Corporate Report: Apr. 29

First National Bank raises $148 million

Naples-based First National Bank of the Gulf Coast announced that it has entered into agreements with private investors to receive $148 million. The initial capital infusion of $40 million will be used to fund the company's growth along the west coast of Florida. The remaining capital of $108 million will be set aside for other expansion opportunities within the Florida market.

The initial proceeds from the private placement are expected by April 29.

The offering is priced at $5 per common share and was led by Sandler O'Neill & Partners LP, and supported by Oppenheimer & Co. Inc., FIG Partners, and SunTrust Robinson Humphrey. The investors in the offering include Lightyear Capital LLC and GMT Capital Corp.

Chris Casciato, managing director of Lightyear Capital, and Adam Compton, vice president and financial services sector head of GMT Capital, will join the bank's board of directors upon closing.

“We have found partners who share our values and vision, some of whom were investors in our predecessor bank, First National Bank of Florida,” Gary Tice, chairman and CEO of First National Bank of the Gulf Coast, says in a press release. “Unlike many offerings in the financial services sector, this is not about raising capital just to meet regulatory requirements. Rather, it is to support the growth of First National Bank of the Gulf Coast into the premiere regional banking franchise in southwest Florida.”

First National Bank of the Gulf Coast currently has three full-service banking offices in Collier and Lee counties. As of March 31, total assets were $329.4 million; total loans, before the allowance for loan losses, were $115.6 million; and total deposit relationships were $302.4 million.

Invisa president promoted, hires former American Lock CEO

Sarasota-based Invisa Inc. announced that John Zappala has been named president and Edmund King has been promoted from president to CEO. Elizabeth Henson was also named vice president of operations.

Zappala was previously CEO and president of the American Lock Co., a private lock-manufacturing company with revenues of $35 million. He was also group vice president of Alltrista Corp. He will be responsible for managing Invisa's business development including product development, strategic relationships and pursuing acquisition opportunities.

“Invisa is well positioned with a solid product reputation and a proven technology,” Zappala says in a press release. “Moving forward, we will focus on achieving greater market penetration while advancing the development of new products based on our existing technology. In addition to organic growth, I will also focus on growth through strategic relationships, acquisitions and business combinations.”

Invisa Inc. manufactures and sells safety sensors under the SmartGate brand.

iMD Cos. spends stock, cash buying Tampa imaging firm

Tampa-based iMD Cos. Inc. has acquired the Tampa-based medical diagnostic facility company, Optimum Mobile Imaging LLC.

The purchase was for a mixture of cash and restricted stock.

Optimum Mobile Imaging generated $2 million in annual revenue and was expected to double the iMD Cos.'s revenues.

The iMD Cos. provides primary products and services to the health and fitness and medical diagnostics services markets.

US Natural Gas approved to issue 100 million more shares

Shareholders of St. Petersburg-based US Natural Gas Corp. have approved a resolution to let the company sell another 100 million common shares and a new Series C preferred stock. The company currently has 200 million shares of common stock.

“The board of directors believes that an increase in the number of shares of authorized common stock and the designation of the Series C preferred stock will benefit the company and our stockholders by allowing us to pursue targeted acquisitions such as the Pine Grove project and other oil and natural gas producing entities,” Wayne Anderson, president of US Natural Gas Corp., says in a press release.

The company has agreed to acquire the 25 oil-producing wells, two water-injection wells and associated equipment in the Pine Grove oil field. US Natural Gas expects that once its deal on the Pine Grove field closes it will put 12 of the 25 wells into production. In addition, the company plans to evaluate the remaining 13 oil wells with the goal of having all 25 of the wells producing an average of 25 to 30 barrels of oil per day.

US Natural Gas Corp is an energy company focused on the acquisition, exploration and development of mature long-lived oil and natural gas properties.

Savtira Corp., Newtek Supply reach distribution deal

Tampa-based Savtira Corp. has reached an agreement with wholesaler Newtek Supply Inc. The agreement calls for Newtek to distribute its inventory to Savtira partner stores.

Savtira will handle the fulfillment for orders from its distribution partners.

“Savtira's platform presents us with a tremendous opportunity to extend our enormous catalog of products to new markets,” Mark Stewart, sales manager of Newtek Supply Inc. says in a press release.

Newtek Supply Inc. is a wholesale distributor of batteries, cables and consumer electronics.

Lincare Holdings issuing quarterly cash dividend

The board of directors for Clearwater-based Lincare Holdings Inc. has declared a quarterly cash dividend of 20 cents per common share. The dividend is payable on April 29 to stockholders of record as of the close of business on April 15.

Lincare is one of the nation's largest providers of respiratory therapy and other services to patients in the home. The company provides services and equipment to more than 750,000 customers in 48 states.

First Community Bank facing NASDAQ delisting

First Community Bank Corp. of America received a notice from the NASDAQ Stock Market that its low stock price could cause it to be delisted. The stock market offers companies a 180-day grace period to get its minimum bid price above $1 per share for 30 consecutive business days.

The company expects that with the planned merger of First Community Bank of America into Community Bank & Co. will correct the issue.

Brown & Brown Inc. reported quarterly dividend

Tampa- and Daytona Beach-based Brown & Brown Inc. announced a new quarterly cash dividend of 8 cents per share. The dividend is payable on May 18 to shareholders of record on May 4.

Brown & Brown reported a 4.9% jump in net income in the first quarter to $46.29 million compared to $44.13 million last year.

Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.

Odyssey Marine Exploration signs drilling contract

Tampa-based Odyssey Marine Exploration Inc. executed an agreement to provide marine services, including mining exploration and drilling operations, to client companies of Robert Fraser & Partners LLP in an area controlled by Dorado Ocean Resources. The drilling will be conducted on a seafloor massive sulfide deposit that was surveyed by the Odyssey and Dorado teams during the first exploration in Dorado's South Pacific concession areas in 2010.

Three separate areas have been identified for sample drilling based on preliminary sample analysis. This contract is for exploration and drilling services in one of those areas. Additional contracts for the remaining two areas in the tenement are expected during the second quarter.

Odyssey is responsible for providing the research vessel, equipment, and technical crew to conduct the operation. The contract provides for preliminary cash payments of $1.5 million to Odyssey plus additional payments based upon revenue derived from the project.

Robert Fraser & Partners LLP is part of the London-based Robert Fraser Asset Management Group.

General Dynamics Ordnance awarded explosive-ammo contract

General Dynamics Ordnance and Tactical Systems, a St. Petersburg-based business unit of General Dynamics, has been awarded a $32.5 million contract for 30mm ammunition by the U.S. Army Contracting Command in Rock Island, Ill. The award consists of a mixture of new production of PGU-13 D/B cartridges and the remanufacture of the existing U.S. Air Force inventory of PGU-13 HEI cartridges.

The PGU-13 is a high explosive incendiary (HEI) round, predominately used in air-to-ground and close-air support by the Air Force's A-10 Thunderbolt attack aircraft. The ammunition has been extensively used in operations in both Iraq and Afghanistan.

“The PGU-13 has been widely used in combat operations since Desert Storm, demonstrating excellent performance and reliability with A-10's cannon,” Tim McAuliffe, vice president and general manager of medium-caliber ammunition, says in a press release. “This is the first production of the PGU-13 in over 20 years to replenish critical levels in the Air Force's inventory.”

Work will be performed in Marion, Ill., with an estimated completion date of July 2012.