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Business Observer Friday, Oct. 30, 2009 12 years ago

Corporate Report: Florida Shores agrees to buy Shamrock Bank

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Naples-based Florida Shores Bancorp signed an agreement to acquire controlling interest in Shamrock Bank of Florida, subject to regulatory and shareholder approval and expected to close in the first quarter.

Naples-based Florida Shores Bancorp signed an agreement to acquire controlling interest in Shamrock Bank of Florida, subject to regulatory and shareholder approval and expected to close in the first quarter.

Shamrock Bank, which was founded in 2007, has two locations and $70 million in assets. Florida Shores operates commercial banks named Florida Shores-Southwest and Florida Shores-Southeast.

Once the deal is approved, Shamrock will become Florida Shores-Gulfcoast, and Donald J. York, president of Shamrock, will become vice chairman of the board. Paul Roney will continue to serve as chairman.

Ben Smith, founder and chairman, said in a press release, “We view Naples and Fort Myers as key to our success and so are pleased to find such a strong partner as Shamrock Bank to introduce us to this important market.”

Also, two weeks ago, Florida Shores agreed to acquire two branches of Florida Capital Bank in Boca Raton and Fort Lauderdale.

Established in 2006, Florida Shores Bank has commercial locations in Pompano Beach, Venice, Englewood, Fort Myers, Naples, Boca Raton and Fort Lauderdale.

Marine Corps Base buys Sunovia road lighting
The U.S. Marine Corps Base Camp Lejeune has purchased 1,092 EvoLucia 75W and 105W cobra head fixtures from Sarasota-based Sunovia Energy Technologies Inc. to replace 100W and 250W high-pressure sodium lights on roads in the 246-square mile base.

The EvoLucia fixtures will reduce energy consumption by 50% and are expected to reduce the base's carbon emissions by 22.5 tons per year. They are also designed to be largely maintenance-free and not require bulb replacement for up to 12 years. The company recently forwarded numerous samples of the fixtures to domestic municipalities and foreign countries for consideration.

Sunovia Energy Technologies commercializes and markets products within the LED lighting and solar markets that reduce carbon emissions, promote national security and preserve the environment. Sunovia owns the exclusive marketing rights to products produced by EPIR Technologies Inc., including infrared sensors and devices for the civilian and military night vision markets.

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