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Garmin is recalling 1.25 million GPS devices, most of which were sold in America, because their batteries could overheat and cause fires, the company said Thursday.

The affected units contain batteries made by a third-party supplier, and almost 800,000 were sold in America.

Garmin said it had received fewer than 10 reports involving certain "nüvi" GPS models, and no property damage or injuries occurred. But the company decided to recall the units due to "an abundance of caution."

Only GPS units with model numbers 200W, 250W, 260W, 7xx and 7xxT, where xx is a two-digit number, may be affected free business cards.

Customers should visit www.garmin.com/nuvibatterypcbrecall. If they own recalled units, Garmin will replace the battery and insert a spacer on top of it for free. Owners should not try to remove the batteries on their own.

Garmin (GRMN) said it doesn’t expect the recall to affect its financial performance. Shares fell 2.1% to close at $26.76 in New York.  

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Old Florida National Bank and Mercantile Capital Corp. have entered into a merger agreement expected to be finalized in the late fourth quarter or early first quarter of 2011.

Orlando-based Old Florida National Bank, formed in 1982, currently operates eight full-service retail banking locations throughout Central Florida and Inverness, Fla., with more than $375 million in assets.

Mercantile Capital Corp., a 7-year-old Altamonte Springs firm that specializes in U.S. Small Business Administration 504 loans, has provided commercial loans in 30 states and Puerto Rico for more than $513 million in total project costs since it opened as Mercantile Commercial Capital LLC in late 2002.

“The merger substantially extends Old Florida’s capacity to engage in commercial lending,” said Old Florida Chairman Randy Burden personal loan for poor credit.

Christopher G. Hurn, chief executive officer of Mercantile Capital Corp., said the merger also enables Mercantile to expand its services and help more small business owners nationally.

“Our merger substantially expands the capital resources we can bring to the small business sector of the U.S. economy,” said Hurn.

Under the terms of the merger, Mercantile Capital Corp. will operate as a wholly-owned subsidiary of Old Florida National Bank.

The combined entities are estimated to have nearly $400 million in total assets upon completion of their merger, making Old Florida one of the largest Orlando-based community banks.

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A generic drug maker plans to make a version of the Gilead Sciences Inc. chronic hepatitis B drug Hepsera.

Privately held Sigmapharm Laboratories LLC of Bensalem, Pa., submitted an abbreviated new drug application, or ANDA, to the Food and Drug Administration for permission to make and market generic Hepsera, according to Foster City-based Gilead (NASDAQ: GILD)

Sigmapharm claims that two patents for Hepsera, or adefovir dipivoxil, are invalid, unenforceable or will not be infringed by its generic.

Gilead, which said it is reviewing Sigmapharm’s notice, has 45 days to respond to the application, possibly by filing a patent infringement suit against Sigmapharm. That would suspend the FDA approval process for as long as 30 months.

If Gilead does not respond, Sigmapharm would be able to continue through the FDA drug approval process.

Once-a-day Hepsera tablets, approved by the FDA in September 2002 and European regulators in March 2003, registered sales of $271 payday loan lenders.6 million last year, down 20 percent from 2008. Six-month sales this year of $109.5 million were off nearly 22 percent from the same period last year.

Hepsera costs patients $813 per month.

As the first to challenge Gilead’s patent, Sigmapharm’s drug, if approved, would receive a 180-day monopoly on its lower-cost generic version. That generic monopoly period can translate into big bucks, since the price can be significantly less than that charged for a brand-name drug but not as low as when other generic companies jump in.

Sigmapharm, whose executive team includes former Impax Laboratories sales leader Mitchell Goldberg, has three approved drugs marketed by Rising Pharmaceuticals Inc.

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An annual Dayton-area high school basketball event that attracts top teams and college prospects from around the country has landed a title sponsor.

Flyin’ to the Hoop, which is managed by Miamisburg-based Sports Image, announced it has signed a multi-year deal with Good Samaritan Hospital. The event, which takes place over Martin Luther King Jr. weekend each January, will know be known as the Good Samaritan Flyin’ to the Hoop Invitational.

Terms of the deal were not disclosed.

“Having Good Samaritan Hospital in a long-term partnership with us will just add to the credibility of the event and allow us to maintain our status of one of the top-ranked high school basketball invitational’s in the nation,” said Eric Horstman, president of Sports Image, in a statement.

Since 2003, the event has featured more than 200 players that have gone on to play Division I college basketball—including 15 McDonalds All Americans and a dozen NBA players. Teams from more than 20 states have been represented at the event, founded by Horstman.

“As a committed member of the Dayton community and as a health care leader, we believe it’s important to support the development of healthy lifestyles among young people in the Miami Valley region,” said Mark Shaker, president and chief executive officer of Good Samaritan Hospital.

The hospital is part of Premier Health Partners.

The 2011 schedule for Good Samaritan Flyin’ to the Hoop Invitational, which will mark its 9^th year, will be announced within the next few weeks, Horstman said. The event pumps about $1.4 million annually into the local economy.

Sports Image, a sports marketing company, recently signed a deal with its seventh franchisee in the last year and looks to double its franchise tally by the end of the year.

The new logo was created by Alley Cat Design Inc. of Centerville, which recently merged with PB&J Embroidery.

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In an effort to make sure that downtown Buffalo’s Canal Side development has a strong cultural presence, the Erie Canal Harbor Development Corp. has taken a major step forward in bringing that to fruition.

ECHDC directors, Tuesday morning, approved hiring Lord Cultural Resources of Toronto to develop a Canal Side Visitor Experience Master Plan to specifically focus on bringing that aspect to the transformative downtown project. Lord Cultural will be paid no more than $255,000 and its report is due back by April 2011. The report will serve as the blueprint for how and where to bring cultural groups into Canal Side.

More than 50 cultural groups have expressed an interest in locating or having a presence inside the 20-acre Canal Side footprint, that runs along Main Street between the New York State Thruway and HSBC Arena. Culturals are expected to play a key role in bringing a critical mass of visitors to Canal Side.

“There was always a sense that this is a destination,” said Mindy Rich, an ECHDC director. “This could be a portal. We want to make Canal Side not just an attraction, but a destination.”

Jordan Levy, ECHDC chairman, said the agency has been approached by a wide range of cultural groups about having a presence at Canal Side. One group, the Ira G. Ross Aerospace Museum, which is currently in HSBC Arena, is already negotiating with the Niagara Frontier Transportation Authority about leasing significant portions of the DLW Terminal’s second floor for its exhibition space.

“We getting queries from a diverse group from those backing a weather museum to some who want to build a Cheerios museum and everything in between,” Levy said Same day payday loans.

Cheerios are one of the cereals made at the General Mills plant, just south of the Canal Side footprint.

“The report will help us figure out all the diversity, so we can make some good selections,” Levy said.

At the same time, an outdoor art committee, chaired by Louis Grachos, Albright-Knox Art Gallery executive director, has been formed to consider how and where outdoor pieces of artwork will be displayed within the Canal Side footprint.

Besides the Lord Cultural contract, the ECHDC directors also agreed to go after a $3 million federal grant to help finance planning for a connecting bridge between downtown Buffalo and the Outer Harbor. Two sites are under consideration — one at the foot of Main Street behind HSBC Arena and the other off of Erie Street.

Both carry a potential $100 million development cost and would rely heavily on state and federal funding.

The new federal grant, under the TIGER II program, has an Aug. 23 application deadline. The grants are expected to be awarded later this fall.

“We’re trying to get deeper into the design stage,” said Tom Dee, ECHDC president. “The grant will take us further along.”

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Lawrence Maxwell, the largest individual shareholder of CenterState Banks Inc., resigned from the board of directors of the company and from the board of its lead subsidiary bank, CenterState Bank of Florida N.A.

Maxwell’s decision to resign was based on other business issues and personal time constraints, and there were no disagreements with Maxwell, the board and management, a filing with the Securities and Exchange Commission said.

Maxwell said he intends to continue as a customer and supportive shareholder of CenterState, the filing said.

Maxwell, the chairman of Century Realty Funds Inc., a residential and commercial real estate company, had been a director of CenterState since 2002.

As of March 3, he controlled 1.6 million shares of CenterState (NASDAQ: CSFL) stock, or 6.21 percent of the total common stock, according to the company’s proxy filing in March.

CenterState, headquartered in Davenport, is a multi-bank holding company that operates through four wholly owned subsidiary banks with 43 locations in 12 central Florida counties.

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The Austin Independent School District is expected to negotiate pricing this month for $78.5 million worth in bonds rated AA+, Fitch Ratings released Tuesday.

The unlimited tax refunding bonds will be rolled out in two series of $17.4 million and $58.4 million. The school district maintains about $749 million in outstanding bonds with the same rating. The district's rating outlook is stable, according to the press release. The bonds are secured by an unlimited ad valorem tax pledge.

The agency attributed the positive rating to leaders making $13.1 million in budget cuts that successfully balanced its budget. The district is expected to experience a drop in taxable values next fiscal year, but those will be balanced by previous rates of rapid expansion.

The city's generally positive economic indicators also added to the rating as well as strong voter approval for school capital needs and modest draws on reserves.

AISD serves about 85,000 students across 100 campuses.

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Visit St. Petersburg Clearwater on Friday formally requested $5 million from BP.

The funding would help Pinellas County's convention and visitors bureau fight oil spill perception issues in feeder markets such as New York City, Chicago, and Philadelphia during the fall and winter seasons.

Visit Florida research has shown negative perceptions stemming from the BP oil spill could cost Florida as much as $6 billion in lost revenues in the coming year, a news release said.

BP earlier on Friday announced it would award $7 million to several locations in Florida’s Panhandle region.

VSPC in June was awarded $1.15 million out of BP’s initial $25 million tourism marketing and advertising award to Florida.

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Bethesda-based Pebblebrook Hotel Trust, which priced a secondary offering of $17 per share on July 22, said the offering’s underwriters exercised an option to purchase an additional 2.55 million shares.

With the additional share purchases, the net proceeds will be about $318 million, after subtracting the underwriting discount and other costs associated with the offering.

The offering is set to close July 28.

Pebblebrook (NYSE: PEB) said the money it raises will be used to invest in hotel properties and for general corporate purposes Low fee payday loans.

The underwriters purchase of 2.55 million shares comes on top of the offering’s original 17 million shares, which were expected to bring net proceeds of about $277 million.

The joint book-running managers of the offering are Raymond James & Associates Inc. and Bank of America Merrill Lynch. The co-managers are Baird, Credit Agricole CIB, Janney Montgomery Scott and Piper Jaffray.

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A Texas investment fund paid about $57 million for slightly more than 17,000 acres it recently bought from embattled Sea Island Co., one of Georgia's highest profile victims of the weakened economy and real estate crash.

Georgia Coast LP, a Texas partnership controlled by Joe Altemore and David Roan, and Stratford Land Group, a Dallas-based land fund, purchased 17,186 acres made up of four giant tracts known as Big Pasture, Little Pasture, Altama and Sinclair.

It paid $57.1 million for the tracts. The price was disclosed in public records early Friday.

Stratford Land will control the assets for a fund created to invest in land throughout Southeast and Southwest United States.

Atlanta Business Chronicle reported the Sea Island transaction July 19. At the time the sales price was undisclosed.

Another 2,341 acres are under contract to a separate buyer. That transaction could close by the end of July.

The fallout of the Great Recession ravaged the storied coastal five-star resort, which has laid off hundreds of employees over the past two years paperless payday loans. Home sales — which were to be the financial driver of the club’s enormous overhaul — plummeted, and even the ultra-wealthy clientele that Sea Island coveted as guests and members stayed at home.

Sea Island Co. went into default on at least $400 million in debt outstanding from a massive renovation of its Cloister and Lodge hotels and residential developments including Frederica, a 3,000-acre community limited to 400 to 500 single-family homes on the north end of St. Simons Island.

Cushman & Wakefield’s Atlanta-based land team of Ron Willingham, Matt Hawkins, and Pierce Owings, in partnership with Harvey Gilbert and Bill Lattimore of C&W’s Savannah affiliate Gilbert & Lattimore, brokered the deal.

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