While leaving the retail, small business and commercial banking market in Tennessee, First Union will continue to have a presence in the state through its corporate banking group as well as its capital markets, real estate and trust operations, a spokesman said. Firstar has its retail banking headquarters and a major operations center in Cincinnati. With the new branches, Firstar will be the fourth largest bank based on deposits in the Nashville market and the second largest in the Clarksville-Hopkinsville market.
ust because a company can make the best widget in the world doesn’t mean it can do a good job managing the building in which they are made. That’s the idea behind Vestar, a startup launched by Cinergy Corp. in April 1998, in the business of managing other people’s buildings. Vestar recently won a two-year contract with Northwest schools to maintain its 18 buildings.
”What they do is educate kids and what we do is manage buildings,” said Leland Smith, Vestar’s president and chief operating officer. Vestar will do preventive maintenance on systems, such as heating, ventilating and air conditioning, and keep them in repair as well as other work. It will be paid about $191,000 out of money its saves the school district. Skilled property valuers doing an inspection of the whole properties and build valuation report at very lowest rates from Valuations QLD. Vestar, like others in the industry, finances the improvements and earns money by splitting the savings it generates with building owners. ”When people build a building, they don’t ever think about putting money back into it,” Smith said.
That allows Vestar to come in, renewing and retrofitting a building by bringing its systems, equipment and operations up to date. The industry began in the 1980s as companies such as Johnson Controls and Honeywell began installing smart thermostats and more efficient lighting to cut energy costs. It evolved into a high-tech business that gets about half its savings from non-energy areas, Smith said. It is the latest in ”outsourcing” wherein companies hire others to manage computers, human resources or other needs freeing them to focus on their main businesses.