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[[Image:Superiorlogo.gif|right|225px]]
[[Image:Superiorlogo.gif|right|225px]]
'''Superior Bank''' is a 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]] due to management changes.


Superior Bank is a subsidiary of '''Superior Bancorp''', founded in 1997 as '''The Banc Corporation'''.  Superior Bank currently has a total of 59 branches, with 39 locations throughout the state of Alabama, 8 locations along Florida's eastern panhandle and 12 locations in Tampa. Superior Bank also has loan production offices in Montgomery, as well as Tallahassee and Panama City, Florida. [http://www.superiorbank.com/investor_relat.html] 
{{About|the failed Superior Bank|its successor|Superior Bank, N. A.}}


==Birmingham area locations==
'''Superior Bank''' (formerly '''The Bank''') was a community savings and loan headquartered in [[Birmingham]] at the [[John A. Hand Building]] at 17 [[20th Street North]]. Superior Bank was a subsidiary of '''Superior Bancorp''', founded in [[1997]] as '''The Banc Corporation'''.  Superior Bank had a total of 73 branches in Alabama and Florida. Superior Bank was the second largest mortgage lender in the Birmingham market, after [[Regions Bank]], in the late 2000s. It also had loan production offices in Montgomery, and in Tallahassee and Panama City, Florida.  From July [[2008]] until its closing by the FDIC in April [[2011]], Superior was the second-largest bank headquartered in Birmingham.
 
Superior's branches in the Birmingham area are at the [[John A. Hand Building]], on [[Mount Olive Road]] in [[Gardendale]], and in the Western Supermarket on [[Culver Road]] in [[Mountain Brook]]. Future offices in [[Trussville]] on [[Edwards Lake Road]] and in [[Greystone]] off of [[U.S. Highway 280]] are under construction, both to be opened in late 2007.  Superior also has an agreement with Presto!, the ATM network owned by Publix Supermarkets, which allows all Superior ATM and debit cards to be used at Presto! ATM machines at no charge to its customers.


== History ==
== History ==
===The Bank===
===The Bank===
[[Image:Thebanklogo.png|left]]
[[Image:Thebanklogo.png|left]]
'''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]] [http://www.al.com/business/birminghamnews/index.ssf?/base/business/1160731267249870.xml&coll=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.
'''The Banc Corporation''' was founded in the fall of [[1997]] by [[Jimmy Taylor|James A. "Jimmy" 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 as CEO in January [[2005]] [http://www.al.com/business/birminghamnews/index.ssf?/base/business/1160731267249870.xml&coll=2].  


==="Superior One"===
===Superior Bank===
[[Image:Sfb.JPG|left]]
[[C. Stanley Bailey]] was installed as CEO during [[2005]] and the name was changed to Superior Bank in [[2006]]. Jimmy Taylor resigned as chairman in December [[2006]], making room for Bailey to step into both roles.
The Superior Bank name has a legacy with Bailey and the new management of Superior Bancorp. In [[1998]], a group of investors led by 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.  The current management team internally refers to the former Arkansas bank as "Superior One".


== Recent acquisitions ==
Under Bailey, Superior quickly acquired three banks between 2006 and 2008. In [[2009]] Superior moved its legal headquarters to Tampa, Florida, where it had acquired First Kensington Bank. It returned headquarters operations to Birmingham in [[2010]].


===First Kensington Bank===
In November, [[2010]], the Office of the Thrift Supervision served Superior with a cease and desist order, which directed the bank to raise capital and change lending practices. In March [[2011]] Bailey stepped down as Chairman and CEO. [[C. Marvin Scott]] succeeded him in those roles and [[Rick Gardner]] was named president of the bank.


On [[March 6]], [[2006]], Superior announced the merger of Tampa, FL-based First Kensington Bancshares. [http://tampabay.bizjournals.com/tampabay/stories/2006/08/14/daily7.html]  Its subsidiary First Kensington Bank operated 12 branches in the Tampa area. The merger was approved by the SEC and the banks' boards of directors on [[August 23]], 2006.  The merger was completed on August 31. Superior took over operations of First Kensington on [[February 20]], [[2007]].  
Superior failed and was closed by the Office of the Thrift and the Federal Deposit Insurance Corporation on [[April 15]], [[2011]], the largest American bank failure in 2011. The deposits and most of the assets were sold to a newly created bank called [[Superior Bank, National Association]], which was a wholly-owned subsidiary of [[Community Bancorp LLC]] of Houston, Texas.  CBC eventually was renamed Cadence Bancorp and Superior Bank, N.A. was merged into [[Cadence Bank]].


===Community Bank===
In [[2014]] the FDIC filed a suit against Bailey, Scott, Gardner, board members [[James Kent]], [[Peter Lowe]], [[Robert Parrish, Jr]], and [[Dewey Mitchell]], and several Florida-based executives. The suit alleges "gross negligence and breach of fiduciary duty" in its process for approving loans for commercial real estate and construction between 2007 and 2010.


On [[May 1]], [[2006]], Superior 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]].  '''1st Community Credit''' continues operating as a separate subsidiary of Superior Bancorp.
==Acquisitions==


===People's Community Bank of the West Coast===
===First Kensington Bank===
On [[March 6]], [[2006]], Superior announced the merger of Tampa, Florida-based First Kensington Bancshares. [http://tampabay.bizjournals.com/tampabay/stories/2006/08/14/daily7.html]  Its subsidiary First Kensington Bank operated 12 branches in the Tampa area.  The merger was approved by the SEC and the banks' boards of directors on [[August 23]], 2006.  The merger was completed on [[August 31]]. Superior took over operations of First Kensington on [[February 20]], [[2007]].


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, Florida.  The merger has been approved by both banks' shareholders, and is awaiting final SEC approval, with a projected closing date in July 2007.
===Community Bank===
On [[May 1]], [[2006]], Superior announced that it would acquire [[Blountsville]]-based [[Community Bancshares, Inc.]] with its subsidiaries [[Community Bank]] and 1st Community Credit, which together operated 33 branch offices 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]].  '''1st Community Credit''' continued operating as a separate subsidiary of Superior Bancorp.


== References ==
===People's Community Bank of the West Coast===
Superior announced on [[January 18]], [[2007]] it would be acquiring Sarasota, Florida-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 had 3 branches located in Sarasota, Venice and Bradenton, Florida.  The merger was final in July [[2007]], and systems integration was completed on [[February 19]], [[2008]].


* "Superior Bank makes Florida acquisition," January 19, 2007.  [http://www.al.com/birminghamnews/business/index.ssf?/mtlogs/bama_bhamnews/archives/2007_01.html#227161 Breaking Business News], al.com, accessed 10:58 January 19, 2007.
==Birmingham-area offices==
[[Image:SuperiorJohnHand.jpg|right|225px|thumb|Superior Bank sign on the John A. Hand Building, April 2009]]
* [[Blountsville]]: 69156 Main Street
* [[Birmingham]]: [[John A. Hand Building]], 17 [[20th Street North]]
* [[Childersburg]]: 33327 [[U.S. Highway 280]]
* [[Chelsea]]: 104 [[Chelsea Pointe Drive]]
* [[Cleveland]]: 18045 [[Alabama Highway 160]]
* [[Cullman]]: 1850 Cherokee Avenue Southwest
* [[Gardendale]]: 2250 [[Mount Olive Road]]
* [[Greystone]] off of [[U.S. Highway 280]]
* [[Hoover]]: [[The Grove]]
* [[Mountain Brook]]: 2717 [[Culver Road]], inside [[Western Supermarket]]
* [[Oneonta]]: 608 2nd Avenue East
* Oneonta Wal-Mart: 2453 2nd Avenue East
* [[Pelham]]:  101 [[Huntley Parkway]]
* [[Snead]]: 87615 [[U. S. Highway 278]] in [[Altoona]]
* [[Sylacauga]]: 126 North Broadway Avenue
* [[Trussville]]: 1950 [[Edwards Lake Road]]
* [[Warrior]]: 218 Louisa Street
* West Blount: 260 [[Alabama Highway 160]] in [[Hayden]]


* "Investor Relations", [http://www.superiorbank.com/investor_relat.html Superior Bank] website
Superior also had an agreement with Presto!, the ATM network owned by [[Publix Supermarkets]], which allowed all Superior ATM and debit cards to be used at Presto! ATM machines at no charge to its customers.


* "Superior Bancorp Completes Merger With Kensington Bankshares", Aug 31, 2006
== References ==
[http://www.stockhouse.com/news/news.asp?tick=SUPR&newsid=3873316 Stockhouse.com]
* "Investor Relations", [http://www.snl.com/irweblinkx/corporateprofile.aspx?iid=4047177 Superior Bank] website
 
* "The Banc Corporation to Acquire Community Bancshares, Inc." (May 1, 2006) [http://www.lexdon.com/article/The_Banc_Corporation_to_Acquire/47795.html lexdon.com]
* Goodman, Sheri C.  "Shareholders OK Superior's bank purchase", October 13, 2006, ''The Birmingham News''
* "[http://tampabay.bizjournals.com/tampabay/stories/2006/08/14/daily7.htm Regulators OK Superior, Kensington merger]" (August 14, 2006)  ''Tampa Bay Business Journal''
 
* "[http://www.stockhouse.com/news/news.asp?tick=SUPR&newsid=3873316 Superior Bancorp Completes Merger With Kensington Bankshares]" (August 31, 2006) Stockhouse.com
* "Regulators OK Superior, Kensington merger", Aug 14, 2006, [http://tampabay.bizjournals.com/tampabay/stories/2006/08/14/daily7.html Tampa Bay Business Journal]
* Goodman, Sheri C. (October 13, 2006) "Shareholders OK Superior's bank purchase". {{BN}}
 
* "Superior Bank makes Florida acquisition." (January 19, 2007) {{BN}}
* "The Banc Corporation to Acquire Community Bancshares, Inc.", May 1, 2006,[http://www.lexdon.com/article/The_Banc_Corporation_to_Acquire/47795.html lexdon.com]
* Jarvis, Crystal (May 19, 2008) "Superior Bancorp opens mortgage center downtown." {{BBJ}}
* "Superior Bancorp says CEO Stan Bailey has given up post." (March 21, 2011) {{BN}}
* Hubbard, Russell (April 15, 2011) "Banking regulators seize Superior Bank and Nexity Financial Corp." {{BN}}
* Cole, Antrenise  (December 30, 2011) "Superior Bank still nation's largest failure in 2011 as year comes to close." {{BBJ}}
* Cole, Antrenise (April 17, 2014) "FDIC sues former Superior Bank officers and directors." {{BBJ}}


== External links ==
== External links ==
* [http://www.superiorbank.com/ Superior Bank] website
* [http://www.superiorbank.com/ Superior Bank] website


[[Category: Banks]]
[[Category:Defunct banks]]
[[Category:John A. Hand Building]]
[[Category:1997 establishments]]
[[Category:2011 disestablishments]]

Latest revision as of 13:12, 8 December 2017

Superiorlogo.gif
This article is about the failed Superior Bank. For its successor, see Superior Bank, N. A..

Superior Bank (formerly The Bank) was a community savings and loan headquartered in Birmingham at the John A. Hand Building at 17 20th Street North. Superior Bank was a subsidiary of Superior Bancorp, founded in 1997 as The Banc Corporation. Superior Bank had a total of 73 branches in Alabama and Florida. Superior Bank was the second largest mortgage lender in the Birmingham market, after Regions Bank, in the late 2000s. It also had loan production offices in Montgomery, and in Tallahassee and Panama City, Florida. From July 2008 until its closing by the FDIC in April 2011, Superior was the second-largest bank headquartered in Birmingham.

History

The Bank

Thebanklogo.png

The Banc Corporation was founded in the fall of 1997 by James A. "Jimmy" 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 as CEO in January 2005 [1].

Superior Bank

C. Stanley Bailey was installed as CEO during 2005 and the name was changed to Superior Bank in 2006. Jimmy Taylor resigned as chairman in December 2006, making room for Bailey to step into both roles.

Under Bailey, Superior quickly acquired three banks between 2006 and 2008. In 2009 Superior moved its legal headquarters to Tampa, Florida, where it had acquired First Kensington Bank. It returned headquarters operations to Birmingham in 2010.

In November, 2010, the Office of the Thrift Supervision served Superior with a cease and desist order, which directed the bank to raise capital and change lending practices. In March 2011 Bailey stepped down as Chairman and CEO. C. Marvin Scott succeeded him in those roles and Rick Gardner was named president of the bank.

Superior failed and was closed by the Office of the Thrift and the Federal Deposit Insurance Corporation on April 15, 2011, the largest American bank failure in 2011. The deposits and most of the assets were sold to a newly created bank called Superior Bank, National Association, which was a wholly-owned subsidiary of Community Bancorp LLC of Houston, Texas. CBC eventually was renamed Cadence Bancorp and Superior Bank, N.A. was merged into Cadence Bank.

In 2014 the FDIC filed a suit against Bailey, Scott, Gardner, board members James Kent, Peter Lowe, Robert Parrish, Jr, and Dewey Mitchell, and several Florida-based executives. The suit alleges "gross negligence and breach of fiduciary duty" in its process for approving loans for commercial real estate and construction between 2007 and 2010.

Acquisitions

First Kensington Bank

On March 6, 2006, Superior announced the merger of Tampa, Florida-based First Kensington Bancshares. [2] Its subsidiary First Kensington Bank operated 12 branches in the Tampa area. The merger was approved by the SEC and the banks' boards of directors on August 23, 2006. The merger was completed on August 31. Superior took over operations of First Kensington on February 20, 2007.

Community Bank

On May 1, 2006, Superior announced that it would acquire Blountsville-based Community Bancshares, Inc. with its subsidiaries Community Bank and 1st Community Credit, which together operated 33 branch offices 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. 1st Community Credit continued 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, Florida-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 had 3 branches located in Sarasota, Venice and Bradenton, Florida. The merger was final in July 2007, and systems integration was completed on February 19, 2008.

Birmingham-area offices

Superior Bank sign on the John A. Hand Building, April 2009

Superior also had an agreement with Presto!, the ATM network owned by Publix Supermarkets, which allowed all Superior ATM and debit cards to be used at Presto! ATM machines at no charge to its customers.

References

External links

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