Superior Bancorp was a bank holding company for Superior Bank, headquartered in

Birmingham, Alabama Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...

. It had 73

branch A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk (botany), trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term '' ...

es in Alabama and

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. In April 2011, it suffered from

bank failure A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets ...

and its assets were acquired by an affiliate of

Cadence Bank Cadence Bank is a commercial bank with dual headquarters in Tupelo, Mississippi and Houston, Texas with operations in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois. In 1876, Raymond Tric ...

History

The company was founded in 1997. In December 1998, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. On April 15, 2011, Superior Bank suffered from

and its assets were acquired by an affiliate of

in a transaction facilitated by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

(FDIC). The bank failure cost the FDIC more than $530 million. In 2014, the FDIC sued former executives of the Florida division of the bank, claiming they took “unreasonable financial risks” in making unsafe loans.

References

{{Reflist, 1 Bank failures in the United States Banks established in 1997 Banks disestablished in 2011 Defunct banks of the United States 1997 establishments in Alabama 1998 initial public offerings