House joins Experient Group
MARIETTA — Joni House has joined Experient Group as vice president. House has more than 19 years of experience in consulting in telecommunications, QSR/hospitality and advertising.
n The Georgia Ballet added five new members to its board of trustees, including Condace Pressley, assistant program director with Cox Media Group; Janice Wolfe, retired from Southern Company; Sandi Cooper, community volunteer ; Michael Hughes, director of the Cobb County Office of Economical Development; and Thomas Algarin, director of communication and information for Marietta City Schools.
n Eye Level, a provider of supplemental education services, will open a new learning center at 3330 North Cobb Parkway, Suite 13A in Acworth in January.
Feds sue over collapsed bank
ATLANTA — Federal regulators have sued over the collapse of a Sandy Springs bank, accusing its leaders of taking “unreasonable risks” while running the institution.
RockBridge Commercial Bank opened in 2006 and raised $36 million in cash. It failed three years later.
A recent lawsuit filed by the Federal Deposit Insurance Corp. said bank officials aggressively pursued a strategy that involved high-risk lending, including loans for out-of-market real estate development and corporate jets. Regulators said bank officials failed to heed warnings about poor internal controls and loan vetting.
Attorney Mary Gill, who represents the bank officials, told The Atlanta Journal-Constitution that her clients are disappointed the FDIC filed what she described as a “meritless” lawsuit.
Coke bottler buys Fillipino plant
NEW YORK — The Coca-Cola Co.’s biggest franchise bottler, Coca-Cola FEMSA, said Friday that it has agreed to buy a 51 percent stake in Coca-Cola Bottlers Philippines Inc. for $688.5 million in cash.
Coca-Cola FEMSA is based in Mexico and distributes Coca-Cola products throughout Latin America. The deal allows the bottler to expand beyond that region while capturing one of the company’s biggest markets.
“The Philippines has one of the highest per capita consumption rates of Coca-Cola products in the region and presents significant opportunities for further growth,” the company said in a statement.
The Coca-Cola Co., based in Atlanta, currently owns the Philippines bottling operations.
As part of the agreement, Coca-Cola FEMSA will have an option to acquire the remaining 49 percent of the Philippines bottler for seven years after the closing of the initial deal.
It also has an option to sell the stake back to Coca-Cola in year six. The deal is expected to close early next year.
The Philippines bottler has 23 production plants and is expected to sell about 530 million unit cases of beverages this year.