Business briefcase: Jan. 25, 2013

Attorney Chandler moves to join Neal & Davis

Duanne B. Puckett

Leadership Shelby class member Michael Duke listened to instructions for students in Lillie Hall’s class at West Middle School during the group’s recent Education Day tour last week. Kevin Sanchez, Macy Colebank and Sarah Morris follow along before receiving their task: Read two different scenarios and write how each would respond to the situation. Other visits for Leadership Shelby were to Painted Stone Elementary, both high schools and Whitney M. Young Job Corps Center. Weather closed Cornerstone Christian Academy, so that visit was canceled.

Matt Chandler, an established accountant and lawyer in Shelbyville, is changing firms.

Chandler is leaving Megibben, Robinson and Chandler and moving just up the block on Main Street to join Gregg Y. Neal and Todd Davis in Neal & Davis PLLC.

Chandler, a native of Shelbyville, received his law degree in 2001 from the University of Kentucky College of Law. Before that he was a certified public accountant.

Neal said in a press announcement that Chandler “will be a great asset to the firm with his experience in business and corporate law, real estate, probate, estate planning litigation and divorce.”

The move occurred as of Jan. 1, Chandler said.

Chandler said he would continue to serve as assistant Shelby County Attorney to his former partner, Hart Megibben.

Neal & Davis is located at 931 Main St., and Chandler can be reached at 633-6002.

Marketbasket shows food prices down

The latest Kentucky Farm Bureau Marketbasket Survey, conducted in December 2012, indicates that average retail food prices in supermarkets across the state fell slightly during the fourth quarter of the year. The survey showed the total cost of 40 basic grocery items was $115.53. This total reflects a decrease of $0.38, or 0.3 percent, from the same list of items reported in the previous quarter and 37 cents, or 0.3 percent, lower than the final quarter of 2011. Five years ago the average cost of the same 40 surveyed grocery items was $104.43.

For the full year of 2012 the total was $115.05 – a decrease of $1.29, or 1.1 percent, from the previous year’s average total of $116.34. This chartillustrates the annual average price total trends over the previous five years.

Kentucky’s most recent retail food price results reflected slight decreases overall, but the American Farm Bureau Federation’s national Marketbasket Survey (which monitors the average price of 16 basic grocery items from states across the country) saw a larger drop in food costs. Its average total decreased by approximately 3.0 percent. On a larger scale, however, the U.S. Department of Labor’s Bureau of Labor Statistics’ Consumer Price Index datathat was released yesterday (reflecting figures through December 2012), revealed that overall national food-at-home prices increased by 0.2 percent in the last reported month.

Looking at food prices over a larger sample of time, Kentucky retail food prices are beating the national trend. According to the Consumer Price Index, the national average price for food at home has grown by a total of 1.3 percent over the past 12 months. This survey reflects a 0.3 percent decrease over the previous 12 months.

Kentucky auto makers hit 1.025 million

Kentucky’s automotive industry enjoyed a banner year in 2012, with annual production reaching more than 1 million vehicles for the first time since 2007, before the national economic downturn.

With more than 1,025,000 light vehicles produced, Kentucky ranks fourth in the nation, up from fifth in 2011, according to a state news release. Kentucky produced more than 477,000 cars, ranking third, and fourth for light trucks with more than 548,000. Additionally, one in every 10 light vehicles produced in the United States during 2012 was made in Kentucky.
At the Detroit Auto Show the 2014 Corvette Stingray, made in Bowling Green, was unveiled. General Motors is in the process of a $131 million plant transformation in Bowling Green, which has been the exclusive home to the iconic sports car since 1981.

Kentucky is home to nearly 450 motor vehicle-related facilities – including several in Shelby County – employing almost 75,000 people. In just the last two years, approximately 135 auto industry location or expansion announcements have occurred in Kentucky, representing 7,200 new jobs and nearly $1.8 billion in new capital investments.
 

Republic reports 27% growth in ‘12

Republic Bancorp, Inc. reported its fifth consecutive year of increased earnings by ending 2012 with net income of $119.3 million, representing a $25.2 million, or 27 percent, increase over 2011. Annual return on average assets and return on average equity during 2012 were both industry-strong at 3.35 percent and 22.51 percent. Diluted Earnings per Class A Common Share increased 27 percent for 2012 to $5.69 for the year ended Dec. 31.

Republic, which has a bank in Shelbyville, earned-fourth quarter net income of $6.6 million, a $417,000 increase over the fourth quarter of 2011.

 “In addition to strong earnings, we generated solid loan and deposit growth during 2012, with loans increasing $365 million, or 16 percent, and deposits growing $249 million, or 14%, while maintaining strong credit quality and plentiful capital,” Republic Chairman and CEO Steve Trager said in a release announcing the earnings.

Bulletin board

• Job seekers who are transitioning personnel, veterans, members of the National Guard, reservists and their dependents will have an opportunity to meet with employers at a job fair Wednesday in Frankfort. The event is scheduled from 10 a.m. to 2 p.m. at the Capital City Christian Church, 15 Locust Lane.
• Shelby Development Corporation moved its monthly board meeting to next Friday. The meeting will be at 8 a.m. at the SDC office in Cardwell House on Main Street.
• HJW Career & Financial Literacy Institute, Inc. of Shelbyville, in partnership with Metro United Way, will be hosting the volunteer income tax assistance/tax counseling for the 2013 tax year in Shelby and Oldham Counties. This program is to assist families with free income tax preparation that meet the requirements for receiving the earned income tax credit. For tax year 2012, this amount is generally $50,000 and below. Also tax preparation is free for the elderly, aged 60 and older. The sites will be open Mondays, Tuesdays, Wednesdays, Thursdays, and certain Saturdays between Jan. 22 and April 15. For more information, call 647-3027 or 558-0762.

Bits & bytes

• The Louisville Convention and Visitors Bureau has appointed Cleo Battle as executive vice president, replacing Karen Williams, who retired after 22 years, and Erica Bibb as convention sales manager.
• Passport Health Plan announced three appointments: Venkat Sharma, president and CEO of iMedX, has joined Passport Health Plan’s board of directors; Howard F. Bracco, former president and CEO of Seven Counties Services, has been elected chairman of the partnership council; and Elizabeth W. McKune is the new Director of Behavioral Health. Passport is based in Louisville.
• Average retail gasoline prices in Louisville have fallen 12.5 cents per gallon in the past week, averaging $3.23 per gallon as of Sunday, according to GasBuddy's daily survey of 644 gas outlets in Louisville. This compares with the national average that has increased 0.7 cents per gallon in the past week to $3.26.

Briefcase is compiled from press releases and other information submitted to The Sentinel-News. The Kentucky Press News Service contributed to this report. Information and photos may be E-mailed to sharonw@SentinelNews.com. The deadline is noon Wednesday.