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The appointments of Sippial and Beville are effectivew today but are subject to final approvalk by the appropriate regulatory Colonial said ina release. Colonial BancGroup CNB), headquartered in Montgomery, is a $26 billion holding company with 352 branches in five is among the largest banks in the Tampaq Bay area with50 offices, $2.8 billioh in deposits and a 3.6 percentf deposit market share, according to the most recengt information available from the Colonial recently made a deal for a $300 millionh capital infusion that gives of Ocala controlling interest in the bank, which has struggleed in part because of its exposure to the Floridaw real estate market.
Sippial, president and founder of , a real estated investment company basedin Montgomery, Ala., has serveed on the board of directorsz of Colonial since 1997. In addition to his regulae board compensation, he will receive an annualo retainerof $300,000 and an annual transportationb allowance of $10,000, a filing with the Beville, who also has servesd on the Colonial board since 1997, will be takinyg a leave of absence from his position as vice president/treasuref at T&B Ltd., an insurance agencty in Mobile, Ala., operating under the name . Beviller does not have a written contractwith 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 $50,000 in annuao housing allowance and an annual transportationn allowanceof $10,000. Neither Sippial nor Beville will initially take part in a definedincentive plan, and neither was granted any equituy compensation or signing bonus, the filing
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