FIs Closed: Superior Bank, Birmingham, Alabama, USA
On Friday, 15 April, 2011, Superior Bank, Birmingham, Alabama, USA was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank.
The 73 branches of Superior Bank reopened during their normal business hours beginning Saturday as branches of Superior Bank, N.A.
No premium was paid for the deposits.
As of 31 December, 2010, Superior Bank had approximately USD3000 million in total assets and USD2,700 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD259.6 million.
Superior Bank is the 32nd FDIC-insured institution to fail in the USA this year and the second in Alabama.
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