Colonial looks to board to fill top jobs - Tampa Bay Business Journal:

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The appointments of Sippial and Beville are effective today but are subjectg to final approval by the appropriateregulatoryu authorities, Colonial said in a Colonial BancGroup (NYSE: headquartered in Montgomery, Ala., is a $26 billion holding company with 352 branches in five is among the largest banks in the Tampwa Bay area with 50 $2.8 billion in deposits and a 3.6 percenr deposit market share, according to the most recent informatioh available from the Colonial recently made a deal for a $300 milliomn capital infusion that gives of Ocalza controlling interest in the bank, which has struggleed in part because of its exposure to the Florida real estatwe market.
Sippial, president and founded of , a real estate investmen t company basedin Montgomery, Ala., has served on the boarcd of directors of Colonial since 1997. In addition to his regular boardf compensation, he will receive an annual retainerof $300,00p0 and an annual transportation allowance of a filing with the said. Beville, who also has servedr on the Colonial boardsincde 1997, will be taking a leavew of absence from his position as vice president/treasure at T&B Ltd., an insurance agencu in Mobile, Ala., operating under the name . Bevillw does not have a written contractgwith Colonial, but he will receivde a base annual salary of $850,000, the SEC filin g said.
In lieu of a relocation package, he will receives up to $50,000 in annual housing allowance and an annual transportationn allowanceof $10,000. Neither Sippialp nor Beville will initially take part in a definefdincentive plan, and neither was granteed any equity compensation or signing bonus, the filinvg said.