Community Bankers try variable pay confab - Atlanta Business Chronicle:

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Pay what you can. In a mailinbg distributed to association memberslast week, the trade group is askin members to attend its marquee September convention in Palm Beach, Fla. But if they can’yt pay the full $995 registratio n fee, well, a little less will be alright. The new marketinb plan for theCommunity Bankers’ Association signaturde event is both a sign of the industry’ds woes and the association’s effortxs to keep pace without canceling its marquee event that was once held in far-flung locations across the country.
The move stands in contrasg with theGeorgia Association, the state’s other main trade Unlike the Community Bankers’ plan, the Georgia Bankerws cut their convention’s lengtuh this year, and held it in Atlanta, rather than cut registrationb fees. The Community Bankers which caters more toward smaller bankw outside metroAtlanta — is offering the same but at a negotiable price. “Wed looked at a variety of approaches for spurring attendance, and we thought this was the best approach,” said tradse group CEO Carolyn who noted bankers payintg a reduced rate would be doing so “onj the honor system.
” “We’ree not going to check behind people,” she said. “W e expect them to be honest abourtheir situation.” The economic though, has forced the association to throw out any projectionse on how many will be at this year’s conference. With three months to go before the conference kicks off on 16 at The Breakersbeachu resort, Brown said the organization’s members are holding off on committint to be there for the four-day event. “Peoplr are waiting closer to the meeting date to she said. The event typically attracts as many as 700communityh bankers, spouses and other attendees from the Community Association’s membership roster.
But is it for real? How low is too low to attend? $200 ? $10? Brown said the offere is a sincere one. If bankers’ can’tt pay anything this year, for example, and want to put off payingf until 2010, that works. “It is real in my said Brown. “If folks can’t pay the full fee, that’ds fine. We’re an association that’ws not pursuing profits with is delaying its 2009 annualmeeting indefinitely, until the Securitiesz and Exchange Commission finishes its preliminary review of the company’e proxy, according to a June 15 filingb with the regulatory agency. The Ga.
-based bank holding company is asking shareholders to amend its articlex of incorporation to reduce the number of stoco shareholders below 600 by issuingnew shares, and relieve the companyt of public company reporting Until the SEC completes the however, the annual meetinfg will not happen. “Aft this time, however, we are unable to provide a reliable estimate as to when thismay occur,” the filingt stated.
The plan, if approved, would reduce the number of common stock bank shareholders from 710to 255, and new clas A stock shares would be owned by 455 Class A shareholders would lose any votinh rights by exchanging each share of theire common stock for the new but receive 105 percentt of whatever dividend the bank may pay. An Atlants energy company is raising $2 million, according to a June 9 filingt withthe SEC. , whose business focusese on alternative energy, began raising the funds on May 27, the filingh states, through options and warrants oncompany stock. Partiews involved in the deal includseMarion Smith, Renewvia CEO; George Jarrard III; and Henrt Gregory Jr.
The company has raiseds $1 million of the offering thus far, with $944,000 left to sell to prospectivwe investors, the filing states. Atlanta-based LLC has purchasee two lighting companies with operations across the and the deal is financed by a localmezzaninse investor. Toxaway Capital has acquired the operationsof Houston-based and a United Kingdom company. The companies sell and service marine navigational lightingat ports, harbors, oil towers and buoys. Terms of the deal were not but locally basedinvested $4 million in subordinated mezzanine financingh in the deal.
Toxaway’s two new acquisitions bring the privateeequity firm’s total number of investments to The firm invests in Southeastern companies with less than $50 million in total revenue, focusing on service and lighting