Business Briefs: CapitalMark Bank earns $1.5 million

Business Briefs: CapitalMark Bank earns $1.5 million

July 24th, 2013 by Staff Reports and Wire Service in Business Around the Region

Craig Holley, Chairman, President, and CEO of CapitalMark Bank & Trust

Photo by Dan Henry/Times Free Press.

CapitalMark Bank earns $1.5 million

CapitalMark Bank & Trust said Wednesday it earned $1.5 million in the second quarter. Although down from the $1.9 million earned in the same period a year ago, the Chattanooga bank still continued to grow the size of the bank and net operating earnings, net loan losses. CapitalBank deposits grew 4 percent in the past year to $669 million and assets grew 4.7 percent to $775 million.

"We're pleased to report 18 consecutive quarters of positive earnings despite heightened regulatory pressures and a slow growth economy," said R. Craig Holley, CapitalMark's chairman, president and CEO. "CapitalMark is primed for future growth as we continue to operate well above the regulatory capital requirements."

Bentley to offer expensive SUV

Volkswagen AG has given its ultra-luxury Bentley brand approval to build a sport-utility vehicle, which may cost $237,000, according to Bloomberg.

The aim is to expand beyond exclusive sedans and coupes, and the new model is to go on sale in 2016, creating more than 1,000 jobs in the U.K., the VW unit said in a statement. Bentley said the vehicle will be the most luxurious and powerful SUV on the market when it goes on sale. Bentley plans to spend more than $1.23 billion on developing the SUV and other models, as well as upgrading its headquarters in Crewe, England.

Earnings drop for DuPont

DuPont's second-quarter profit dropped 12 percent, hurt by lower prices for titanium dioxide, a widely used whitening pigment. The chemicals maker is exploring a possible sale or spinoff of its performance chemicals unit.

Regions net income falls

BIRMINGHAM, Ala. - Regions Financial Corp. on Tuesday reported a 9 percent drop in second-quarter profit as expenses increased while the bank wrote fewer mortgage loans.

The results fell short of Wall Street projections, and shares fell in premarket trading.