BOCA RATON
1st United Bank has closed on its purchase of Vero Beach-based Citrus Bank, with six branches, about $90 million in deposits and $44 million in loans.
» A Palm Beach County circuit court judge ruled that the owners of Mizner Trail Golf Club may not build residential units on the property. The judge said the property must be used only as green space. Developers had sought $40 million in damages.
» Australia-based ThinkSmart Inc. has opened its U.S. headquarters in Boca Raton. In collaboration with Office Depot, ThinkSmart will provide financing options for small-business owners who purchase equipment from Office Depot stores. The company expects to hire 15 within six months.
BOYNTON BEACH
Boynton Pinehurst, owner of the Aventine, a 216-unit residential complex undergoing condo conversion, has received a yearlong reprieve on a $37.2-million mortgage from Corus Bank.
FORT LAUDERDALE
South Florida Beach Properties, former developer of the Il Lugano condo/hotel, is suing KeyBank, alleging the bank pulled the plug on $38 million in construction loans, leading to foreclosure and a $2.87-million loss in the project. The project was finished by another developer. KeyBank attorneys filed a motion to dismiss the suit.
» Home Diagnostics says it received clearance from the Food and Drug Administration to sell TRUE2go, what it calls the world’s smallest blood glucose meter and the company’s latest advanced performance, no-coding meter for at-home testing.
» BankAtlantic, hit by slumps in the housing market, reported a loss of $19.4 million for the second quarter, compared with earnings of $11.7 million a year earlier.
» SeaEscape has ended its gambling boat day cruises out of Port Everglades amid high fuel prices and competition for casino gambling at Seminole Hard Rock Hotel & Casino.
» Ener1, a maker of hybrid vehicle batteries, has moved its headquarters to New York City. Some administrative offices remain in Fort Lauderdale.
JUNO BEACH
FPL Group reported a 48% drop in net income because of a 98% profit drop at its FPL Energy renewable energy subsidiary. The state closed FPL’s Sunshine Energy Program after discovering that money collected from customers was used for marketing and administration rather than renewable energy projects. The company’s utility, Florida Power & Light, reported a 2.8% increase in income.
POMPANO BEACH
Hedge fund Steel Partners II won a proxy battle for armor manufacturer Point Blank Solutions, winning five board seats. The company had previously rebuffed the fund’s offer. New directors say they may consider selling the company.
SUNRISE
Bioheart, a heart monitoring and diagnostic device company, is planning to buy Medic-Algorithmics and the worldwide rights to the Pocket ECG wireless heart monitor and diagnostic system. It also received a $1-million unsecured loan from Rogers Telecommunications for its ongoing clinical and business operations.
STUART
Drafting Designs, a 3-D computer-aided design and prototype company, has expanded its offices and merged with Reality Medical and New Frontiers Technology. With expanded lab and space, the company plans to manufacture a human cardiac simulation system for testing medical devices.
VERO BEACH
Piper Aircraft, which decided to keep its headquarters in Vero Beach, tested its single-engine, six-passenger PiperJet this summer. The jet, which will sell for $2.2 million, flew for one hour and reached 10,000 feet.
WESTON
Marriott International is moving its Caribbean and Latin American regional headquarters to Weston Pointe I in the Weston Park of Commerce, from smaller quarters elsewhere in the city.