Superior Bank scolded by NASDAQ

Published 12:00 am Tuesday, April 12, 2011

Superior Bancorp. said last week that it had received a letter from the NASDAQ stock market, because it has yet to file its 2010 annual report with the Securities and Exchange Commission, The Press-Register reported Monday.

Superior, a Birmingham-based savings bank, is under heavy regulatory pressure because of losses on bad loans. Superior’s branches include offices Monroeville, Uniontown, Andalusia and Opp.

Superior said last week in an SEC filing that it couldn’t finish its financials because it has found a material weakness in its process to review updated appraisals on bad loans. That process helps the bank figure out the size of its loan losses.

The savings bank said the exchange had given it 60 days to submit a compliance plan. Superior was already in trouble with NASDAQ because its share price had fallen below $1, and its stock could be delisted May 16 because of the low share price.