- December 15, 2025
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SunTrust changes leaders
Atlanta-based SunTrust Banks Inc. made a change to its Tampa Bay leadership, naming Allen Brinkman as chairman, president and CEO. Brinkman succeeds Dan Mahurin, who was promoted to president and CEO of SunTrust's Gulf Coast/North Florida division.
Brinkman, 42, has 17 years of banking experience, most recently serving as a regional president and executive vice president of Wachovia Bank. He previously worked for Trust Co. of Georgia, which later merged with SunBank to form SunTrust.
SunTrust Tampa Bay encompasses 115 locations in six counties with $7.5 billion in deposits and about 1,000 employees.
Jabil CEO pay doubles
Tim Main, CEO of St. Petersburg-based Jabil Circuit Inc., doubled his compensation to $9.8 million, reflecting the strong performance of the electronics manufacturer during its most recent fiscal year ending Aug. 31.
Main's pay package includes $1 million in salary, nearly $5.9 million in stock awards and annual incentives totaling $2.9 million, according to Jabil's latest proxy statement filed with the Securities and Exchange Commission. He received $4.5 million in fiscal year 2009.
Jabil, the second-largest company in the Gulf Coast region, posted 14% higher revenue of $13.4 billion for fiscal 2010. Net income totaled $171 million, following a loss of more than $1 billion a year earlier.
CoreRx expands
CoreRx Pharmaceutical said it will relocate its headquarters from Tampa to Largo, creating 55 jobs to add to its current staff of 16.
The company will move to the former Smith & Nephew facility at 14205 Myerlake Circle that was also formerly occupied by Formulated Solutions LLC.
CoreRx is entitled to receive tax refunds through Florida's Qualified Target Industry program, which aims to generate higher-paying jobs by new and expanding companies. It worked with Pinellas County and Largo officials as well as Enterprise Florida for QTI access.
Construction of the new site is set to be completed early next year. CoreRx previously planned to expand in Hillsborough County, but a low appraisal halted the project..
Home sales, prices fall
Sales of existing homes in Lee County fell 22% in November to 972 and the median price fell nearly 8% to $83,000 compared to the same month a year ago, Realtors reported.
November was the first month of 2010 that the median price of an existing home in Lee County fell below the same month in 2009, according to the Realtor Association of Greater Fort Myers and the Beach.
About 59% of the existing-home sales in November were distressed properties in foreclosure (37%) or short sales (22%). The remaining 41% were conventional sales. At the current sales pace, there is a seven-month supply of existing homes on the market.
Professional school named
Hodges University named the Nichols School of Professional Studies for Arlene and Jerry Nichols after the couple made an undisclosed gift to the Naples-based university.
Jerry Nichols is senior vice president for Brown & Brown Benefits and is a financial representative for Northwestern Mutual Financial Network. Arlene Nichols is the former president of her own retail management company.
Jerry Nichols has been active with Hodges, serving as chairman of Hodges University Foundation Board in 2008.
Hotel revenues rise
Revenues at hotels and motels in Lee County rose 2.1% in October compared with the same month a year ago, boosted by stronger occupancies, according to the Lee County Visitor & Convention Bureau.
Revenue per available room is a function of occupancies and average daily rates. Occupancies at hotels in Lee County rose 4% in October to 43.7%, overcoming a decline in the average daily room rate of -1.9% to $94.99 compared with October 2009.
This suggests that hoteliers are boosting occupancies by lowering average daily rates. That strategy worked in October to boost revenues per available room 2.1% to $41.53.
County approves plans
Manatee County Commissioners approved a preliminary site plan for Magnolia Plaza, a 12,000-square-foot retail center proposed for 1.5 acres near State Road 64 in east Manatee County.
An attorney for the development firm behind the project, Mark Cahill Investments, says administrative approval of the final site plans should come within four months. Construction should take nine months.
The plaza, to be built a mile east of Lena Road, north of a county landfill, could be one large retailer or several smaller retailers with offices. The plaza likely will open in early 2012.
Company gets incentives
Resource One Inc., a cleaning products manufacturer, will move from Largo to Sarasota to take advantage of $50,000 in performance-based incentives offered by Sarasota County.
The $50,000 grant is based on Resource One's commitment to hire 36 employees in Sarasota over the next five years, with 16 of those hires in 2011, a release states. Resource One currently employs 30 people, divided evenly between its two locations in Largo and Ocala. Only two or three current employees will move with the firm to Sarasota, according to President Duncan Yull.
Yull will work with a commercial real estate broker to find a location in Sarasota that will allow the company to upgrade its manufacturing capabilities.
Agreement finalized
Sarasota County and North Port city officials approved a joint county-city deal to buy Warm Mineral Springs, a tourist attraction and archaeological site.
The deal with Naples-based Cypress Lending Group calls for the city and the county to evenly split the $5.5 million price for the 81-acre site. The county plans to cover its portion with funds from a property tax used specifically to buy environmentally sensitive lands. North Port, meanwhile, plans to use a 1% sales tax to pay for its half of the deal.
Warm Mineral Springs is known for its mineral-rich waters. The deal is expected to close early next year.
