Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

SARASOTA-MANATEE

People's Community Bank becomes Superior Bank

Superior Bancorp has completed its merger with Sarasota-based People's Community Bancshares Inc. The new banking franchise known as Superior Bank has $2.8 billion in assets and 63 banking offices from Venice to Huntsville, Ala. As a result of the merger, People's Community Bancshares Inc. shareholders will receive 2.9036 shares of Superior Bancorp common stock for each share of People's Community Bancshares Inc. stock they own.

Superior Bank currently has 13 new branches planned for Northeast Alabama and Florida during 2007 and 2008.

"Rip" du Pont retiring 

from Whitney Bank

After 37 years in the banking industry, Francis I. "Rip" du Pont has announced his retirement. Du Pont is currently the regional president of the Tampa Bay Area for Whitney National Bank, and the former chairman and CEO of 1st National Bank & Trust, which merged with Whitney Bank in 2006.

Rip du Pont is the past chairman of the District Board of Trustees of Manatee Community College. In addition, he is past chairman of the Manatee Chamber of Commerce and also of the Economic Development Council. Other civic positions include, past chairman of the United Way of Manatee County, and he was the 2001 campaign chairman. 

Du Pont and his family will be residing in the Jacksonville.

Wachovia appoints Nicholas

to head Gulf Coast

Wachovia Corp. has named Brian Nicholas regional president for the Gulf Coast region. In this role, Nicholas will oversee the bank's sales and service strategy in Manatee, Sarasota, DeSoto, Charlotte, Lee and Collier counties. Wachovia operates 100 financial centers in the Gulf Coast region.

Nicholas joined Wachovia in 2004 and has nearly 20 years of banking experience. Most recently he served as the business banking executive for Florida. He also currently serves on the board of the Florida Development Finance Corp., which is the public-private partnership responsible for Florida's statewide economic development efforts.

PestAgon Termite & Pest

bought by Massey Services

Massey Services Inc. has acquired Sarasota's PestAgon Termite & Pest Management Inc., a nearly 25-year-old company owned by Ray Buchko.

PestAgon Termite & Pest Management provides comprehensive coverage for all pests, drywood, subterranean termites, rodents, wood decay rot and mold/mildew to residential and commercial properties in the Sarasota area and on Florida's West Coast.

"Ray has done a fantastic job building a substantial customer base, recruiting great people and developing a company culture that closely matches our own," Harvey Massey, chairman and CEO of Massey Services, said in a press release.

"PestAgon is a great fit for Massey because of its reputation for honest, quality service for both commercial and residential customers," Massey said. PestAgon's solid presence in the Sarasota market also bolsters our existing service areas along the West Coast."

Orlando's Massey Services is one of the nation's largest service companies; it and its subsidiary organizations provide residential and commercial pest prevention, termite protection and lawn, tree & shrub care services to more than 175,000 customers in Florida, Georgia and Louisiana.

ArtisTree Landscape

67th largest in nation

ArtisTree Landscape Maintenance & Design was ranked 67th in Landscape Management magazine's Top 100 list. The annual list of the top 100 companies in the industry is ranked by revenue. 

The 17-year-old ArtisTree Landscape Maintenance & Design specializes in resort-level planned community maintenance and landscape design and installation.

LEE-COLLIER

Radiation Therapy Services buys California center

Radiation Therapy Services Inc., a Fort Myers-based operator of radiation therapy centers, announced today it has acquired a radiation therapy treatment center in Redding, Calif. The acquisition provides the company with entry into the Northern California market.

The freestanding facility currently treats about 30 patients a day using intensity modulated radiation therapy, image guided radiation therapy and high dose rate brachytherapy. The acquisition was financed by the company's existing revolving line of credit.

"California represents a significant growth opportunity for our business and we are pleased to enter the demographically attractive Northern California local market." Dr. Daniel Dosoretz, president and CEO, said in a press release. "The Redding facility is staffed by an excellent group of professionals led by Dr. Vidya S. Bobba, an experienced radiation oncologist. With the addition of Dr. Bobba's practice, we now operate four facilities in three local markets in California and we look forward to expanding our footprint in the state."

Radiation Therapy Services operates 81 treatment centers in16 states.

LOFT president to head

White House | Black Market

Fort Myers-based Chico's FAS Inc. appointed Donna Noce Colaco as its new brand president for White House | Black Market, succeeding Patricia Darrow-Smith. Colaco will report directly to Scott A. Edmonds, president and CEO.

Colaco worked for Ann Taylor Corp. for more than 10 years in numerous capacities, including most recently serving as president of Ann Taylor LOFT. Prior to Ann Taylor, Colaco worked for the Lerner New York Division of Limited Inc. and Petrie Stores Corp.

McGarvey Development

adds new COO

James DeCuzzi has joined Fort Myers-based McGarvey Development as chief operating officer. DeCuzzi will administer the company's operations, oversee its departments and personnel and head its executive management operations team. Prior to joining McGarvey Development, DeCuzzi served as CEO for a multi-billion-dollar New York-based real estate company, where he presided over day-to-day corporate, business and legal affairs, including asset management of a portfolio of seven million square feet of Manhattan real estate. Previously he served in Mayor Rudolph Giuliani's administration as president and commissioner of the New York City Tax Commission and a member of the Mayor's Cabinet.   

Petermichael associates 

creating Chesapeake Bay report

Petermichael associates, a Sarasota marketing communication, public relations and publishing firm, has been selected to design and print the Chesapeake Bay Commission's annual report and its study of the impact of biofuels on the environment. The Chesapeake Bay reports will be distributed to state legislators in Maryland, Pennsylvania and Virginia, members of Congress, public stakeholder groups, and state and federal agencies involved in the bay's restoration.

Petermichael associates also has been hired by Paderewski, Dannheisser & Flaherty PA to design and build the Sarasota law firm's new web site.

TIB Financial buying back 10% of shares

Naples-based TIB Financial Corp.'s board of directors approved the purchase of 400,000 shares of the company's stock. The shares can be purchased in the open market, by negotiation or via block transactions, but the company does not intend to purchase stock from its management of other insiders. The stock buy-back plan also doesn't obligate the company to buy a set number of shares and can be ended at any time.

As of June 30, the company had a total of 12.8 million shares available meaning the repurchase covers 9.7% of all the bank's common stock.

"This decision is reflective of our strong belief that the current market price underestimates the tangible and intangible long-term franchise value of the company," Edward V. Lett, CEO and president, said in a press release. " Accordingly, this initiative represents an excellent investment opportunity for both the company and our shareholders."

TIB Financial Corp., holding company for TIB Bank and The Bank of Venice, has about $1.4 billion in total assets and 19 full-service banking offices in the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Venice and Sebring.

TAMPA BAY

Merrychef USA lands oven

deal with Subway system

Enodis plc's operating company, New Port Richey-based Merrychef USA, has reached an agreement to supply Merrychef accelerated cooking ovens to the Subway restaurant franchise system based in Milford, Conn. Under the agreement, Merrychef's 402 ovens have been approved for use by some 28,000 Subway locations worldwide.

"Merrychef ovens' quick cook times will allow us to deliver what our customers want, hot foods fast," Tom Coba, the COO of Doctor's Associates Inc., the franchisor of the Subway restaurant system, said in a press release. "We chose to add Merrychef to our roster of approved suppliers because of the brand's reputation for reliability and opportunities to expand the accelerated technology for our future menu needs around the globe."

Merrychef has installed more than 70,000 microwave and combination technology ovens in foodservice operations around the world. Global companies such as BP and Mobil "On the Run" convenience stores, other quick service restaurant brands, and a variety of casual-dine and fine-dining operations rely on the Merrychef products. Merrychef accelerated cooking ovens also power the hot-food program at the new Hyatt Place hotels.

London-based Enodis plc is a worldwide company focused on the design, manufacture and supply of food and beverage equipment.

HSN adding products

from Colin Cowie

St. Petersburg-based electronic retailer HSN plans to unveil an exclusive line of holiday decorations, tabletop entertaining products and accessories from lifestyle and entertaining guru Colin Cowie in October. Colin Cowie will debut six themed lines for the holiday season. The "Colin Cowie Lifestyle" will launch on HSN and at www.hsn.com Oct. 15. Subsequent themed shows will cover holiday decorating and great gift ideas.

Each theme will include a selection of dinnerware, stemware, linens, seasonal decorations, gifts, and candles, with price points ranging from $12.95 for themed votive candle sets, to $90 for a Seda France candle to $229 for a pre-lit holiday tree.

 "Colin is absolutely a perfect fit for HSN," Mindy Grossman, CEO of IAC Retailing, said in a press release. "His unparalleled expertise in lifestyle entertaining, the incredible quality and style of his products, and his magnetic personality are sure to resonate with our customers, and we are thrilled to be embarking on this long-term relationship with him."

In other news, the multi-channel retailer has revamped and relaunched its Web site, HSN.com. The redesigned e-commerce site makes extensive use of green screen video technology to allow its celebrities, experts and hosts to function as virtual video guides throughout the site. Each storefront is hosted by an embedded expert who can guide visitors to new products, new features, trends and tips.

Tauck World Discovery CFO

joins eSuites Hotels

Ian T. Rogers has joined eSuites Hotels, a Tampa-based upscale boutique hotel brand, as senior vice president and chief financial officer. In the position, he will oversee all treasury related functions, financial systems, controls and reporting, planning and analysis and risk management.

"Ian has an impressive range of financial experience with both public and private companies, as well as start-ups," Sam Winterbottom, president and CEO of eSuites Hotels, said in a press release. "Combined with a strong background in hotel and construction accounting, financial controls, and hotel systems, his expertise prepares him to provide the essential leadership in finance and accounting we will need during our initial stage of dynamic growth and beyond."

Rogers was most recently CFO at Tauck World Discovery, a Norwalk, Conn.-based luxury tour operator. Prior to that, he worked for Minneapolis-based Carlson Cos., where he was the starting financial controller at the first western hotel in Russia, the Radisson Slavjanskaya Hotel in Moscow, a joint venture with the city. He progressed through a variety of finance-related positions, including director of finance and accounting for company-owned and -operated hotels, to vice president of finance and CFO for Regent Seven Seas Cruises, a $300-million luxury cruise line division of the Carlson Cos.

ESuites Hotels recently announced plans to break ground on its first four hotels in: Tampa, Jacksonville, Raleigh-Durham, N.C., and Phoenix. The company already is negotiating for additional sites for a second development round with a goal of building up to 150 hotels throughout the United States.

Pilgrim Software servicing 

Scantibodies Laboratory

Scantibodies Laboratory, a California-based medical device diagnostics company, selected Tampa-based Pilgrim Software as its automated solution provider for documentation, CAPA and complaints handling and audit and training management systems. Pilgrim's SmartSolve modules will provide Scantibodies a solution for managing risk and enterprise-wide compliance.

Scantibodies Laboratory provides manufacturers and clinicians with improved assay components.

Pilgrim Software provides enterprise compliance and quality management solutions for global companies.