division 2, Repeal deactivation of meters for bike parking. (effective December 21, 2008)
2008-71 New law to enact Chapter 14, Article X, Sections 14-200 through 14-and/or reserve 14-219. Creation of administrative hearing process for disposition of infractions. (effective December 21, 2008)
Fall Harley Rally begins Wednesday
The annual Fall Harley Rally begins Wednesday and some new ordinances that were recently adopted by the city of Myrtle Beach to deter the May rallies will be enforced.
Most of the new laws will not go into effect until December.
2 of the ordinances hold the rally responsible for any public costs it creates, either as a nuisance to the public or a drain on public resources.
Another makes loud mufflers illegal.
The fall Harley rally runs from Wednesday to Sunday.
If you want to look over the list of ordinances passed, click on www.843Realtor.com
Most of the new laws will not go into effect until December.
2 of the ordinances hold the rally responsible for any public costs it creates, either as a nuisance to the public or a drain on public resources.
Another makes loud mufflers illegal.
The fall Harley rally runs from Wednesday to Sunday.
If you want to look over the list of ordinances passed, click on www.843Realtor.com
motorcycles sound check finds 91 out of 46 failed
Myrtle Beach police are having exhaust sound checks available for bikers of the big rally. The sound check can help bikers who are here for the fall Harley rally know whether they're in compliance with a new noise ordinance.
On Tuesday, police started doing courtesy checks by holding sound meters close to the bikes to see if they top the limit of 87 decibels.
At the courtesy sound checks, police are not writing tickets for motorcycles that exceed the limit.
Police said bikers still have time to change their mufflers, if their bikes are too loud, but that is up to them.
"They don't have to do anything if they don't want to," said Capt. David Knipes. "They might not even want to ride back in the city of Myrtle Beach for fear of getting a ticket."
For those who would like to have your motorcyle checked you can visit the police dept again Wednesday and Thursday on Mustang Street.
They checked 91 motorcycles Wednesday, and 46 were not in compliance.
On Tuesday, police started doing courtesy checks by holding sound meters close to the bikes to see if they top the limit of 87 decibels.
At the courtesy sound checks, police are not writing tickets for motorcycles that exceed the limit.
Police said bikers still have time to change their mufflers, if their bikes are too loud, but that is up to them.
"They don't have to do anything if they don't want to," said Capt. David Knipes. "They might not even want to ride back in the city of Myrtle Beach for fear of getting a ticket."
For those who would like to have your motorcyle checked you can visit the police dept again Wednesday and Thursday on Mustang Street.
They checked 91 motorcycles Wednesday, and 46 were not in compliance.
Hard Rock Park Season Pass gets a six-month extension
Tuesday officials with Hard Rock Park announced a bankruptcy court granted permission to offer Annual and Season Pass Holders a six-month extension.
In addition, anyone still holding unused tickets to the Park will be able to exchange their unused tickets for a 2009 ticket in the near future.
Officials say refunds are not permitted by the Bankruptcy Court at this time.
Hard Rock Park filed for protection under Chapter 11 last Wednesday
In addition, anyone still holding unused tickets to the Park will be able to exchange their unused tickets for a 2009 ticket in the near future.
Officials say refunds are not permitted by the Bankruptcy Court at this time.
Hard Rock Park filed for protection under Chapter 11 last Wednesday
First-Time Home Buyer Tax Credit Fact Sheet
First-Time Home Buyer Tax Credit Fact Sheet
Who is Eligible
• The $7,500 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
• Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000.
Effective Dates for the Tax Credit
• First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
• A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
• Buyers can take the tax credit in their 2008 or 2009 tax return.
• If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Types of Homes that Qualify for the Tax Credit
• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Payback Provisions
• The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
• For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
• If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
• If there was insufficient profit, then the remaining credit payback would be forgiven.
Who is Eligible
• The $7,500 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
• Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000.
Effective Dates for the Tax Credit
• First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
• A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
• Buyers can take the tax credit in their 2008 or 2009 tax return.
• If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Types of Homes that Qualify for the Tax Credit
• All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Payback Provisions
• The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
• For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
• If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
• If there was insufficient profit, then the remaining credit payback would be forgiven.
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