Corporate Report: June 25 - July 1

Governor supports grant bid by T3 subsidiary
T3, a Fort Myers-based telecommunications and technology provider, said that subsidiary Eastern Lee County Fiber LLC's proposed fiber network plan has made the Governor's recommended list for Broadband Stimulus Grants.

Eastern Lee County has been designated by Gov. Charlie Crist's administration as a high-priority area for broadband infrastructure.

The company says that the proposed $16 million grant would create a 160-mile, high-speed fiber network that would provide access for both 3,000 potential households and 3,000 businesses.

The company was one of 85 applications submitted to the state, but it is one of only eight infrastructure projects recommended by the governor.

T3 is a telecommunications carrier, providing advanced voice and data services.

Walter Investment Management buys loans for $8.6 million
Utilizing the proceeds from an equity offering, Walter Investment Management Corp. completed the purchase of a pool of residential first-lien loans on performing mortgages of single-family, occupied residences in the Southeast U.S. for $8.6 million.

Mark J. O'Brien, Walter Investment's chairman and CEO, said in a press release, “This pool has very similar loan and demographic characteristics to our first purchase and to our existing residential loan portfolio. It is representative of other assets currently available in the market that can also benefit from the expertise of our high-touch servicing platform.”

Walter Investment Management Corp. is an asset manager, mortgage servicer and portfolio owner specializing in less-than-prime, non-conforming and other credit-challenged mortgage assets. It currently has $1.9 billion of assets under management and annual revenues of $190 million.

US Natural Gas Corp. drills two wells in Kentucky
US Natural Gas Corp., an energy exploration company, has started drilling a new natural gas well in Green County, Ky., and reopened a previously producing well in Russell County, Ky.

The company will maintain a 100% working interest and 84.5% net revenue interest in each of the wells.

US Natural Gas Corp focuses on acquiring and developing mature oil and natural gas properties in the Appalachian Basin in Kentucky and West Virginia.

Old Harbor Bank hires Peninsula Bank CEO
Anthony N. Leo is joining Old Harbor Bank, based in Clearwater, as its new CEO, subject to regulatory approvals. William W. Short will continue as president of the bank.

Most recently, Leo was CEO of Peninsula Bank, a 13-office community bank based in Sarasota. Before that, he was executive vice president and managing director of Harrisburg, Pa.-based Community Banks Inc., with 81 offices in Pennsylvania and Maryland, for 13 years, and a vice president and corporate counsel with the National Bank of Washington.

Leo said he was attracted to Old Harbor Bank because of its “attractive network of community banking offices in a superior market” and customer service.
Also, Old Harbor Bank is launching a new campaign to raise capital for expanding its residential mortgage services and commercial and industrial lending, implementing integrated financial services and for potential strategic transactions.

Old Harbor Bank has seven banking offices in Pinellas and Pasco counties and total assets of $243 million as of March 31.

Focus Management Group handling Gems TV bankruptcy
Focus Management Group, a Tampa-based business-restructuring firm, has been appointed as financial advisor to Gems TV Limited as it moves through bankruptcy.

Its Gems TV USA was a home shopping retailer of gemstone and jewelry products that operated a shopping channel on Direct TV, Dish Network and several cable providers since 2006. It filed for bankruptcy protection after its parent company Gems TV Holdings Limited ended its operations.

In other news, Focus hired Anthony Wolf as a managing director. He will be based at its Dallas office.