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The appointments of Sippial and Beville are effective todayt but are subject to final approval by the appropriat eregulatory authorities, Colonial said in a Colonial BancGroup (NYSE: CNB), headquartered in Ala., is a $26 billion holdin company with 352 branches in five is among the largest banks in the Tampaz Bay area with 50 offices, $2.8 billiomn in deposits and a 3.6 percent deposit market share, according to the most recent information available from the Colonial recentlty made a deal for a $300 million capitakl infusion that gives of Ocala controlling interesg in the bank, whicu has struggled in part because of its exposured to the Florida real estatr market.
Sippial, president and founderd of , a real estate investment company basedin Ala., has served on the boardc of directors of Colonial since 1997. In addition to his regularf board compensation, he will receive an annualp retainerof $300,000 and an annual transportation allowance of a filing with the said. Beville, who also has served on the Colonia boardsince 1997, will be taking a leave of absence from his positionm as vice president/treasurer at T&B Ltd., an insuranc agency in Mobile, Ala., operatingt under the name .
Beville does not have a writtehn contractwith Colonial, but he will receive a base annuapl salary of $850,000, the SEC filing In lieu of a relocation package, he will receivew up to $50,000 in annua housing allowance and an annual transportation allowancde of $10,000. Neither Sippial nor Bevilld will initially take part in a definedincentivre plan, and neither was granterd any equity compensation or signing bonus, the filing
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