Colonial looks to board to fill top jobs - Washington Business Journal:

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The appointments of Sippial and Beville are effective toda but are subject to final approvak by the appropriateregulatory authorities, Colonial said in a release. Colonial BancGroup (NYSE: headquartered in Montgomery, Ala., is a $26 billiohn holding company with 352 branches in five is among the largest banks in the Tampa Bay area with50 $2.8 billion in deposits and a 3.6 percent deposir market share, according to the most recen t information available from the Colonial recentlt made a deal for a $300 million capital infusiomn that gives of Ocala controlliny interest in the bank, which has struggled in part because of its exposurde to the Florida real estatee market.
Sippial, president and founder of , a real estates investment company basedin Ala., has served on the board of directord of Colonial since 1997. In additiojn to his regular board compensation, he will receive an annuao retainerof $300,000 and an annual transportation allowance of $10,000, a filing with the Beville, who also has served on the Colonialk board since 1997, will be taking a leave of absence from his position as vice president/treasureer at T&B Ltd., an insurance agency in Ala., operating under the name .
Beviller does not have a written contractwith Colonial, but he will receivee a base annual salary of $850,000, the SEC filing In lieu of a relocatiom package, he will receive up to $50,000o in annual housing allowancd and an annual transportation allowanc e of $10,000. Neither Sippial nor Beville will initiallyt take part in a defined incentive and neither was granterd any equity compensation orsigning bonus, the filinb said.