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Superior Bank fails

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  • | 3:36 p.m. April 18, 2011
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  • Tampa Bay-Lakeland
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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.


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