The Palm Beach Post from West Palm Beach, Florida • Page B006

COLORFINAL B6 THE PALM BEACH POST REAL NEWS STARTS HERE I SATURDAY, JUNE 21, 2014 Business THE MARKET REPORT A DOW 16,947.08 NASDAQ 4,368.04 500 1,962.87 A RUSSELL 2000 1,188.42 V1 0-YR NOTE 2.61 CRUDE OIL $107.26 More milestones Stocks inched past more milestones Friday, delivering the third consecutive record-high close for the Standard Poor's SOO index and a new high for the Dow Jones industrial average. The SOO is now up 6.2 percent for the year, the Dow up 2.2 percent. 25.62 8.71 3.39 4.39 $0.78 Business editor: Carolyn Di Paolo (561) 820-3704 or plolousinessplopost.com palmbeachpost.comibusiness BANK SALES THE MORNING LINE 1st United top execs to get millions tions, they agreed to reduce the size of their golden parachutes by $4.5 million each. When Valley National announced the deal last month, the bank said merger-related costs would total $36 million but declined to divulge details. The amount of the payouts raised eyebrows among analysts who cover Valley National, in part because Orlando, Schupp and Marino plan to take jobs with Valley National after the merger.

"It seems like a lot for three Valley National (NYSE: VLY) of Wayne, N.J., in May offered $312 million for 1st United (Nasdaq: FUBC). In a document filed Thursday, Valley National said 1st United Chairman Warren Orlando would get $9.38 million, Chief Executive Rudy Schupp would receive $9.35 million and President John Marino is in line for $9.45 million. And that's after the three heads of Boca-based 1st United sweetened the pot. During merger negotia Sale to Valley National will bring three more than $9 million each. ByJeff Ostrowski Palm Beach Post Staff Writer BOCA RATON The top three executives of 1st United Bancorp will receive golden parachutes totaling $28 million when they sell their bank, according to Valley National Bancorp's disclosure to the Securities and Exchange Commission.

BORT OF PALM BEACH STONEROCK SHIPPING CORP. Riviera: Scrap-metal firm must close -7 4r '7' 1 '7-- il 11, 6 li': i 1 1. 1 7. 0 .1111 1, 5.. F'i 'I I- I 5.

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..1 Er IIM I about mounds of recyclable metal at the Port of Palm Beach, saying scraps could become airborne in a a risk of toxic runoff into the water. JEFFREY LANGLOIS PALM BEACH DAILY NEWS Regulators close bank in Florida NEW YORK Regulators have closed two lenders in Illinois and Florida, bringing U.S. bank failures this year to 11 after 24 closures in all of 2013. The Federal Deposit Insurance Corp. is taking over Valley Bank, based in Fort Lauderdale.

It has four branches, assets of $81.8 million and deposits of $66.5 million. Landmark Bank N.A. of Fort Lauderdale is assuming all of the deposits of Valley Bank. Valley Bank of Fort Lauderdale is this year's first bank failure in Florida. The FDIC said Friday that it has taken over Valley Bank in Moline, Ill.

The bank had 13 branches, assets of $456.4 million and deposits of $360 million. Great Southern Bank of Reeds Spring, will assume all of the deposits of Valley Bank. It's the 10th bank to fail this year, and the third in Illinois. The two bank failures are expected to cost the deposit insurance fund $51.4 million and $7.7 million, respectively. Radio Shack stock falls below Si a share NEW YORK RadioShack's stock closed below $1 per share Friday for the first time in its history, reflecting investors' concern over what lies in store for the long-struggling consumer electronics chain.

Shares of RadioShack Corp. feint cents, or 10 percent, to close at 92 cents. The New York Stock Exchange could delist the stock if it closes below $1 per share for 30 consecutive trading days. The stock is well below its all-time high of $79.50, set in December 1999. The shares' dive since then comes as RadioShack struggles to find its place in the evolving retail and technology landscape.

If shares remain below $1 and are delisted, that doesn't automatically mean RadioShack faces immediate death. Its stock could still be traded in the over-the-counter market. But analysts say that a bankruptcy proceeding is likely for the company. Starbucks will raise drink prices next week NEW YORK Starbucks is raising prices on some of its drinks by 5 cents to 20 cents starting next week, and customers can also soon expect to pay $1 more for the packaged coffee it sells in supermarkets. The Seattle-based chain also raised prices on some of the drinks sold in its cafes a year ago.

The latest increases don't seem to be driven purely by the surging bean costs that have pressured other coffee sellers to raise prices, however, since Starbucks has said it already locked in its coffee contracts for the rest of this fiscal year and much of the next. In March, CEO Howard Schultz said during an interview with Fox Business that Starbucks had no intentions of raising its prices. Apple smartwatch said to launch this fall NEW YORK Apple is likely to launch a computerized wristwatch this fall that includes more than 10 sensors to take health measurements and other data, according to a published report. The Wall Street Journal also said Friday that Apple Inc. is planning multiple screen sizes for the device, which some people have dubbed the iWatch.

Samsung, Sony, Qualcomm and others have already released smartwatches, but the gadgets have mostly functioned as companions to smartphones, offering email notifications, clock functions and the like. Samsung's Gear 2 line, released this year, added fitness-related apps and has a heart rate sensor. There's been longstanding speculation that Apple has been working on a smart-watch. The main question has been when it would come out. From wire services guys who are going to stay with the bank," said Dan Werner, an analyst at Morningstar in Chicago.

"It's a deal I'd like to have." Valley National's filing with the SEC also gave more detail about the bidding war for 1st United. Four banks made offers, including Valley National and "a privately held bank wholly owned by a foreign parent," Valley National said. jostrowskipbpost.com Twitter: bio561 Trieste said the containers are not supporting any weight and are there just to keep the metals from view. In April, the Florida Department of Environmental Protection found that the port's water management system and drainage meet the standards set. "Palm Beachers are concerned about the runoff and environmental impact," said Mike Brown, spokesman for the Palm Beach Civic Association.

"They are also concerned about the tourist and business aspects. Who would want to swim, dive, fish, sail or kayak around a scrap heap? "We have an amazing active marine tourism and recreation area that is one of the best in the world. The port continues to want to industrialize it. That is not good for the environment or the greater Palm Beach County area," Brown said. ssalisburypbpost.com Twitter: ssalisbury a new law signed Friday regarding ownership, is shown in April next DAMON HIGGINS THE PALM BEACH POST ident.

For those wanting coverage above standard limits, he said, "It will be up to people with large gun collections to ask the agent about coverage." celmorepbpost.com Twitter: Elmorepbp Riviera Beach officials are concerned hurricane, and the metals could pose Council chair says pile of metal poses health hazard to community. By Susan Salisbury Palm Beach Post Staff Writer RIVIERA BEACH A scrap metal-processing operation at the Port of Palm Beach is in violation of city ordinances and must cease operations by June 30, Riviera Beach officials told the port this week. In a Monday letter to the port's executive director, Manuel Almira, Riviera Beach City Manager Ruth Jones said that Stonerock Shipping scrap metal business is not allowed under the port's general industrial zoning designation. Dawn Pardo, Riviera Beach City Council's chair pro tempore, said Friday she recently brought the scrap metal pile to the attention of city staff and her council colleagues. "I understand the port is a business and needs income, but I cannot allow my resi 'I cannot allow my residents to be negatively affected by a dirty industrial Dawn Pardo Riviera Beach City Council na, Malaysia, Turkey and other places.

Its goal is to reach 500,000 tons a year. The criticism of the scrap metal firm is the latest high-profile issue involving the port. A coalition of civic, environmental, marine and recreational groups has vehemently opposed a proposed $88.6 million dredging project at the port's entrance channel. Jones also wrote that storing the metals in stacked shipping containers as a containment wall poses a substantial safety hazard. Richard Paige, who was happy over insurance and gun and ammunition to a poster hung on his refrigerator.

debated it could have unintended consequences. "Agents have routinely asked people applying for homeowners insurance if they have art, jewelry, guns and other special collections," said Sam Miller, the council's executive vice pres 4F, 'I '1? 'f r'''' 'it 4. Lit. 0 1 i LZ' 11 0, r. 1 A.

dents or businesses to be negatively affected by a dirty industrial business. My issue with the scrap is health and safety-related," Pardo said. "Going into hurricane season and the rainy season, I was quite concerned about the scrap flying into neighboring properties and causing injury to residents, and runoff of the metals into the lagoon," Pardo said. "The unsightly heap of metal being blocked by cargo containers seemed like a haphazard way of hiding the heap from our sister cities, Palm Beach and Palm Beach Shores." Port spokeswoman Julie Houston Trieste said Friday that the port has notified Stonerock about the city's concerns. The scrap metal facility has been running for more than a year, she said.

Stonerock officials declined to comment Friday. The company's website states it receives bulk metals, then stores and loads them and ships them to major international steel companies in Chi "Gun owners are going to say yes, yes, yes, because it's got the word gun in it," Rader said. "But this is really about the free market." Scott did not include a statement about the issue in an announcement noting he signed dozens of bills Friday, though the signing was expected. A spokesman noted in April the governor, running for re-election, "supports the Second Amendment." Paige was not mentioned by name, but his case was discussed in legislative debate. Some critics suggested it might have been the only recent, documented case in the state, though gun advocates disputed that.

The National Rifle Association was an enthusiastic supporter of the bill. One industry group, the Florida Insurance Council, warned as the bill was being INSURANCE Insurers can't charge gun owners higher rates '-17 1 '4SELF. PRESERVATION 4 41-4, 'j 11 0 TS 1: '1 1 ATP OASELF- I or WITHA -11, I- it 111:0. I I A.S3.-rT -I By Charles Elmore Palm Beach Post Staff Writer Gov. Rick Scott signed a bill Friday saying insurers cannot deny coverage or charge more because of gun or ammunition ownership in Florida.

That pleased Richard Paige, a condo resident who said Allstate's Castle Key company ended his policy because it thought he had a lot of ammunition where he lived in Broward County. "I'm very happy about it," Paige said Friday. He said HB 424 bars discrimination against gun owners like himself. Opponents including Rep. Kevin Rader, D-Delray Beach, argued the bill interfered with the free market to tell insurers they cannot assess gun-related risks, and the term discrimination in the bill's title mocked genuine bias against minorities and women..