BIRMINGHAM, Ala., April 19, 2011 /PRNewswire/ -- Superior Bancorp
(the "Corporation") (NASDAQ: SUPR) today announced that the Office
of Thrift Supervision (the "OTS") closed its subsidiary bank,
Superior Bank (the "Bank") on April 15,
2011, and appointed the Federal Deposit Insurance
Corporation (the "FDIC") as receiver. The Corporation is no
longer the parent of Superior Bank.
In a virtually simultaneous transaction, Superior Bank, N.A.
acquired the operations and deposits and purchased essentially all
of the assets of the Bank in a loss-share transaction facilitated
by the FDIC and will continue to operate the Bank, according to the
FDIC in a press release. The depositors of Superior Bank will
automatically become depositors of Superior Bank, N.A. for the full
amount of their deposits, and they will continue to have
uninterrupted access to their deposits. Customers who have
questions about the foregoing matters, or who would like additional
information about the closure of the Bank, can visit the FDIC's
website located at
http://www.fdic.gov/bank/individual/failed/superior_al.html, or
call the FDIC toll-free at 1-800-640-2538.
The Corporation also announced that it received a letter on
April 18, 2011 from the NASDAQ Stock
Market ("NASDAQ") indicating that in accordance with Listing Rules
5101, 5110(b) and IM-5101-1, the Corporation's shares will be
delisted from NASDAQ. The delisting is a result of closure of
its wholly-owned subsidiary and principal asset, the Bank, by the
Office of Thrift Supervision, and the appointment of the FDIC as
received of the Bank.
The Corporation does not intend to appeal NASDAQ's decision to
delist its common stock.
In accordance with this process, trading in the Corporation's
common stock will be suspended at the opening of business on
April 27, 2011. Trading in the
Corporation's common stock was halted by NASDAQ on April 15, 2011. No resumption in trading is
expected.
As a result of the Bank's receivership, the Corporation is
evaluating its alternatives for winding down the affairs of the
Corporation, including the possibility of filing a voluntary
petition seeking relief under Chapter 7 of Title 11 of the United
States Code.
ABOUT SUPERIOR BANCORP
Superior Bancorp was a $3.0
billion thrift holding company headquartered in Birmingham. The principal subsidiary of
Superior Bancorp was Superior Bank, a southeastern community bank
that had 73 branches, with 45 locations throughout the state of
Alabama and 28 locations in
Florida. Superior Bank also
operated 23 consumer finance offices in North Alabama as 1st Community Credit and
Superior Financial Services.
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements made by us or on our
behalf. Some of the disclosures in this release, including any
statements preceded by, followed by or which include the words
"may," "could," "should," "will," "would," "hope," "might,"
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
"assume" or similar expressions constitute forward-looking
statements. These forward-looking statements, implicitly and
explicitly, include the assumptions underlying the statements and
other information with respect to our beliefs, plans, objectives,
goals, expectations, anticipations, estimates, intentions,
financial condition, results of operations, future performance and
business.
If one or more of the factors affecting our forward-looking
information and statements proves incorrect, then our actual
results, performance or achievements could differ materially from
those expressed in, or implied by, forward-looking information and
statements contained in this report. Therefore, we caution you not
to place undue reliance on our forward-looking information and
statements. We do not intend to update our forward-looking
information and statements, whether written or oral, to reflect
changes. All forward-looking statements attributable to us are
expressly qualified by these cautionary statements.
SOURCE Superior Bancorp