Superior Bank fails

TAMPA — Regulators shut down Superior Bank on Friday. The Tampa-based bank operated 10 offices along Florida's Gulf Coast, with a combined $539 million in assets between them.

Superior also had significant operations in Alabama, and its parent company, Superior Bancorp, is headquartered in Birmingham. Less than a month ago, Superior Bancorp installed a new chairman and CEO, and a new president.

Community Bancorp LLC, a Houston-based firm, assumed nearly all $3 billion of Superior's assets. Community also created a new subsidiary — called Superior Bank N.A. — to assume those assets.

In a release announcing the closure, the Federal Deposit Insurance Corp. estimated that Superior's failure would cost the Deposit Insurance Fund $259.6 million.