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8-K - FORM 8-K - SUPERIOR BANCORP | g26791e8vk.htm |
Exhibit 99.1
BIRMINGHAM, ALABAMA April 8, 2011: Superior Bancorp (the Corporation) (NASDAQ: SUPR) today
announced that it has received a letter from The NASDAQ Stock Market (NASDAQ) stating that the
Corporation is not in compliance with NASDAQ Listing Rule 5250(c)(1) because the Corporation did
not timely file its Annual Report on Form 10-K for the year ended December 31, 2010 with the
Securities and Exchange Commission (the SEC). This notification has no effect on the listing of
the Corporations common stock at this time. As previously reported, the Corporation received a
prior notification from NASDAQ on November 17, 2010 advising that the Corporation no longer
complies with the $1.00 minimum bid price requirement for continued listing on the NASDAQ Global
Market as set forth in NASDAQ Listing Rule 5450(a)(1).
As previously reported by the Corporation in its Form 12b-25 filed with the SEC on April 1,
2011, the Corporation was unable to timely file its Form 10-K for the year ended December 31, 2010,
due to, among other things, its inability to complete its financial statements for the year ended
December 31, 2010 for the reasons specified in the Form 12b-25.
The Corporation has 60 calendar days to submit a plan to regain compliance, and if NASDAQ
accepts the plan, NASDAQ can grant an exception of up to 180 calendar days from the Form 10-Ks due
date, or until September 27, 2011 to regain compliance. The Corporation has until May 16, 2011 to
regain compliance with the minimum bid price continued listing requirement. If the Corporation
does not regain compliance by May 16, 2011, the Corporation may be permitted to transfer its common
stock to the NASDAQ Capital Market if the Corporations common stock satisfies all criteria for
continued listing on that market.
ABOUT SUPERIOR BANCORP
Superior Bancorp is a $3.0 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
23 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) BPs 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).
COMPANY CONTACT:
Tom Jung, Investor Relations, (205) 327-3547