Business Briefs: CapitalMark doubles profits

Business Briefs: CapitalMark doubles profits

April 25th, 2014 by Associated Press and Staff Report in Business Around the Region

CapitalMark doubles profits

CapitalMark Bank and Trust more than doubled its first quarter earnings as loan volume swelled by nearly a third over the past year. The Chattanooga-based banking firm said Thursday it earned $1.7 million, or 21 cents per share, in the first three months of 2014. Deposits grew by 10.2 percent to $751 million and loans grew 313 percent to $620 million.

"With a record $883 million in total assets, we continue to build core earnings capacity and an operating profile that positions CapitalMark to become a $1 billion bank," CapitalMark CEO R. Craig Holley said.

Vanguard class eyes Chattanooga

More than 40 emerging urban leaders from across the country were welcomed to Chattanooga by Mayor Andy Berke and others on Thursday for the start of the 3-day Vanguard Next City conference.

The 5th annual conference includes civic, community and government leaders from more than a dozen states who are meeting with community leaders and touring the Scenic City this week. They will offer their community assessments and recommendations on Saturday during the Chattanooga Challenge that concludes the conference. The Footprint Foundation is pledging to provide $10,000 to help implement the winning idea for Chattanooga offered from the conference.