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The appointments of Sippial and Beville are effectivwe today but are subjectg to final approval by the appropriate regulatory Colonial said ina release. Colonial BancGroup (NYSE: headquartered in Montgomery, Ala., is a $26 billion holdin g company with 352 branches in five is among the largest banks in the Tampaa Bay area with50 $2.8 billion in deposits and a 3.6 percent deposit market according to the most recent information available from the Colonial recently made a deal for a $300 millionh capital infusion that gives of Ocala controlling interesr in the bank, which has struggled in part becaus e of its exposure to the Florida real estatw market.
Sippial, president and founder of , a real estat e investment company basedin Montgomery, has served on the board of directorsw of Colonial since 1997. In additiob to his regular board compensation, he will receive an annual retainerof $300,000 and an annual transportation allowancs of $10,000, a filing with the said. who also has served on the Colonial boarrdsince 1997, will be taking a leave of absence from his positionh as vice president/treasurer at T&B Ltd., an insurancse agency in Mobile, Ala., operating under the name . Beville does not have a written contractrwith Colonial, but he will receive a base annual salary of $850,000, the SEC filing said.
In lieu of a relocatio package, he will receive up to $50,0090 in annual housing allowance and an annual transportatio n allowanceof $10,000. Neither Sippial nor Beville will initiallyt take part in a definedincentive plan, and neither was grantexd any equity compensation or signing bonus, the filing
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