June Traffic up at Southwest Florida International Airport
Plus: Two companies merge, second-quarter financials are reported, events and programs are announced and more.
Need to catch up on business news in Southwest Florida? No problem. Here are the top stories of the week pulled from our daily newsletter, Gulfshore Business Daily.
Friday, July 27
Beasley Named Among Most Powerful in Radio
Caroline Beasley, CEO of Beasley Media Group LLC, a subsidiary of Beasley Broadcast Group Inc., has been ranked No. 4 among the 2018 “40 Most Powerful People in Radio” in the U.S. by Radio Ink magazine, a leading industry publication. The list and rankings are determined by Radio Ink's editorial board who review, analyze and discuss a wide range of specific data including revenue, number of stations, employees and more. Additionally, less tangible points are important considerations. Those include demonstrated leadership and influence of each individual that results in power within the industry as well as among those important to the industry such as advertisers and investors. Beasley is featured in the July 23 issue of the publication.
Thursday, July 26
Florida Community Bank Owner, Synovus Enter Merger Agreement
Synovus Financial Corp. and FCB Financial Holdings Inc. have jointly announced their entry into a definitive merger agreement under which Synovus will acquire FCB Financial Holdings Inc., owner of Florida Community Bank (FCB), which has branches in Southwest Florida. With the addition of FCB, Synovus will become a top five regional bank by deposits in the Southeast region with pro forma $36 billion in deposits and $44 billion in assets. The transaction is expected to close by the first quarter of 2019. Following the closing, FCB will merge with Synovus Bank and operate under the Synovus brand, and FCB Financial Holdings President and CEO Kent Ellert will be executive vice president of Synovus and Florida market president. Under the terms of the merger agreement, FCB shareholders will receive a fixed ratio of 1.055 shares of Synovus common stock for each common share of FCB in an all-stock transaction. Based on Synovus’ closing share price on July 23, the transaction is valued at $58.15 per FCB share or $2.9 billion in aggregate. Following completion of the merger, former FCB shareholders will own approximately 30 percent of the combined company. In addition, based on the exchange ratio, Synovus' most recent quarterly dividend translates to a pro forma annualized dividend of $1.06 per FCB share. The transaction is expected to be tax-free to FCB shareholders.
Wednesday, July 25
'APEX Mingle' Hosted in August
The Greater Fort Myers Chamber of Commerce Women in Business Committee (WIB) will host its August networking meeting from 4–6 p.m. on Aug. 1 at Society in Fort Myers. The event will be held on the upper level in the treehouse lounge. Guests will have the opportunity to mix and mingle with the five APEX Award finalists of 2018 and be entered to win a free ticket to the 13th Annual APEX Awards Gala held Aug. 25. The 2018 APEX finalists are Susan Bennett, president of Susan Bennett Marketing and Media LC; Teri Hansen, president and creative director of Priority Marketing; attorney Christina Schwinn with Pavese Law Firm; Judy Williams, owner and CEO of Spada Salon & Day Spa; and attorney Kelly L. Fayer of Kelly L. Fayer P.A. The nonprofit spotlight for the August event will highlight Our Mother’s Home. All business professionals are invited to attend. Admission is $10 for Greater Fort Myers Chamber of Commerce (GFMCC) members and $20 for nonmembers. To register, call (239) 332-3624 or visit www.fortmyers.org.
Tuesday, July 24
June Traffic up at RSW
During June, 546,159 passengers traveled through Southwest Florida International Airport (RSW) in Fort Myers, an increase of 3.4 percent compared with June 2017. Year-to-date, passenger traffic is up 5.2 percent from the same period last year. The traffic leader in June was Delta Air Lines with 133,000 passengers traveling to and from Fort Myers. Rounding out the top five airlines were Southwest Airlines (122,838), American (92,300), JetBlue (67,451) and United (49,819). Southwest Florida International Airport had 4,850 aircraft operations, a decrease of 6.3 percent compared with June 2017. Page Field saw 7,639 operations, a 24.6 percent increase from June 2017. In addition, more than 2.5 million pounds of air freight moved through Southwest Florida International Airport in June 2018. Southwest Florida International Airport served more than 8.8 million passengers in 2017 and is one of the top 50 U.S. airports for passenger traffic. No ad valorem (property) taxes are used for airport operation or construction.
Monday, July 23
Entrepreneurial Spirit Program Scheduled
Dress for Success SW Florida will host the Entrepreneurial Spirit Program (E$P) from 9:30 a.m. to 2 p.m. on Aug. 11 at Markham Norton Mosteller Wright & Co., P.A. (MNMW) in Fort Myers. The E$P Dream Team speakers include Angela Cooley, partner at MNMW, who will discuss business accounting; Christina Harris Schwinn, partner at Pavese Law Firm, who will discuss legal documentation and incorporation; Barbara Melvin, vice president and community lender at First Florida Integrity Bank, who will discuss small business lending and SBA loans; and Connie Ramos-Williams, president and chief marketing officer of CONRIC PR & Marketing, who will discuss new business branding and marketing. All attendees will receive a certification of completion. A suggested donation of $25 for Dress for Success includes continental breakfast and lunch. Limited seating is available and reservations are required. For more information, call (239) 689-4992.
Publicly traded companies
TGRF Income up in Q2
TGR Financial Inc. (TGRF), the holding company for First Florida Integrity Bank, has reported a second-quarter net income of $3.6 million for the three months ended June 30, up $1.4 million compared to the three months ended June 30. Net earnings improved to $3.6 million or $0.19 per diluted share for the quarter ended June 30, resulting in a 64 percent increase over the second quarter of 2017. Common shares of TGRF closed on July 24 at $12.50.
Neogenomics Posts Q2 Loss; Revenue up
Neogenomics reported a second-quarter net loss of $0.4 million compared to net income of $0.5 million in the prior year’s second quarter. One-time costs related to the Houston expansion reduced net income by $1.8 million in the quarter, according to a press release. Consolidated revenues for the second quarter of 2018 were $67.7 million, an increase of 8.8 percent over the same period in 2017.
In other news...
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