Builtwell Bank Adds Ooltewah Branch and More Business News

Builtwell opens Ooltewah branch

Builtwell Bank has opened its newest location at 5970 Snow Hill Road in the Publix shopping center.

Chad Hagy is Vice President and Market Leader for the new branch which will have its grand opening next Friday.

photo lazyloadgraph Chad Huggie

“We look forward to strengthening our new and existing client relationships,” said Hagy in announcing the new office.

Builtwell Bank, formerly First Volunteer Bank, is headquartered in Chattanooga and has grown assets to over $2 billion.

Biltwell Bank CEO Patti Steele said in a statement on Thursday, “As we expand Biltwell’s footprint in Hamilton County, we will continue to support the local economy for the residents and businesses of Oortewah for years to come. I want to be a driving force.

photo lazyloadgraph Patty Steele

Kroger to pay $68 million to settle opioid lawsuit

West Virginia has settled with Kroger for $68 million over its role in distributing highly addictive prescription painkillers in a state that has lost more lives to opioid overdoses than any other state.

This brings West Virginia’s total opioid lawsuits to more than $1 billion per capita, more than any other state, Attorney General Patrick Morrissey said at a news conference at the Charleston State Capitol.

“Let this be a warning to others. We will fight hard for those most affected by the opioid epidemic and do everything in our power to get justice for them.” He said.

Kroger was the last remaining defendant in a lawsuit involving Walgreens, Walmart, CVS and Rite Aid. The state said he was due to go on trial with the supermarket chain in June.

The Kroger settlement led to lawsuits alleging that the supermarket chain failed to maintain effective control as an opioid distributor in the state, contributing to an oversupply and a crisis that claimed the lives of thousands of residents. Resolved.

Airbags in BMW models can cause explosions

BMW has warned owners of about 90,000 older cars in the US not to drive them because of the increased risk of airbags exploding in a crash.

This warning covers 2000 to 2006 model year BMW vehicles that were previously recalled to replace defective and dangerous airbag inflators manufactured by Takata.

The company used volatile ammonium nitrate to inflate airbags during a crash. However, the chemicals degrade over time when exposed to heat and moisture, blowing metal canisters and hurling shrapnel that can injure or kill drivers and passengers.

The National Highway Traffic Safety Administration says drivers should park their cars and contact BMW for more information. Free repairs are available to owners, as well as mobile repairs and free towing.

“These vehicles are 17 to 22 years old and pose a serious risk to vehicle occupants,” officials said in a statement Thursday. “These are some of the oldest Takata airbags subject to the recall and are very likely to fail in a crash.”

Lyft’s losses linger after employee layoffs

Lyft has had a year in the same chasm as last year, with the ride-hailing service struggling to recover from the pandemic-induced recession.

The San Francisco company on Thursday revealed an even bigger January-March loss than investors had feared, prompting new CEO David Risher, who took over the reins from Lyft co-founder Logan Green after the quarter ended. It highlights the difficult challenges we face.

Lyft lost $187.6 million (50 cents per share) in the first quarter. That’s slightly less than his loss a year ago, but well above the 10 cents a share forecast by analysts surveyed by FactSet Research. His $1 billion in revenue for the period was just above analyst expectations, up 14% from a year ago.

Even more disappointing for investors who have already bailed out Lyft stock is that management’s financial guidance this quarter fell short of analyst expectations.

Lyft’s shares fell more than 15% in long-term trading after the numbers were released, deepening the recession and causing the San Francisco company’s stock to lose more than half of its value over the past year.

— edited by Dave Flessner

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