IAAM Receives $750,000 Donation From New York Life Foundation |
The International African American Museum (IAAM) has received a $750,000 grant from the New York Life Foundation, bringing the foundation’s total philanthropic investment to $1 million.
The most recent grant will provide $200,000 for museum general operating costs in addition to $550,000 for the Center for Family History (CFH), an unprecedented research center with a special focus on African American genealogy, and a central pillar of IAAM.
“We are honored to receive this generous investment from the New York Life Foundation and truly appreciate the interest in the Center for Family History,” said Tonya Matthews, Ph.D., president and CEO of the International African American Museum.
She added, “Here at the museum, we honor the power of story – and being able to take our visitors on a journey through their own via the Center for Family History is a vital part of our work. This kind of personal discovery alongside exploration of our galleries, art, and objects with national and international significance is what sets us apart, and it’s what makes engaging with these stories transformational.” Through the development of resources and programs, the CFH will help individuals and families advance an understanding of their family’s history and the role their ancestors played in shaping American history. The New York Life Foundation’s $550,000 investment will provide funding for continued development of the CFH, including such things as an upgrade to CFH’s online presence, the digitization of genealogy documents, and virtual and on-site CFH programming.
“We are proud to continue our support for the International African American Museum with a particular focus on the first-of-its-kind Center for Family History,” said Heather Nesle, president of the New York Life Foundation. “Our grant will help individuals and families trace their ancestry and preserve important records. The Center, with its focus on genealogy, fits well with our company’s ongoing support of African American history.”
New York Life and the New York Life Foundation were early partners in the capital campaign for IAAM, with a first investment of $100,000 in 2017 and another $150,000 in 2020.
Since 1979, the New York Life Foundation has worked to provide crucial resources to those in need and has provided over $415 million in charitable contributions to national and local nonprofit organizations. The foundation supports programs that benefit young people, particularly in the areas of educational enhancement, childhood bereavement, and social justice.
The foundation also encourages and facilitates the community involvement of employees and agents of New York Life through its Volunteers for Good program and Grief-Sensitive Schools Initiative.
The International African American Museum, scheduled to open its doors to the public June 27, 2023, explores the history, culture, and impact of the African American journey on Charleston, on the nation, and on the world, shining light and sharing stories of the diverse journeys, origin, and achievements of descendants of the African Diaspora. Across 11 galleries and a memorial garden with art, objects, artifacts, and multi-media interaction, IAAM is a champion of authentic, empathetic storytelling of American history.
As a result, the museum will stand as one of the nation’s newest platforms for the disruption of institutionalized racism as it evolves today.
The mission of IAAM is to honor the untold stories of the African American journey at the historically sacred site of Gadsden’s Wharf and beyond. For more information, go to iaamuseum.org or call 843-872-5352. |
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TD Bank, First Horizon Mutually Agree to Terminate Merger Agreement |
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TD Bank Group (TSX: TD) (NYSE: TD) and First Horizon Corp. (NYSE: FHN) announced May 4, 2023, that they have entered into a mutual agreement to terminate their previously announced merger agreement, originally announced on Feb. 28, 2022.
TD informed First Horizon that TD doesn’t have a timetable for regulatory approvals to be obtained for reasons unrelated to First Horizon.
Because there is uncertainty as to when and if these regulatory approvals can be obtained, the parties mutually agreed to terminate the merger agreement.
Under the terms of the termination agreement, TD will make a $200 million cash payment to First Horizon. The payment is in addition to the $25 million fee reimbursement due to First Horizon pursuant to the merger agreement.
The shares of First Horizon Series G Preferred Stock that TD Bank purchased will continue to reflect a conversion price of $25 per share.
Neither party will pay any other fees or have any other liabilities to each other related to the merger agreement.
"This decision provides our colleagues and shareholders with clarity. Though disappointed with the outcome, we move forward with a strong, growing franchise in the United States, servicing more than 10 million customers across our footprint," said Bharat Masrani, Group President and chief executive officer, TD Bank Group. He added, "I want to thank First Horizon for their partnership over the last several months and wish them enormous success for the future. Above all, I want to thank our colleagues at TD Bank, America's Most Convenient Bank, for their tremendous efforts and steadfast dedication to the Bank, the millions we serve, and the communities in which we live and work." "While today's announcement is unfortunate and unexpected, First Horizon will continue on its growth path operating from a position of strength and stability," said First Horizon Chairman, President and Chief Executive Officer Bryan Jordan.
Jordan added, "Our strong capital position, disciplined credit quality, expense control measures, and well-diversified and stable funding mix have enabled our business to navigate challenging banking industry dynamics and remain focused on executing our client-centric growth plan. We continue to develop and expand deep client relationships across all of our markets, which include some of the fastest-growing U.S. markets, while maintaining a strong, asset-sensitive balance sheet well-positioned for the current rate environment."
First Horizon Corp. had $80.7 billion in assets as of March 31, 2023. Headquartered in Memphis, Tenn., the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S., including South Carolina. The company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD had $1.9 trillion in assets on Jan. 31, 2023. TD Bank has locations in several South Carolina cities and towns. |
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Productivity Growth Isn’t Helping Inflation Fight |
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Weak productivity growth remains one of the many headwinds to the Fed's efforts to corral inflation back to target, according to Well Fargo economists Sarah House and Michael Pugliese. In a May 4, 2023, economics report, they write nonfarm labor productivity declined at a 2.7 percent annualized rate in Q1 and 0.9 percent over the past year. They add unit labor costs picked up to a 6.3 percent annualized pace over the quarter, checking some of the recent optimism that wage pressures are beginning to ease in a meaningful way.
Nonfarm labor productivity declined at a 2.7 percent annualized rate in Q1 and 0.9 percent over the past year. The economists also say: Timing is everything, especially when it comes to short-term measures of productivity. A near stalling of production in Q1 coincided with a pickup in hours worked, leading to nonfarm labor productivity contracting at a 2.7 percent annualized rate in Q1. The decline in part reflects noise from the often lumpy path of both output and hiring over short intervals. Hours worked accelerated over the quarter amid the surge in Q1 hiring, while output growth slowed as businesses tapped into inventories to meet demand. However, the drop in Q1 labor productivity also reflects the typical cyclical hangover from demand recovering faster than employment, with the eventual catch up in hiring depressing output per hour worked.
This dynamic was on full display in 2022, which matched the worst year for productivity growth (1974, with a drop of 1.7 percent) in records dating back to 1948.
The short-term trend is not looking quite as dire, with productivity on a year-over-over basis improving to a decline of "just" 0.9 percent.
However, through the ups and downs of the shutdowns, re-openings and restaffing efforts since the start of the 2020, labor productivity has grown only 1.1 percent on an annualized basis—worse than the much bemoaned 1.4 percent pace through the past economic cycle.
And: The problem with poor productivity growth is that it means higher unit labor costs (ULCs), which can drive inflationary pressures. Unit labor cost growth rebounded to a 6.3 percent annualized pace in Q1. Like productivity, the year-over-year pace is getting slightly less egregious, but at 5.8 percent it is still frighteningly high for a Fed aiming to get inflation back to 2 percent.
Although ULCs are more volatile than other measures of labor costs, their continued menacing pace adds to last week's Employment Cost Index in dampening the nascent optimism that wage pressures are beginning to ease in a meaningful way. Inflation's road back to 2 percent continues to look long as a result. |
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Furman Athletics Excels According To APR Report |
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Fourteen Furman sports topped the national average Academic Progress Rate (APR), and five scored perfect multi-year APRs of 1,000, according to a report issued by the National Collegiate Athletics Association (NCAA).
Furman’s five multi-year APR’s of 1,000, which included men’s basketball, men’s golf, men’s tennis, women’s cross country, and women’s track, again led all Southern Conference schools.
Four Paladin sports — women’s lacrosse (997), softball (996), men’s cross country (995), and men’s track (995) — recorded scores of 995 or better, while women’s golf (992), women’s tennis (992), women’s soccer (990), women’s basketball (985), men’s soccer (984), and football (980) all easily exceeded national average APRs for their respective sport. Paladin football topped all SoCon programs. The overall national average APR is 984. The most recent APRs are multi-year rates based on scores from the 2018-19, 2019-20, 2020-21 and 2021-22 academic years.
The APR measures eligibility, graduation and retention each semester or academic term and provides a clear picture of the academic performance for each team in every sport. All teams must meet an academic threshold of 930 to qualify for the postseason and can face penalties for continued low academic performance. Since 2020, a portion of NCAA revenue has been distributed to members based on the academic achievement of student-athletes, including APR scores.
A full list of APRs for each team can be accessed by using the APR searchable database. |
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ON A SIDE NOTE:
Just about every fledgling business could use a little help, especially financial aid, getting off the ground, and The $30K PowerUp: A South Carolina StartUp Competition will provide much-needed cash infusions to three Palmetto State businesses.
Integrated Media Publishing (publisher of Greenville Business Magazine, Columbia Business Monthly, and Charleston Business Magazine) in partnership with Erik Weir are hosting the inaugural Entrepreneurial StartUp Series and Competition.
The top finisher will win $15,000. Second place earns $10,000, and the third-place winner will receive $5,000.
Three companies will be selected to be featured in all three magazines each month from April until September 2023. To apply or for more information Click Here! |
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Allow us to tell your company's Business Narrative. Send your press release to David Dykes or for more information email ddykes@intmedpub.com |
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