Loading
Coffee Talk (Tampa edition)
H&K scores big in Florida
Holland & Knight LLP just missed earning the designation as Florida's top corporate law firm. The law firm, founded in Tampa, ranked first in Jacksonville, Orlando and Tampa in Corporate Board Member magazine's fourth annual survey of the nation's best corporate law firms. In Miami, Holland & Knight earned a second-place ranking behind Greenberg Traurig LLP.
The magazine ranks law firms in 50 major U.S. markets on a vote of directors from publicly traded corporations. About 2,152 directors voted in the survey published in the magazine's July/August issue.
In the Tampa Bay area, Tampa-based Hill Ward & Henderson PA tied with Milwaukee-based Foley & Lardner LLP for second-place honors. Fourth-place honors went to Tampa-based Fowler White Boggs Banker PA, Clearwater-based Johnson Pope Bokor Ruppel & Burns LLP and Tampa-based Carlton Fields PA.
Other than Holland & Knight, Foley & Lardner and Orlando-based Akerman Senterfitt & Eidson PA were the only other law firms with a presence in the Tampa Bay area to score multiple ranking in the Florida markets. Foley & Lardner tied for fourth in Jacksonville and Orlando, and Akerman Senterfitt tied for fourth in Orlando and Miami.
Another bank acquisition
While the prices are scaring off many out-of-staters, the biggest local banking company on the Gulf Coast continues to buy up banks in the Sunshine State.
First National Bankshares of Florida Inc., the Naples-based holding company for First National Bank of Florida, picked off a small target June 30 when it announced an agreement to take over 7-year-old First Bradenton Bank in an $8.3 million stock deal.
The transaction, equal to 1.7 times tangible book value, is modest by the astronomical values of recent Florida bank deals. In a pending acquisition expected to close by October, First National Bankshares is paying three times tangible book for Orlando-based Southern Community Bancorp, whose operating units include Southern Community Bank of Southwest Florida.
But at least First Bradenton, with $60 million in assets and just one branch, gives First National Bankshares a toehold in Manatee County, where job growth leads the state and per-capita income far exceeds the average in Florida.
"The acquisition of First Bradenton Bank will help fill a gap in our Florida franchise and provide us with opportunities to expand not only our traditional banking services but also our complete line of wealth management and insurance products," First National Bankshares Chairman and Chief Executive Gary L. Tice said in a written statement.
First National Bankshares, spun off in January from FNB Corp., grabbed a bigger share of the Bay area market last year by buying Charter Banking Corp., the Tampa holding company for Southern Exchange Bank. The old Southern Exchange branches now fly the First National Bank of Florida flag.
Thomas L. Hodgson, president and CEO of First Bradenton, lauded the latest proposed takeover. "We are excited about the opportunity to partner with a successful, community-minded organization that shares so many of our values," Hodgson said in a statement released by First National Bankshares.
First Bradenton was founded by a group of local bankers and businessmen, including Ben W. Hardin, Dozier B. Hilliard, Norman J. Pinardi and George T. Smith, who sold off the old Bank of Bradenton to SouthTrust Corp. in 1994.
Their newer bank had been growing slowly. But, in the past year, assets have increased about 25%. At the same time, First Bradenton was spending less than 65 cents for every dollar brought in. That was a nice drop in non-interest expense from the approximately 75 cents it spent per revenue dollar a year earlier.
As for First National Bankshares, the company's stock is holding up despite all the acquisitions - and talk of more. Shares rose 43 cents in early trading on July 7 to $18.85, about a buck shy of spinoff-adjusted 52-week peak for First National Bankshares, after the stock was added to the Russell 3000 equity index.
GOP favors business
Democratic state legislators have been found wanting by the self-proclaimed voice of small business.
The National Federation of Independent Business has released a report on how Florida's 160 state lawmakers voted since the 2002 election on seven big issues that the group says impact small companies.
From the Gulf Coast delegation, just one senator and three representatives on the Republican side of the aisle failed to score 100% on the report card of the NFIB, which is closely aligned with GOP operatives in Washington and state capitals around the nation.
Those straying off the reservation in Tallahassee were Sen. Victor Crist of Tampa, and Reps. Tom Anderson of Dunedin, Heather Fiorentino of New Port Richey and Ed Homan of Tampa.
Anderson, Crist and Fiorentino were marked down for opposing a bill last year that bans local and state officials from enacting so-called living-wage ordinances, except when the ordinances apply to workers who toil for those governments or their contractors. Gov. Jeb Bush signed the bill, and it is now law.
Homan, an orthopedic surgeon, voted against medical malpractice reform in 2003, even though it stopped citizens from getting their hands on reports of medical mistakes by physicians and other hospital personnel that are filed with state regulators.
Local Democrats were even less obedient.
In the Senate, Les Miller of Tampa scored only 57% on the NFIB report card. In the House, Bob Henriquez of Tampa was the top Democrat at 71%, followed by Charlie Justice of St. Petersburg at 57%, with Arthenia Joyner of Tampa and Frank Peterman of St. Petersburg both coming in at 43%.
The urban Democrats abandoned the small business lobby on the medical malpractice package as well as on changing Florida's workers compensation system.
Etc....
Attorney William Reece Smith Jr., 2nd District Court of Appeal Chris W. Altenbernd and Leo J. Govoni of Boston Asset Management received the Distinguished Service Awards from Stetson University College of Law. The award, given for the first time by the college, is in deference to "those who did not graduate from Stetson, but who have helped shape our institution," Dean Darby Dickerson said in a written statement.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
