Southeast Fla. Business Briefs - Feb. 2010

BOCA RATON —

» People’s Trust MGA, the agency for People’s Trust Insurance, will pay $100,000 to settle a legal action brought against it by Florida regulators over using unlicensed personnel to market homeowners insurance. The company also pledged to contact customers who may have purchased from an unlicensed employee and offer to review their coverage, compare policies and cancel policies without penalty.

» 1st United Bank assumed the deposits and acquired some assets of failed Miami-based Republic Federal Bank from the Federal Deposit Insurance Corp. Republic, as of Sept. 30, had $433 million in assets.

» Office Depot (NYSE-ODP), without admitting or denying liability, will pay a civil penalty as part of a proposed settlement of a Securities and Exchange Commission investigation over company communications to analysts and financial matters. CEO Steve Odland and two former staffers still could face civil enforcement actions.

BROWARD COUNTY —

» Indicted Broward County Commissioner Josephus Eggelletion pleaded guilty and resigned as part of a federal corruption investigation and awaits sentencing this month. Eggelletion, who faces up to five years in prison, is a Democrat and former teacher and state legislator. He spent two decades in public service before his arrest on a money laundering charge. Separately, in connection with Eggelletion, state prosecutors charged developer Bruce Chait, president of Prestige Homes of South Florida, and his son Shawn Chait with bribery and unlawful compensation charges.

DEERFIELD BEACH —

» General contractor Sikon Construction won a contract from Target to convert eight of its Miami Dade stores to its P-Fresh concept — as in “prototype fresh” — which offers grocery products available in Super Target stores. The eight stores are in Aventura, Cutler Ridge, Bird Road, Kendall, Miami, Dadeland, Miami Lakes and North Miami.

FORT LAUDERDALE —

» Virgin America, the California offshoot of billionaire Richard Branson’s Virgin Group, began non-stop service between Fort Lauderdale and San Francisco and Los Angeles.

» After eight years, Condor Airlines in May will resume twice-weekly non-stop service between Fort Lauderdale and Frankfurt, Germany. Condor halted the service following the Sept. 11, 2001, attacks.

FORT PIERCE —

» Pompano Beach-based Health-Chem Diagnostics, a manufacturer of point-of-care medical diagnostic products, plans to bring 160 jobs over five years and invest $27 million in a new facility at St. Lucie County’s Airport West Commerce Park, where the company will make glucose skin patches for use with a glucose monitoring system. County commissioners approved incentives to bring the company.

JUPITER —

» Scripps Research Institute and biotech company Dyadic International (OTC-DYAI) extended a research collaboration agreement.

» Healthcare executive Elizabeth M. Fago made her second $1-million donation to Scripps Florida. In recognition, she was titled a Scripps Florida Founder, and the library at the facility was named the Elizabeth M. Fago Library. In 2004, she gave $1 million to support Alzheimer’s research.

PALM BEACH GARDENS —

» Cross Match Technologies, a biometric identity security company, will add 20 jobs to its 162 in the next two years. The company received a $49,689 state grant to train workers.

POMPANO BEACH —

» Bonita Springs-based WCI Communities sold The Plaza at Oceanside, which includes 138 of 186 units in a 17-story luxury condominium (48 units were already sold), 25,000 square feet of retail, 40,000 square feet of amenities — including a club room, theater, fitness center, billiards room and news cafe — and a parcel on the Atlantic in Pompano. The buyer, Hollywood developer Ari Pearl and his partner, Chetrit Group, paid $38.5 million.

TAMARAC —

» Arch Aluminum & Glass Co., one of the largest fabricators of architectural glass and aluminum products in North America, filed for Chapter 11 protection and plans to sell “substantially all” of its assets to private equity firm Grey Mountain Partners in Boulder, Colo. The company says it expects to emerge from bankruptcy stronger with much lower debt.

Tags: Southeast