Superior Bank, Birmingham, Alabama, was closed Friday by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank.
The 73 branches of Superior Bank, including one in Blountstown and another in Bristol, reopened during their normal business hours Saturday as branches of Superior Bank, N.A. Depositors of Superior Bank will automatically become depositors of Superior Bank, N.A.
Check out the full story in this week's print edition.