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SRQ DAILY Mar 7, 2016

Monday Business Edition

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Monday Business Edition

"The approval of C1 shareholders was one of the steps necessary for them to merge."

- Susan Blair, Bank of the Ozarks
 

[Real Estate]  Seller's Market in Southwest Florida

The inventory for homes remains short in this market, according to the Realtor Association of Sarasota and Manatee. For single-family homes in Sarasota County, inventory is down 1.5 percent from January last year, and up 2.4 percent in Manatee County. Condominium inventory is up in both counties, with Sarasota County up 6.1 percent, while Manatee County saw an increase of 9.6 percent.  In total, Sarasota County has a 4.2-month supply of homes on the market and Manatee has a 4.4-month supply. This graph shows that in Sarasota County, there were 2,921 active listings, down 1.5 percent from last year. While inventory is up substantially from December, it is still below levels from last year for both counties.  

[Merger]  C1 Shareholders Favor Ozarks Deal
Jacob Ogles, jacob.ogles@srqme.com

Bank of the Ozarks is one step closer to a $402.5-million deal to acquire a bank founded in Bradenton in 1995. Shareholders for C1 Bank voted in favor of the deal at a special meeting on Thursday. More than 99.7 percent of votes cast, representing 83.5 percent of outstanding shares of C1 common stock, were in favor of the merger. “The approval of C1 shareholders was one of the steps necessary to merge,” said Susan Blair, executive vice president for Bank of the Ozarks.

A plan to merge the banks was first announced in November, when Bank of the Ozarks announced the plan to acquire C1 Financial and its subsidiary C1 Bank in an all-stock transaction valued at approximately $402.5 million, roughly $25 per share of C1. Upon the closing of the transaction, C1 CEO Trevor Burgess will become chief innovation officer at Bank of the Ozarks and president of Florida operations, and is expected to be nominated to serve on the Ozarks board of directors.”“We are excited to have found a new partner in Bank of the Ozarks, which shares our passions for the entrepreneur, for first class service, and for making a fundamental difference in our communities,” Burgess said in a statement. “Together, with an expanded product set and increased firepower, we will be able to serve an even broader array of businesses and families in the state of Florida.”

C1 was founded in Bradenton in 1995 as Community Bank of Manatee by William Sedgeman, Jr., now chairman of the board. In 2012, the headquarters moves to St. Petersburg and the name changed to C1. The company C1 Financial was incorporated in 2013, and that same year, CBM Florida Holding Company merged with C1. The bank today has 32 locations in Florida.

Bank of the Ozarks, based in Arkansas, has been aggressively acquiring banks since 2010, and this acquisition will be the 15th since the start of the decade. The bank entered the Florida market in 2010 after the failure of Bradenton-based Horizon Bank in 2010. When the Federal Deposit Insurance Corporation closed Horizon, the agency entered into an agreement with Bank of the Ozarks to assume all of the failed bank’s deposits and to reopen Horizon Bank’s four branches as Bank of the Ozarks branches. In 2014, Bank of the Ozarks in 2014 similarly took over The Park Avenue Bank, a Georgia-based bank with one branch in Florida, in another FDIC-assisted acquisition. In 2015, Bank of the Ozarks acquired the Clearwater-based Intervest Bancshares Corporation.

Bank officials say the deal is expected to be finalized late in the first quarter of 2016 or early in the second quarter. 

[Agenda]  Manatee Talks Rubonia Plan Timing

Sarasota City Commission: The board meets today to discuss development options for the Marion Anderson Place site in Newtown. The board will also receive an update on the homeless issue from City Manager Tom Barwin. An afternoon session begins at 2:30pm and an evening session starts at 6pm at City Hall.

Manatee County Commission: The board meets Tuesday and will hear a presentation from Wade Trim and Associates on the timeline for completion of the Rubonia Neighborhood Action Plan. The meeting begins at 9am at the Manatee County Administrative Center in Bradenton.

Sarasota County Commission: The board meets Tuesday and will discuss possible action to allow keeping of chickens in some residential areas of Sarasota County. The meeting begins at 9am at the Robert. L. Anderson Administration Center in Venice. 

Manatee County Commission

[Recognition]  Manatee Libraries Best in State

Manatee County Public Library System has been named Library of the Year by the Florida Library Association, a recognition of the system’s outstanding service to the community. 

Manatee County

[Recognition]  Artistree Wins Landscaping Honors

ArtisTree Landscape Maintenance & Design has garnered four awards recognizing excellence in landscaping at the annual Parade of Homes awards dinner hosted by the Manatee-Sarasota Building Industry Association.  ArtisTree won “Best Landscaping/Curb Appeal” in four of the five categories it entered featuring landscape design for Todd Johnston Homes, John Cannon Homes and Arthur Rutenberg/Nelson Homes. 

ArtisTree Landscape Maintenance & Design

[Synergy]  Marathon Partners with St. Jude's

The First Watch Sarasota Half Marathon has formalized a benefiting partnership with St. Jude Children's Research Hospital to allow athletes to still participate and run in a sold-out race. The First Watch Sarasota Half Marathon charity partnership capitalizes on the successful relationship that already exists between Life Time, producers of the First Watch Sarasota Half Marathon,and St. Jude via the South Beach Triathlon, where more than $1.5 million has been raised over the past five years. Organizers have set an initial goal of raising $50,000 from the 2016 First Watch Sarasota Half Marathon, working to build awareness of the program and then doubling this amount to $100,000 in 2017.  

First Watch Sarasota Half Marathon

[New Product]  Founders Club Unveils Isabella Grande

The Isabella Grande model by London Bay Homes is open at The Founders Club. An enhanced version of London Bay Homes’ Isabella open floor plan, the three-bedroom, three-bath model overlooks a lake and nature preserve. Within 3,322 square feet of living space, the Isabella Grande also offers a study, formal dining room and great room. The Isabella Grande has a three-car garage and dedicates its extra 300 square feet of living space to the master suite, which offers his-and-her walk-in closets and a bedroom with driftwood flooring and millwork-accented ceilings.  

The Founders Club

SRQ Media Group

SRQ DAILY is produced by SRQ | The Magazine. Note: The views and opinions expressed in the Saturday Perspectives Edition and in the Letters department of SRQ DAILY are those of the author(s) and do not imply endorsement by SRQ Media. Senior Editor Jacob Ogles edits the Saturday Perspective Edition, Letters and Guest Contributor columns.In the CocoTele department, SRQ DAILY is providing excerpts from news releases as a public service. Reference to any specific product or entity does not constitute an endorsement or recommendation by SRQ DAILY. The views expressed by individuals are their own and their appearance in this section does not imply an endorsement of them or any entity they represent. For rates on SRQ DAILY banner advertising and sponsored content opportunities, please contact Ashley Ryan Cannon at 941-365-7702 x211 or via email

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