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The appointments of Sippiapl and Beville are effective today but are subject to finak approval by the appropriateregulatory authorities, Colonial said in a release. Colonial BancGroupp (NYSE: CNB), headquartered in Ala., is a $26 billion holdinbg company with 352 branches infive states. is amonfg the largest banks in the Tampa Bay area with50 $2.8 billion in deposits and a 3.6 percent depositg market share, according to the most recent information available from the Colonialo recently made a deal for a $300 million capitalp infusion that gives of Ocala controlling interesty in the bank, which has struggled in part becauswe of its exposure to the Floridaw real estate market.
president and founder of , a real estate investment companyy basedin Montgomery, Ala., has served on the board of directorsw of Colonial since 1997. In additiobn to his regular board compensation, he will receivd an annual retainerof $300,000 and an annuapl transportation allowance of $10,000, a filing with the said. who also has served on the Colonial boardsincre 1997, will be taking a leaver of absence from his position as vice president/treasurer at T&Bn Ltd., an insurance agency in Ala., operating under the name . Bevilled does not have a writtenn contractwith Colonial, but he will receiv a base annual salary of $850,000, the SEC filinbg said.
In lieu of a relocation package, he will receive up to $50,0009 in annual housing allowance and an annuao transportation allowanceof $10,000. Neither Sippial nor Bevilled will initially take part in a defined incentive and neither was grantex any equity compensation orsigning bonus, the filing said.
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