BIRMINGHAM, Ala., Nov. 23, 2010 /PRNewswire/ -- Superior Bancorp
(Nasdaq: SUPR) today announced that its subsidiary, Superior Bank,
has filed a damage claim of $58
million with the Gulf Coast Claims Facility (GCCF) as a
result of the Deepwater Horizon oil spill.
Stan Bailey, Chairman & CEO,
stated "The Florida Gulf Coast comprises one of our two primary
markets. This past summer, the Gulf Coast region experienced
an 'economic hurricane' of epic proportion at a time when the area
was poised for a recovery. This has resulted in additional
stresses on our Gulf Coast loan portfolio that have negatively
affected Superior's performance, operations, and shareholder value
with particularly negative impacts on customer relationships, real
estate appraisals, loan collateral values, loan loss reserves, and
loan losses. Superior believes that it should be entitled to
compensation from the GCCF for the financial devastation caused by
this tragedy and the adverse impact to the bank. We have
supplied the GCCF with extensive documentation and we expect that
our claim will be honored upon review."
Superior retained the services of O'Sullivan Creel LLP, a
Pensacola-based accounting firm, to assist in the calculation of
the losses related to this incident. In June 2010, O'Sullivan Creel LLP developed the
O'Sullivan Creel Oil Spill Task Force, which has been instrumental
in assisting firms that have sustained damages or loss of income as
a result of the Deepwater Horizon Oil Spill.
ABOUT SUPERIOR BANCORP
Superior Bancorp is a $3.2 billion
thrift holding company headquartered in Birmingham, and the second largest bank
holding company headquartered in Alabama. The principal subsidiary of Superior
Bancorp is Superior Bank, a southeastern community bank that
currently has 73 branches, with 45 locations throughout the state
of Alabama and 28 locations in
Florida. Superior Bank also
operates 24 consumer finance offices in North Alabama as 1st Community Credit and
Superior Financial Services.
The Private Securities Litigation Reform Act of 1995 provides a
safe harbor for forward-looking statements made by us or on our
behalf. Some of the disclosures in this release, including any
statements preceded by, followed by or which include the words
"may," "could," "should," "will," "would," "hope," "might,"
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
"assume" or similar expressions constitute forward-looking
statements. These forward-looking statements, implicitly and
explicitly, include the assumptions underlying the statements and
other information with respect to our beliefs, plans, objectives,
goals, expectations, anticipations, estimates, intentions,
financial condition, results of operations, future performance and
business, including our expectations and estimates with respect to
our revenues, expenses, earnings, return on equity, return on
assets, efficiency ratio, asset quality, the adequacy of our
allowance for loan losses and other financial data and capital and
performance ratios.
Although we believe that the expectations reflected in our
forward-looking statements are reasonable, these statements involve
risks and uncertainties which are subject to change based on
various important factors (some of which are beyond our control).
Such forward-looking statements should, therefore, be considered in
light of various important factors set forth from time to time in
our reports and registration statements filed with the SEC. The
following factors, among others, could cause our financial
performance to differ materially from our goals, plans, objectives,
intentions, expectations and other forward-looking statements: (1)
our ability to raise additional capital to meet regulatory
requirements set forth in the Orders to Cease and Desist or fund
future growth; (2) the adequacy of our allowance for loan losses to
cover actual losses and impact of credit risk exposures; (3)
greater loan losses than historic levels and increased allowance
for loan losses; (4) our ability to comply with any requirements
imposed on us and Superior Bank by the Orders to Cease and Desist
or additional restrictions imposed by our regulators; (5)
restrictions or limitations on our access to funds from Superior
Bank; (6) our ability to resolve any regulatory, legal or judicial
proceeding on acceptable terms and its effect on our financial
condition or results of operations; (7) the effect of natural or
environmental disasters, such as, among other things, hurricanes
and oil spills, in our geographic markets; (8) the strength of
the United States economy in
general and the strength of the regional and local economies in
which we conduct operations; (9) changes in local economic
conditions in the markets in which we operate; (10) the continued
weakening in the real estate values in the markets in which we
operate; (11) the effects of, and changes in, trade, monetary and
fiscal policies and laws, including interest rate policies of the
Board of Governors of the Federal Reserve System; (12) increases in
FDIC deposit insurance premiums and assessments; (13) inflation or
deflation and interest rate, market and monetary fluctuations; (14)
our timely development of new products and services in a changing
environment, including the features, pricing and quality compared
to the products and services of our competitors; (15) the
willingness of users to substitute competitors' products and
services for our products and services; (16) changes in loan
underwriting, credit review or loss reserve policies associated
with economic conditions, examination conclusions, or regulatory
requirements or developments; (17) the impact of changes in
financial services policies, laws and regulations, including laws,
regulations and policies concerning taxes, banking, securities and
insurance, and the application thereof by regulatory bodies; (18)
changes in accounting policies, principles and guidelines
applicable to us; (19) our focus on lending to small to mid-size
community-based businesses, which may increase our credit risk;
(20) technological changes; (21) changes in consumer spending and
savings habits; (22) the continuing instability in the domestic and
international capital markets; (23) the effects on our operations
of policy initiatives or laws that have been and may continue to be
introduced by the Presidential administration or Congress and
related regulatory actions, including, but not limited to, the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the
regulations promulgated thereunder; (24) our ability to
successfully integrate the assets, liabilities, customers, systems
and management we acquire or merge into our operations; (25) BP's
decision on whether or not to honor our Gulf oil spill claim; and
(26) other factors and information contained in reports and other
filings we make with the SEC.
If one or more of the factors affecting our forward-looking
information and statements proves incorrect, then our actual
results, performance or achievements could differ materially from
those expressed in, or implied by, forward-looking information and
statements contained in this report. Therefore, we caution you not
to place undue reliance on our forward-looking information and
statements. We do not intend to update our forward-looking
information and statements, whether written or oral, to reflect
changes. All forward-looking statements attributable to us are
expressly qualified by these cautionary statements.
More information on Superior Bancorp and its subsidiaries may be
obtained over the Internet, http://www.superiorbank.com, or by
calling 1-877-326-BANK (2265).
SOURCE Superior Bancorp