Jacksonville State University will receive a $30 million line of credit to help with tornado recovery efforts, the bank offering the money announced Thursday.
The school will use the line of credit, offered by Regions Bank, to help rebuild its campus, which was devastated by a tornado on March 19, 2018. The storm caused severe damage to Merrill and Wallace halls. Both buildings will have to be demolished and rebuilt,but insurance disputes have held up the projects.
The demolition of Merrill Hall is scheduled to begin July 22, more than a year after the project was originally approved. The university’s state-managed insurance company offered $15 million for the building, but Jim Brigham, JSU’s vice president for finance and administration,told the board of trustees in January that the building was worth $22 million.
“At Regions, we live here, we work here, and we are committed to serving Jacksonville State University and its students as the university continues its long-term recovery,” Corey McWhorter, commercial relationship manager for Regions Bank, was quoted as saying in a press release.