No changes at local Superior branches

Published 12:00 am Tuesday, April 19, 2011

A spokesperson for the Houston-based Community Bancorp LLC (CBC) said local customers of Superior Bank should see any changes as a result of the weekend changes in the bank’s ownership.

Superior has branches in Andalusia and Opp.

On Friday, the FDIC seized the Birmingham-based bank, which had $3 billion in assets and 73 branches, and a subsidiary of Community Bancorp LLC (CBC) agreed to assume the deposits, reopening on Saturday.

When Superior last filed a financial statement in September, 10.6 percent of total loans were not being paid, which was about double the rate for all banks in the state. Shares had fallen more than 90 percent in the past year, closing at 28 cents Friday. The company lost money for eight of the past nine quarters, and was operating under a strict federal enforcement order to improve its condition, the deadline for which passed March 31.

CBC assumed ownership under a wholly-owned subsidiary, Superior Bank, NA., The acquisition includes the 73 retail branches and banking centers across Alabama and Florida; six mortgage offices in Alabama, Florida and Tennessee, and 24 consumer finance offices, 16 of which operate under the name First Commercial Credit and eight as Superior Financial Services.

“No Superior Bank customer has lost any money on deposit as a result of this transaction,” the new owners said in a statement. “Superior customers will have access to their accounts, and depositors will continue to be insured as prescribed by FDIC guidelines. While there will be no change to customer account number(s), checks, branch locations, ATM cards or locations, contact phone numbers, on-line services or website at this time, CBC intends to add services, products and make enhancements for its customers in the future.”

“With the influx of new capital, Superior is well positioned to become a high-performing institution,” CBC chief executive officer Paul B. Murphy Jr. said. “We are confident growth will come through our resolute commitment to the highest level of customer service, delivery of enhanced products, best in class technology, being the employer of choice and continuing the tradition of Superior as a valued community partner. Superior has long been an asset to the people, businesses and communities it has served, and in the future, we will position Superior to make sound loans and facilitate community growth.”