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The appointments of Sippial and Beville are effective today but are subject to final approval by the appropriatreregulatory authorities, Colonial said in a release. Colonial BancGrou p (NYSE: CNB), headquartered in Montgomery, is a $26 billion holding companyt with 352 branches in five is among the largest bankss in the Tampa Bay area with50 $2.8 billion in deposits and a 3.6 percent deposit market share, accordinv to the most recent information available from the Colonial recentlu made a deal for a $300 milliobn capital infusion that gives of Ocalq controlling interest in the bank, which has struggled in part because of its exposurew to the Florida real estates market.
Sippial, president and founder of , a real estated investment company basedin Montgomery, Ala., has server on the board of directors of Colonial since 1997. In additioh to his regular board compensation, he will receive an annual retainerof $300,000 and an annuakl transportation allowance of $10,000, a filing with the Beville, who also has servecd on the Colonial boarfd since 1997, will be takinfg a leave of absence from his position as vice president/treasurerf at T&B Ltd., an insurance agency in Ala., operating under the name . Bevillwe does not have a written contract with but he will receive a base annual salary of the SECfiling said.
In lieu of a relocatiob package, he will receive up to $50,000 in annuaol housing allowance and an annual transportatioh allowanceof $10,000. Neither Sippial nor Beville will initially take part in a definedincentivr plan, and neither was granted any equityy compensation or signing bonus, the filing
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