SouthTrust announces cash dividend, record fourth quarter earnings

The board of directors of SouthTrust Corporation has declared an increased quarterly cash dividend of $0.22 per share, up 16 percent over the $0.19 paid last year. This represents SouthTrust’s 29^th consecutive year of increased dividends. The dividend is payable April 1, 1999 to stockholders of record at the close of business February 26, 1999.

SouthTrust Corporation also reported record earnings for the year as well as for the fourth quarter of 1998. For the quarter ended December 31, 1998, net income totaled $98.0 million, up 20 percent over the $82.0 million reported a year ago. Per diluted share, the comparison was $0.59 for the fourth quarter of 1998 versus $0.53 for the fourth quarter of 1997, an increase of 11 percent. For the year, net income was $368.6 million, an increase of 20 percent over the $306.7 million reported in 1997. Net income per diluted share for the year was $2.25 compared with $2.03 a year ago.

Beginning in the fall 1999 semester, Charleston Southern University will offer the Lowcountry’s only Master of Science in Criminal Justice program.  The program is designed to help police, probation and parole officers, deputy sheriffs, juvenile justice practitioners and any criminal justice professional with an undergraduate degree to further their education.  Professors for the 33-graduate credit hour program will include two Ph.D.s, two attorneys and two instructors with masters’ degrees.

The North Charleston Sewer District will receive a $359,000 federal grant to construct a sewer collection system to serve a new industrial corridor.  These funds from the U.S. Department of Commerce Economic Development Administration will be used for approximately 4,800 feet of gravity sewer line extensions and manholes.  Western Star, which is building a plant in Ladson, will be the immediate beneficiary of the expanded sewer system.  

San Diego, Calif.-based Metabolife International, Inc. has opened a new location in Northwoods Mall in North Charleston.  The company’s premier product is Metabolife 356, a dietary supplement made of a blend of natural herbs and other nutrients and formulated to raise the metabolism.

Wild Dunes Resorts has received a gold, silver and bronze award from the Hospitality Sales and Marketing Association International for excellence in advertising and marketing communications.  Wild Dunes received a Gold Award in the Group Sales and Meeting category for its four-color brochure, a Silver Award in the In House/On Board category for its Directory of Service, and a Bronze Award in the Single Entry Advertising-Trade Media for Group Sales/Group Media Placement.  The competition drew more than 1,700 entries from 51 countries and is open to hotels, airlines, cruise lines, rental car firms, convention ands visitors bureaus and various other travel entities.

Charleston County School District and the College of Charleston have partnered to create the Child and Family Development Center located on the former Naval Base.  The model pre-school program serves 90 families from throughout the tri-county area.  A Family Resource Hub for education and support provides services including working parents’ support groups, workshops on effective discipline and stress management techniques, and parenting classes.

The Charleston Metro Chamber of Commerce’s updated 1998/1999 Major Employers Directory, a comprehensive database of over 300 of the region’s major employers, is now available.  According to the Chamber, these companies combined employ a total of 100,000 people and represent about 40 percent of the region’s workforce.  Updated copies are $10 or $50 on disk and are available by calling 723-1773.

Regional insurance brokerage Palmer & Cay, Inc. has acquired the mid-Atlantic and southeastern divisions of KPMG LLP’s employee benefit consulting practice.  The acquisition expands Palmer & Cay’s operations to include new offices in Washington, D.C. and Baltimore, Maryland, creating a total of 20 locations for the privately held firm, including offices in Charleston, Columbia and Florence, S.C.

Westvaco announced the sales of its Cameron (SC) Lumber Mill to Collum’s Lumber Mill, Inc. in Allendale, South Carolina. In divesting itself of this facility, Westvaco is able to focus its lumber manufacturing at its Summerville lumber mill. The sale of the Cameron mill will have no impact on the Summerville facility. The Cameron Lumber Mill, purchased in 1981 by Westvaco, has been recognized for its outstanding safety record.

Bank of America has announced a $40 million grant to United Way of America to continue the Foundation’s support of Success by 6, a collaborative effort that focuses on improving the lives of children and their families.  South Carolina United Way chapters received a total of $589,000, which includes $211,000 to the United Way of South Carolina.  United Way local chapters will use the funds to develop or enhance Success by 6 initiatives.

Ernst & Young, LLP, an entrepreneurial consulting firm, is seeking nominations for Lowcountry-based entrepreneurs as part of its 13^th Annual Entrepreneur of the Year awards, which honor outstanding owners of fast-growing companies.  Owners and managers who are primarily responsible for the growth of a company are eligible for the award, and the company must have been operating for at least two years.  If the company is publicly held, the founder must be an active member in top management.

Nominations must be received by April 9, 1999.  Self-nominations are encouraged, as are those from suppliers, customers and others who work with entrepreneurs.  For more information and nomination forms, call the Carolinas Entrepreneur of the Year Awards hotline at 800-572-6085 or view the Ernst & Young Web site at www.ey.com/industry/entrepreneur/eoy.

Southern Wesleyan accepting applications for March enrollment

Southern Wesleyan University is now accepting applications for classes beginning in March for its Leadership Education for Adult Professionals (LEAP) program, which offers an accelerated Associate of Science in Business degree and a Bachelor of Science in Business Management degree. For more information, call 747-4736.

The Charleston Electrical Contractors Association (CECA) recently donated $2,500 to Stratford, Timberland, Baptist Hill and Garrett High Schools for their educational programs.  Pictured from left to right are Lynn Whitner, Utilities Construction, CECA board member; Gwen Scarborough, Berkeley County Job Placement; Jim Vines, Stratford High School; Andrew C. Oliver, Jr., Timberland High School; John McClary, Baptist Hill High School; Bill Kerr, Garrett High School; Russel Overton, RCMP Electric, CECA board of directors.

Department of Public Safety begins random sampling on insurance coverage

The South Carolina Department of Public Safety (DPS) announced that the Division of Motor Vehicles (DMV) has now begun random sampling of motorists for insurance verification, as required by the state’s auto insurance law passed by the General Assembly in 1997.

The DPS will randomly select 500 motorists a day to verify that they have insurance coverage as a means of detecting uninsured motorists. The law requires vehicle owners to have their insurance company or agent complete the form and return it to DMV within 15 days, or the person’s vehicle license plate will be suspended. If DMV has not received the verification letter within 15 days, it will send motorists a second letter informing them that failure to comply with the notice could result in a $300 reinstatement fee for their registration. Drivers who ultimately prove to DMV that they have insurance with no lapse in coverage will not be charged the fee, and the suspension will be cleared.

Motorists who change their address should notify DMV with the new address within 10 days.

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