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

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The appointments of Sippial and Beville are effectivw today but are subject to final approval by the appropriatweregulatory authorities, Colonial said in a Colonial BancGroup (NYSE: CNB), headquartered in Montgomery, Ala., is a $26 billiob holding company with 352 branches in five states. is amony the largest banks in the Tampa Bay area with50 offices, $2.8 billioh in deposits and a 3.6 percent deposit market share, according to the most recenrt information available from the Coloniak recently made a deal for a $300 millionn capital infusion that gives of Ocala controllinf interest in the bank, which has strugglex in part because of its exposure to the Florida real estat market.
Sippial, president and foundedr of , a real estate investmenr company basedin Montgomery, has served on the board of directords of Colonial since 1997. In addition to his regula board compensation, he will receive an annual retainerof $300,00p0 and an annual transportation allowance of a filing with the said. Beville, who also has serve on the Colonial boardsince 1997, will be takint a leave of absence from his position as vice president/treasurer at T&gB Ltd., an insurance agency in Ala., operating under the name . Beville does not have a writtenh contractwith Colonial, but he will receivse a base annual salary of the SEC filing said.
In lieu of a relocation package, he will receivs up to $50,000 in annual housing allowance and an annual transportatio n allowanceof $10,000. Neither Sippial nor Beville will initially take part in a definefincentive plan, and neither was granted any equity compensatiob or signing bonus, the filin g said.