South Florida Stocks Palm Beach Business.com's South Florida Portfolio was created on Jan. 12, 2007 with an initial value of : $963.45. The 30 member stocks were selected at the discretion of Palm Beach Business.com on the basis of market capitalization, importance to a particular industry and importance to the South Florida economy. It is a portfolio rather than a formal index and is intended to illustrate the effects of national market fluctuations on the regional economy. The portfolio is adjusted from time to time for stock splits, sales, and moves that take companies private. When a company is removed from the portfolio, attempts are made to find a replacement in the same or similar industry and similar market cap as to minimize fluctuations in the value of the portfolio. The "acquisition cost" is either the closing value of the stock on Jan. 12, 2007 or the date the company went public.
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1st United Bank of Boca Raton Autonation Bankatlantic Bankrate BankUnited BE Aerospace Carnival Corp. Citrix Systems Cross Country Healthcare Dycom Industries
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Elizabeth Arden GEO Group Heico Lennar Mastec Mednax National Beverage NextEra Energy Ocwen Office Depot
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Perry Ellis International Republic Services Royal Caribbean Ryder System SBA Communications Spirit Airlines Ultimate Software Vector Group Watsco World Fuel Services |
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Notes: Claire's Stores was an original member of the portfolio. It went private in late May, replaced by Heico, a Hollywood company that makes jet engine parts. GEO stock split 2-for-1 in June. Medical Staffing Network and Vector Group replaced Eclipsys and Nabi, both of which moved out of the area. Medical Staffing Network removed after filing Chapter 11 bankruptcy. Bankrate was an original portfolio member removed when it was taken private, then subseuently reinstated when it went public again. Burger King similarly was an orginal member, removed, reinstated and removed again as it went private.
Palm Beach Stocks: Initial value: $352.3
0 on July 11, 2007.
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Giarruso to spearhead BankUnited in New York
MIAMI LAKES — BankUnited CEO John Kanas has named veteran New York commercial real estate finance executive Saverio “Sam” Giarrusso to spearhead BankUnited’s move into the New York City commercial real estate lending market. Kanas also announced the hiring of three executives who will assist in the move.
Giarrusso is a former finance committee chairman of the Real Estate Board of New York who has 27 years in the banking industry. He served as president of the New York City/Long Island region of M&T Bank where he headed the commercial real estate lending division. Giarrusso has also served as a member of the Freddie Mac Seller/Servicer Advisory Council. He earned his master’s and bachelor’s degrees from Bowling Green State University in Ohio.
Joining Giarrusso in the New York office will be Scott Lublin, senior vice president; Jill Marie Ho Tai, senior vice president; and Joseph Sforzo, vice president. Lublin has 24 years of banking industry experience, having worked with Giarrusso for nearly 20 years. He earned a bachelor’s degree from SUNY Buffalo and an MBA from Fordham.
Ho Tai has 20 years in banking, most recently as administrative vice president for M&T Bank’s New York commercial real estate department. She is a graduate of Harvard University and Fordham Law School. Sforzo worked for M&T Bank’s New York City/Long Island commercial real estate division before joining Largo Capital, a mortgage banking firm, as a managing director. He graduated from the University of Scranton in Pennsylvania.
GEO completes REIT restructuring
BOCA RATON — GEO Group Inc., the private prisons firm, has completed its restructuring and begun operating as a real estate investment trust. The restructuring included sale of GEO Care, the company’s health care arm, to GEO and GEO Care executives, and moving its other non-real estate –related businesses into a separate subsidiary. GEO Care provides mental health services to the Palm Beach County jail.
Mednax buys practices in Texas, Tennesee
FORT LAUDERDALE — Medical practice management firm Mednax Inc. has bought Anesthesiologists Associated, P.C., a private physician group practice in Chattanooga, Tenn., and Pediatric Surgical and Associates, a pediatric surgery physician group practice serving the Dallas-Fort Worth Metroplex. and surrounding North Texas area. Anesthesiologists Associated includes 34 anesthesiologists, 100 anesthetists and 24 other clinical and administrative staff, providing anesthesia care at four hospitals and two surgery centers. Pediatric Surgical and Associates includes six pediatric surgeons and 15 other clinical and administrative staff. Mednax paid cash for the two practices; no other terms of the deal were disclosed.
World Fuel completes Multi Service deal
MIAMI — World Fuel Services Corp. has announced that it has completed a deal to buy assets of Multi Service Corp., which specializes in fleet, government, and commercial payment programs. Multi Service is headquartered in Overland Park, Kan., maintains offices in the Netherlands and Australia and has 360 employees. Multi Service processes more than 8 million transactions annually. The Multi Service product offering includes the Multi Service Fuel Card, accepted at more than 3,500 truck stops in the United States and Canada, Multi Service Tolls, payment solutions for tolls, bridges and tunnels across Europe, government payment systems for global fuel procurement, and commercial payment programs in the transportation and retail industries. The deal is expected to added 12 to 16 cents to World Fuel’s earnings during the first 12 months. World Fuel will record a one-time charge of $2.8 million for the fourth quarter.
BankUnited expanded office network in December
MIAMI LAKES —BankUnited said Friday that it has opened four branches during December ,giving it 98 offices operating in 15 Florida counties. BankUnited branches at 1099 N.W. 42 Ave. in Miami and 12290 Biscayne Blvd. in North Miami opened in the first two weeks of December followed by a new branch at 620 W. Indiantown Road in Jupiter and a newly relocated branch at 2500 North Federal Highway in Lighthouse Point. Additionally, in the fourth quarter of 2012, BankUnited began preparations for new offices in Fort Lauderdale, Hialeah, Pompano Beach, Altamonte Springs and Sarasota scheduled to open in 2013.
NextEra sells interest in hydro plants
JUNO BEACH — NextEra Energy Resources has reached an agreement to sell all of its interest in White Pine Hydro Investments LLC to Brookfield Renewable Energy Partners for $760 million. White Pine Hydro owns hydroelectric plants in Maine and New Hampshire. The deal is expected to close in the first quarter of 2013.
Meister joins ADT's board of directors
BOCA RATON — ADT Corp. announced Tuesday that Keith Meister, the founder and managing partner of Corvex Management LP, has joined the ADT board. Corvex Management owns 11.5 million shares, or 5.02 percent, of ADT's common stock. Corvex has agreed to, vote its shares for all of the board's director nominees at ADT’s upcoming annual meeting. Meister has been managing partner of Corvex Management since December 2010. Before that, Meister was vice chairman of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. Meister also served as CEO of Icahn Enterprises G.P. Inc. Meister has served on the boards of Motorola Mobility, Motorola Inc., XO Holdings Inc., Federal-Mogul Corp., American Railcar Industries Inc. and Ralcorp Holdings Inc.
Mednax buys Georgia anesthesia practice
FORT LAUDERDALE — Mednax, the physician practice management company, has bought DeKalb Anesthesia Associates of Georgia. The group provides anesthesia services at DeKalb Medical at North Decatur and DeKalb Medical at Hillandale in Decatur, Ga. The practice, which includes 13 anesthesiologists and 33 anesthetists, will become part of Mednax’s American Anesthesiology division. Terms of the deal were not released.