UWG
News Item
Contact: University Communications & Marketing
Phone (678) 839-6464, FAX (678) 839-6645
ucm@westga.edu
Regions Bank assists with Brookwood purchase
October 22, 2004
CARROLLTON, GA - As the final sale of the Brookwood Apartment complex from the Carrollton Housing Authority (CHA) to the West Georgia Foundation, Inc. moves closer to completion, representatives from the involved parties have met to express appreciation to Regions Bank for facilitating the transaction.
Harlan
Carroll, chair of the CHA board of directors, noted that officers of Regions
Bank were willing to work out conditions that allowed the prepayment of
the housing authority’s existing loan on Brookwood. Negotiations
continue to move forward for a closing to be scheduled within the next
two weeks.
“Many people have been working together to bring about the proper long-range use of this property,” Carroll said. “When Regions Bank came to Carrollton, they bought into this town, and we thank them for their significant contribution to these negotiations.”
Eddie Cole, chairman of the West Georgia Foundation, Inc., commended Regions Bank for stepping up to the plate to allow the University of West Georgia to benefit from the addition of this property. He compared UWG’s acquisition of this land to the Louisiana Purchase.
“The University has to grow and the only direction in which it can grow is to the north,” Cole pointed out. “I think acquiring this land will be as important to UWG in the next 100 years as the Louisiana Purchase was to our country.”
Bradley Murphey, president and CEO of Regions Bank’s Southern Crescent Group, commented that Regions Bank’s philosophy is a belief in relationship banking and it is a partner with this community.
“This
was the right thing to do for everyone involved and Regions Bank does
the right thing,” he stated.
Dr. Beheruz N. Sethna, president of UWG, stated he was overwhelmed at
the amount of goodwill shown by Regions Bank.
“Regions Bank has demonstrated their support for the University of West Georgia and the entire west Georgia region by negotiating the terms of the debt of the Carrollton Housing Authority for Brookwood,” Sethna said.
“This action by Regions Bank makes the purchase of the property by the University’s foundation a reality that would not have been possible without this agreement,” Sethna continued. “I want to personally thank David Sawyer (president of Regions Bank of Carroll County) and Bradley Murphey for their contributions to this effort. These men and Regions Bank understand the importance of this University to the economic growth and quality of life of all the west Georgia region.”
Sawyer said he is pleased the bank could be a player in the agreement and added “It may be raining outside but today the sun is shining on all of us as partners with this great community.”
Sandra Morris, CHA director, echoed the sentiments expressed by Murphey when he stated Regions Bank “does the right thing.”
“There have been many conversations over the last 12 months and Regions Bank did the right thing every time,” she noted. Morris will continue to be involved while the CHA manages the property for a year after the closing.
Cole noted that Morris and her staff will play a critical role during the next year as they utilize their expertise in assisting Brookwood residents in relocating.
Sethna vowed to prove to both the CHA and to Regions Bank that their willingness to allow the University to acquire this property will be justified.
“I truly believe this was a wise decision, and I thank you and salute you for helping bring this nearer to a close,” Sethna said. “My gratitude is sincere and huge!”
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