Superior Bank

Superior Bank is a southeastern community bank headquarted in Birmingham at the John A. Hand Building at 17 20th Street North. Formerly known as The Bank, the company changed its name in January, 2006 after management changes were made.

Superior Bank is a subsidiary of Superior Bancorp, founded in 1997 as The Banc Corporation. Superior Bank currently has a total of 57 branches, with 37 locations throughout the state of Alabama, 8 locations along Florida's eastern panhandle and 12 locations operating as First Kensington Bank in Tampa. Superior Bank also has loan production offices in Montgomery, as well as Tallahassee and Panama City, Florida. [1]

History

The Banc Corporation was founded in the fall of 1997 by James A. Taylor, who, with a group of twenty-six individual investors, acquired Warrior Savings Bank. Four other financial institutions were subsequently purchased and in March, 1998, the merged entities were renamed The Bank and the company opened its headquarters in Birmingham. The corporation completed its initial public offering of common stock to become a publicly held company in December, 1998. The Bank continued to grow in targeted areas of Alabama and Florida via the opening of new offices as well as the acquisition of community banks. The bank, however, was weighed down by years of disappointing earnings, faltering stock prices and the 2003 discovery of $26 million in improper loans. Taylor and his son, Jimmy Taylor Jr., who served as president, resigned in January 2005 [2]. Taylor was replaced by C. Stanley Bailey and the name was changed to Superior in 2006. Taylor also resigned as chairman in December 2006, making room for Bailey to step into both roles.

Current Status

Today, Superior is managed by C. Stanley Bailey, elected as Chief Executive Officer in January, 2005, by the Board of Directors. The Superior Bank name has a legacy with Bailey and the new management of Superior Bancorp. In 1998, a group of investors led by Stan Bailey founded Superior Financial Corp. (Nasdaq: SUFI) and acquired Superior Federal Bank, a $1.2 billion thrift headquartered in Little Rock, Arkansas. By 2003, Superior Financial shareholders saw a 148% appreciation in shareholder value largely as a result of the execution of a sound community bank strategy and capitalizing on new customer opportunities caused by acquisitions by out-of-state banks in the community markets served by Superior. Superior Financial Corporation was acquired by Arvest Bank of Little Rock in 2003.

Recent Mergers

First Kensington Bank

On March 6 2006, Superior announced the merger of Tampa, FL-based First Kensington Bancshares. [3] Its subsidiary First Kensington Bank operates 12 branches in the Tampa, FL area. The merger was approved by SEC and the banks' boards of directors on August 23. The merger was completed on August 31. Superior plans to take over operations of First Kensington on February 20, 2007.

Community Bank

On May 1, 2006, Superior also announced that is was acquiring Blountsville-based Community Bancshares, Inc. Its subsidiaries Community Bank operated 18 banking offices and 1st Community Credit has 15 financial services offices, located in 14 Alabama counties. The merger was completed on October 31, and Superior began operation of the former Community Bank branches and accounts on December 11. First Community Credit continues operating as a separate subsidiary of Superior Bancorp.

People's Community Bank of the West Coast

Superior announced on January 18, 2007 it would be acquiring Sarasota, FL-based People's Community Bancshares and its subsidiary People's Community Bank of the West Coast in a stock deal worth $77.1 million. People's Community Bank has 3 branches which are located in Sarasota, Venice and Bradenton. The merger is currently pending approval of both banks' shareholders.

References

• "Superior Bank makes Florida acquisition," January 19, 2006. Breaking Business News, al.com, accessed 10:58 January 19, 2006.

• "Investor Relations", Superior Bank website

• "Superior Bancorp Completes Merger With Kensington Bankshares", Aug 31, 2006

Stockhouse.com

• Goodman, Sheri C. "Shareholders OK Superior's bank purchase", October 13, 2006, The Birmingham News

• "Regulators OK Superior, Kensington merger", Aug 14, 2006, Tampa Bay Business Journal

• "The Banc Corporation to Acquire Community Bancshares, Inc.", May 1, 2006,lexdon.com

External Links

Superior Bank website