Corporate Report

Corporate Report

by Sean Roth | Real Estate Editor

Bank of Florida unveils Silverlake system

Bank of Florida Corp, a Naples-based multi-bank holding company with $1.3 billion in assets, reported that it has completed the conversion of its core system to Jack Henry's SilverLake banking software.

Bank of Florida selected Jack Henry in the spring of 2007 and had converted its financial centers in Broward, Miami-Dade and Palm Beach counties in July. The company completed the final phase of the core integration for the West Coast Florida financial centers in September.

"We selected Jack Henry because of its reputation and ability to provide solutions for our growing multi-bank holding company," Michael McMullan, president and CEO, says in a press release. "These enhancements include improved account reconciliation features; opportunities for increased fraud prevention through positive pay; a greater variety of sweep account options for investing excess cash; off-site deposit collection through lockbox and remote deposit capture; and expanded online services."

Further: "Combining all regions of our company to one core system should also help us reach our goal of reducing operating expenses and improving cost efficiencies, while still maintaining our business model of independent management and decision-making at the local level for our three bank affiliates," McMullan says.

Jack Henry & Associates Inc. is a provider of integrated computer systems and a processor of ATM/debit card/ACH transactions for banks and credit unions. The SilverLake platform currently provides about 15% of the domestic banks with assets ranging from $1 billion to $30 billion with enterprise-wide automation.

The conversion of the core system was the final phase of the Old Florida Bank integration, which is expected to allow the holding company to save 15% in cost savings, McMullan says.

Bank of Florida Corporation operates three bank charters and a trust company with thirteen financial centers in Southeast Florida, Southwest Florida and Tampa Bay.

Radiation Therapy Services

acquires Greenville center

Fort Myers-based radiation therapy centers operator Radiation Therapy Services Inc. acquired a radiation therapy treatment center in Greenville, N.C. The physicians at the Greenville facility also provide professional services at a hospital-based facility in nearby Kinston, N.C.

The acquisition offers Radiation Therapy Services its first center in the eastern North Carolina market, its third new local market entry of 2007. The eight-county Greenville certificate of need planning area serves a growing population of 300,000 people with the acquired facility operating two of the five linear accelerators licensed by the state in the eight-county area.

Kinston is in a neighboring planning area serving about 225,000 people with the facility in Kinston operates one of the two linear accelerators licensed by the state in the three-county area.

The freestanding facility in Greenville currently treats 30 to 40 patients a day. The installation of a second accelerator was recently completed, and the second machine is now licensed and operational. The facility currently has an intensity modulated radiation therapy program, and the company expects to implement an image guided radiation therapy program and expand the high dose brachytherapy program.

Radiation Therapy Services financed the deal through its existing line of credit.

"Our entry to the Eastern North Carolina local market is particularly strategic given the area's attractive demographics," Dr. Daniel Dosoretz, president and CEO, says in a press release. "The addition of a second linear accelerator and planned addition of IGRT capabilities provides a significant opportunity for growth in this high demand market."

Radiation Therapy Services operates 83 treatment centers in 16 states.

New majority owner

for Advanced Bio-Technologies

The healthcare-focused private equity firm HealthEdge Investment Partners of Tampa has purchased the majority of shares in Clearwater-based Advanced Bio-Technologies Inc.

"The acquisition allows us to ramp up sales and marketing in the U.S.A., build the necessary infrastructure for our worldwide sales expansion and allow us to support our International distributors," Paul Guilbaud, ABT President and CEO, says in a press release.

Advanced Bio-Technologies is focused on the scar treatment market and has released silicone-based products marketed under the brand Kelo-cote to treat abnormal scars. ABT also launched its Kelo-cote treatment line in key European markets through wholly owned subsidiaries in the U.K. and Germany.

Växa International

adds new president

Gerry David has joined Tampa-based Växa International, manufacturer of homeopathic medicine, vitamins and nutritional supplements, as its president.

"We are a rapidly growing company, and we needed a performance-driven, forward-thinking leader with experience in long-term operational expertise and strategic thinking," Bill Harper, CEO of Växa International, says in a press release. "Gerry was the obvious choice to lead Växa International into its future success. He distinguishes himself with his extraordinary record of achievement and his unbridled passion for the business."

David most recently served as president and COO of Vitarich Labs in Naples, where he is credited with merging the company with another public company and increasing sales from $15 million to $20 million. He was also chief operating officer of Sarasota-based CyberWize.com Inc., and chief operating office for Life Science Technologies, a start-up company funded by Roy Speer, founder of the Home Shopping Network.

QRS Music Technologies

selling SMK piano products

QRS Music Technologies and the Korean corporation Samick Musical Instruments Co. Ltd. have signed a manufacturing and supply agreement for pianos, products and parts.

As part of the agreement, SMK will manufacture and supply QRS from any of SMK's facilities. Those products will remain with QRS, on consignment until they are sold. QRS will be required to pay SMK for the product six months after its sale, but the sale price will be guaranteed with a letter of credit.

SMK also granted QRS exclusive distribution rights to any SMK product on the grand piano scale.

The deal reached on Sept. 21, will last for seven years with an automatic five year extension. The first products from the deal are schedule to hit the United States the first of the year.

Lutz's Prizm Group merges with Berryhill & Associates

Court reporting company The Prizm Group LLC of Lutz has completed the acquisition of the downtown Tampa's Berryhill & Associates Inc. Berryhill will continue to operate under its own name and Tommie Berryhill will continue as president. The merger is designed to expand the reach and services of both companies.

Officials with The Prizm Group LLC eventually plan to expand the company statewide.

ETC...

First State Financial

issues dividend

First State Financial Corp., a Sarasota-based bank holding company, announced a quarterly dividend of 8-cents per share. The dividend is payable on Sept. 28 to shareholders of record on Sept. 14.

First State Financial Corp. is the holding company for First State Bank, which currently operates seven offices: three in Sarasota County and four in Pinellas County.

Almost 2,000 patients

get minSURG back-pain surgery

Clearwater's Orthopedic Development Corp., parent company to minSURG Corp. reports that more than 1,750 patients have received the TruFUSE posterior fusion procedure since its introduction last year. TruFUSE, one of the first intermediate surgical options to treat intractable back pain, has been in limited distribution.

The TruFUSE technique uses two small cork-shaped dowels made of human bone to stabilize vertebra.

With 30 distributors and more than 100 hospital approvals and active surgeons, minSURG is preparing a broad market launch and expects to train and certify an additional 400 to 500 surgeons before the end of the year.

Beasley Broadcast Group

works with TargetSpot

TargetSpot Inc. has announced a partnership with Naples-based radio group Beasley Broadcast Group. TargetSpot's technology allows businesses to create, buy and place their own advertising messages within streaming media.

Using TargetSpot's system, advertisers can create customized audio, video, banner and text ads with an array of sound effects and visuals provided by TargetSpot. Clients can also upload their current creative ad directly into their TargetSpot account. Ads are then targeted to a specific demographic, location and/or station.

Campaign costs vary, and revenue is shared between TargetSpot and the broadcasters. 

"We are finding that there is a great pent-up demand for our platform, one that provides an easy-to-use method for broadcasters to monetize their streaming media audience, while allowing advertisers easy access to this growing advertising market," Doug Perlson, CEO of TargetSpot, said in a press release.

TargetSpot, which went live this month, and will soon be available on more than 400 stations nationwide. Two of the top five broadcasters in the nation, CBS Radio and Entercom Communications Corp, and one of the founding companies of Internet radio, WarpRadio, have already partnered with TargetSpot.

Beasley Broadcast Group owns 44 stations in eleven radio markets.

Humana, Sarasota Memorial

reach service deal

Sarasota Memorial Health Care System and Humana Inc. have reached agreement on a three-year contract that will let Humana commercial members receive care at all Sarasota Memorial Health Care System facilities.

The agreement is scheduled to start Oct. 1.

Humana has also reached a similar arraignment with the Sarasota Memorial Physician Hospital Organization on a two-year contract to provide health care services in Sarasota County. That agreement, which took effect Sept. 1, will provide Humana commercial members with access to a group of more than 400 participating physicians and specialists

"We've long recognized that Sarasota is a dynamic market, and these agreements with the Sarasota Memorial PHO and Sarasota Memorial Hospital afford Humana a significant growth opportunity," Humana Central Florida Commercial Operations Market President John Barger says in a press release. "We're excited to make such high-quality additions to our hospital and physician networks, and to now provide Humana employers and health plan members in Sarasota County with access to the area's premier health care system, as well as its top PHO."

With more than 800 beds, Sarasota Memorial is Florida's second-largest acute care hospital. Sarasota Memorial Hospital, founded in 1925, is Sarasota County's second-largest employer with more than 3,000 employees and more than 750 physicians on staff.

Bank of Naples opens

full-service center

Naples-based Bank of Naples, has opened a new full-service banking center at 11515 Bonita Beach Road, Suite 109, in Bonita Springs. The office offers a full line of banking products and services and is the bank's first location in southern Lee County.

The office is managed by Kim Williams, vice president and branch manager.

Teltronics Cerato SE

approved for government contract

Sarasota-based communications maker Teltronics Inc. has been awarded a General Services Administration schedule contract for its Cerato SE, a voice and data communications system targeted at small business users. The contract runs through January 21, 2012.

A GSA contract is an important step for the communications company because it permits qualified government agencies to purchase products from Teltronics directly, without requesting a competitive bid each time a system is needed. Lead-time and procurement costs are reduced significantly because pricing is pre-negotiated as part the GSA contract.

"The Cerato SE solution provides more standard features and applications than most industry products of its type," Richard Begando, executive vice president, said in a press release. "With this new GSA contract, we again reaffirm our commitment to expand our markets."