- December 15, 2025
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PNC buys branches
Pittsburgh-based PNC Bank N.A. will buy 19 former branches of Fort Lauderdale-based BankAtlantic Bancorp Inc. in the Tampa Bay area. PNC agreed to pay a premium for $350 million in local deposits, along with the net value of purchased real estate and fixed assets associated with the branches.
BankAtlantic sought a buyer for its Bay area offices since last August, allowing it to concentrate on its South Florida operations. The sale to PNC is set to close in June.
The purchase will allow PNC to expand its presence along the Gulf Coast, which was previously limited to three branches in Collier County and one in Sarasota.
Hauler files Chapter 11
Tampa-based Jason's Hauling Inc. filed for Chapter 11 protection in U.S. Bankruptcy Court after falling behind on payments to independent drivers. Owner Jason Freyre is planning to continue while working out better credit terms with his bank.
The 17-year-old company, which posted revenue of $15.6 million last year, uses dump trucks to haul asphalt, gravel and other building materials. A combination of rising fuel costs and the local construction slowdown led to at least $3.4 million in debt.
Jason's employed more than 100 at the peak of the market five years ago, along with 400 independent drivers.
Lightning get new logo
The Tampa Bay Lightning introduced a new logo as part of several brand and business changes planned by team owner Jeff Vinik. Merchandising of the Bolts' new look will begin well ahead of the introduction of updated hockey uniforms next fall.
Vinik, a Boston hedge fund manager who bought the Lightning nearly a year ago, said the logo emphasizes the “new direction” of the National Hockey League franchise. Branding firm SME worked with the team's front office to create the new iconic design.
Other upcoming changes include $40 million worth of renovations to the Lightning's home arena, the St. Pete Times Forum in downtown Tampa, which will host the 2012 Republican National Convention next summer.
Arthrex acquires Cardo
Naples-based orthopedic-device manufacturer Arthrex plans to buy a division of Cardo Medical for nearly $10 million in cash plus another $4.7 million for the inventory and property, securities filings show.
Cardo is an orthopedic medical-device company based in Los Angeles. Arthrex is acquiring the company's arthroplasty division, which specializes in knee and hip surgical devices that help doctors perform outpatient procedures.
The two companies signed the agreement Jan. 24 and closing requires shareholder approval by Cardo, a publicly traded company. Arthrex is privately held by its founder, Reinhold Schmieding.
Oncologists win subsidies
Radiation Therapy Services, which operates as 21st Century Oncology, has been awarded $300,000 in state and local subsidies to expand in Lee County.
The Fort Myers-based company operates 90 radiation-treatment centers in the U.S. and is the largest operator in the field. Of the total subsidies, $140,000 will come from Lee County and the remaining $160,000 will come from the state.
Radiation Therapy will use the subsidies to offset costs associated with relocating a billing and collections office from another undisclosed state. The move will expand the Fort Myers operation by 40 jobs. The company has 350 employees in Fort Myers and 2,000 nationwide.
TIB lists on Nasdaq
Naples-based TIB Financial Corp. is now listed on the Nasdaq Capital Market, the company announced recently.
TIB Financial is the parent of TIB Bank and Naples Capital Advisors. The company has $1.7 billion in assets and 27 branches from the Florida Keys to Naples and Venice.
North American Financial Holdings, a Charlotte, N.C.-based investment group controlled by former Bank of America executives, recently acquired the majority of the company's stock and invested $175 million.
Project rows ahead
Sarasota County commissioners approved a deal with Benderson Development over funding for the much-discussed Nathan Benderson Park overhaul.
The park, in north Sarasota County and bordering Manatee County, will be turned into a 2,000-meter championship-rowing course. Sarasota County will provide $19.5 million for the project, with most of the funds coming from a tourism tax. Construction on the project, including grandstands and a boathouse, is expected to begin by July.
The Benderson Park project is one of three park renovations in the Sarasota-Manatee area geared toward making the region a competitive player in recruiting regattas worldwide.
Impact fees reduced
Manatee and Sarasota county officials recently supported separate proposals to keep impact fees paid by developers and builders low, and in some cases non-existent.
Commissioners in both counties say the moves are part of an overall effort to spur new projects and developments. Manatee County commissioners, for example, voted to extend impact fee reductions until July 2013. The vote covers impact fees on school-related projects, which were completely frozen and impact fees on transportation-related projects, which were reduced by 50%.
Sarasota County commissioners, meanwhile, adopted a temporary 50% reduction in the county's road impact fee rates. The amendment would make outstanding permits and any new permits received prior to Feb. 1, 2013, eligible for a 50% road impact fee reduction if the certificate of occupancy is received before Feb. 1, 2014.
Company shuffles board
Carl Smith, co-founder and onetime chairman and CEO of Sunovia Energy Technologies, has left the company's board of directors.
Smith, who previously worked in the venture capital industry, will remain with the company as it continues to transition from solar power products to a focus in the LED lighting industry.
The publicly traded firm also announced that chief technology officer Bob Fugerer left the board. Fugerer will retain his position with the company.
