Please ensure Javascript is enabled for purposes of website accessibility

Gulf Coast Week: June 24

  • By
  • | 6:51 a.m. June 24, 2011
  • | 2 Free Articles Remaining!
  • News
  • Share


Arthrex wins appeal
A federal appellate court in Washington, D.C., overturned a $4.7 million Texas jury verdict against Naples-based Arthrex.

Britain-based Smith & Nephew had sued Arthrex, alleging the surgical tool manufacturer infringed on a patent involving a graft-fixation device. A jury in Texas sided with Smith & Nephew, but the appellate court overturned the judgment because it found no infringement.

Arthrex, which employs more than 1,000 people in Naples, manufactures more than 5,000 products for arthroscopic and orthopedic surgeons. The company forecast $1 billion in revenues this year.

DeAngelis Diamond expands
DeAngelis Diamond Healthcare Group, a Naples-based construction firm, has opened an office in Birmingham, Ala.

The company appointed Robert Young as president of the construction company. Young formerly was chief operation officer with MJ Harris, a healthcare construction firm headquartered in Birmingham.

Reggie Morgan, DeAngelis Diamond Healthcare Group's former president, has been promoted to the position of CEO.

Naples prices rise
Sales of existing single-family homes in Naples fell slightly while median prices rose in May compared with the same month a year ago, according to the Naples Area Board of Realtors.

Realtors helped sell 388 single-family homes in May, down less than 1% from the 391 sales in May 2010. However, the median price rose 15% to $242,000, the association reported. Still, based on the current inventory and at May's sales pace, there remains more than nine months of supply of single-family homes for sale in the Naples area.

Meanwhile, condo sales fared better than single-family homes. Sales of existing condos in May rose 9% to 450 compared with the same month in 2010. Median prices of condos rose 8% to $184,000 in that same period. Based on May's sales, there remains more than nine months of inventory of condos for sale in the Naples area.


County considers policy
Sarasota County commissioners plan to discuss if and how to institute a whistleblower policy that would protect employees who report impropriety within the county.

The plan is in the preliminary stages. Depending on the results of the discussion, commissioners could direct staff to create a draft policy, according to the Sarasota Observer, sister paper of the Business Review.

The potential for a whistleblower policy was prompted by a recent scandal over alleged illegal activity in how county government employees approved purchasing contracts. Several employees lost their jobs in the procurement scandal.

Market reports uptick
Sarasota residential real estate officials reported that May, with 796 sales, was one of its best months in terms of volume since late 2005.

The Sarasota Association of Realtors says the nearly 800 sales were the second-highest number of property sales in the past six years, even though total sales are up just 4% over the year. The association also reports that 38% of all transactions in May were short sales or foreclosures.

The median sale price for single-family homes fell slightly over the year, from $169,000 in May 2010 to $159,000 this year. But the median price for condos went up, from $184,500 to $218,750 last month.

Firms complete merger
The merger between Bradenton-based CPA Associates LLC and Atlanta-based Mauldin & Jenkins has closed.

The deal was announced in January. Prior to the merger, CPA Associates specialized in government, litigation support, business valuation and banking services. Mauldin & Jenkins, meanwhile, is a $41 million firm with a staff of about 240 associates and 43 partners. The firm has clients throughout the Southeast.
CPA Associates continues to employ 45 people in the Bradenton/Sarasota area. Jerry Marlar, the managing partner for CPA Associates, is the lead partner of the local Mauldin & Jenkins office.

Tampa Bay

First Commercial fails
First Commercial Bank of Tampa Bay was closed by the Florida Office of Financial Regulation June 17. Fort Lauderdale-based Stonegate Bank will assume its $92.6 million in deposits through an agreement with the Federal Deposit Insurance Corp.

The bank's failure will cost the FDIC's Deposit Insurance Fund $28.5 million, according to an FDIC estimate, after Stonegate Bank pays a 0.50% premium on the deposits it is acquiring. First Commercial depositors will automatically have their accounts transferred to Stonegate Bank.

In addition to assuming First Commercial's deposits, Stonegate is also acquiring $72.3 million of the bank's outstanding loans.

TIA approves incentives
Tampa International Airport's governing board is offering airlines financial incentives for launching new services and routes there.

The airport board hopes to attract new international business to TIA.

Five major foreign locales are being targeted specifically: Frankfurt, Germany; Bogota, Colombia; Panama City, Panama; Sao Paulo, Brazil; and Mexico City.

Currently, TIA averages just 24 nonstop international flights each week, compared to 1,300 such flights from Miami International and 359 from Orlando International.

As an example of the incentives being offered, any airline that begins offering daily flights to Europe could receive more than $2 million in airport fee waivers and advertising money over two years.


Latest News


Special Offer: Only $1 Per Week For 1 Year!

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.