FYI Miami: March 2, 2017
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
SABADELL UNITED BEING SOLD: Miami’s Sabadell United Bank is being sold by Banco Sabadell to Iberiabank Corp. based in Lafayette, LA, for $1.025 billion, the Louisiana bank announced Tuesday. Both banks’ boards have approved the transaction, which is expected to close in the second half of this year subject to regulatory approvals. Iberiabank is to pay $803 million in cash and about 2.61 million of its shares, valued at $222 million. Banco Sabadell will own about 4.9% of Iberiabank when the transaction is final. Iberiabank has 304 combined locations, including 199 bank branches in seven states, Florida among them. Fernando Pérez-Hickman, chairman of Sabadell United, hailed the sale in a statement.
CONSTRUCTION SLIPS: Construction in South Florida has started the year on a down note, as total construction starts fell 8% in January from their value in January 2016, according to Dodge Data & Analytics. The drop hid very solid gains in non-residential construction, where starts were valued 64% more than in January 2016. But that gain was more than offset up a 36% decline in the region in the value of residential starts. The actual monetary value of non-residential starts edged past residential, at $316.8 million nonresidential value and nearly $312 million residential. Last January the value of residential starts was more than 84% of the total $684 million value of all starts.
ELECTRIC COSTS BELOW AVERAGE: South Floridians paid 11.9% less than the national average per kilowatt hour for the electricity they consumed, the US Bureau of Labor Statistics reports. The price here averaged 11.8 cents per kilowatt hour, up from 11.2 cents in January 2016 but well below the national average of 13.4 cents, the bureau reported. Last January, electricity prices here were 16.4% lower than the nation as a whole.
TRANSIT CORRIDOR FUNDING: County commissioners last week unanimously approved the administration executing a joint partnership agreement with the State of Florida Department of Transportation to provide $1,110,348 in transit corridor funding for operation of the Flagler Max bus route schedule. The legislation authorizes spending any additional funds for purposes specified in the agreement.
CLEAN BUSES: County commissioners deferred to March 21 action on a joint participation agreement with the State of Florida Department of Transportation for $800,000 that would purchase three 40-foot compressed natural gas buses for the Beach Corridor Alignment project for a total of $1.6 million.