Wednesday's Afternoon Update

What you need to know about Florida today

| 7/26/2017

Flood insurance reforms loom in Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The state ranked fourth nationally in damages paid by the program since 1978 to rebuild flooded homes and businesses, according to a report from the National Resources Defense Council. More than 1,600 properties in Florida have flooded an average of five times. The National Flood Insurance Program, in debt $24 billion, is set to expire in late September. If the program ends, no new policies would be written and home sales requiring flood insurance could suffer. Read more at the Orlando Sentinel.

Florida-based USAmeriBank acquired by New Jersey bank in $816 million deal

USAmeriBancorp, Inc., based in Clearwater, is being acquired by New Jersey's Valley National Bancorp in an $816 million deal. Valley, in what it called a merger of two banks with "a similar focus on personal service and community involvement." Gerald H. Lipkin, Valley's chairman and CEO, said "This will be our third acquisition in Florida since 2014 and is consistent with our goal to expand our franchise in the high growth markets of Florida." Full annoucement from Valley National Bancorp is here.

Florida grapples with increase in credit card skimmers

Credit-card skimming devices at Florida gas stations and stores are on a dramatic rise this year. State figures show 315 skimmers had been discovered at Florida gas pumps through July 18, compared to 120 skimmers discovered through the first seven months of 2016. More from WPTV.

One Spark lands health industry sponsor for October festival in Jacksonville

The One Spark innovation festival set for October in Jacksonville picked up a sponsor to help defray the cost of the event that is being moved to EverBank Field this year. More from the Florida Times-Union.

Duke Energy Florida again ranks last in J.D. Power satisfaction survey

As sure as the sun rises in the east, Duke Energy Florida once again ranks last in residential customer satisfaction when compared with 12 other large electricity providers in the Southeast. Duke Energy Florida has ranked last in these annual J.D. Power rankings, issued every July, since arriving in Florida after acquiring Progress Energy. More from the Tampa Bay Times.

Sports Business
North Port OKs $4.7 million for Braves Complex

The North Port City Commission voted 3-2 Tuesday to pay $4.7 million of sales tax money to help fund the Atlanta Braves spring training complex in the West Villages Improvement District.

» More from the Sarasota Herald-Tribune.

Investing Trends
AGP Miami

Why are local investors a critical piece of South Florida’s entrepreneurship community? Look no further than what AGP Miami is doing to help fill a funding gap. AGP, a South Florida network of angel investors, closed on its latest investment last week: Animusoft.