Superior Bank, N.A simultaneously entered into an 80% loss share agreement with the FDIC with respect to certain assets.
Included in the transaction are 73 retail branches and banking centers across Alabama and Florida; six mortgage offices in Alabama, Florida and Tennessee, and 24 consumer finance offices, 16 of which operate under the name First Commercial Credit and eight as Superior Financial Services.
Current Superior Bank employees working in the 103 Superior Bank retail branches, mortgage and consumer finance offices are expected to become employees of Superior Bank.
Superior Bank now will operate as the new Superior Bank, N.A.
As part of this agreement, Paul Murphy is the new board chairman of the new Superior Bank, N.A.
Murphy is the CEO of CBC and serves on its Board of Directors and as chairman of Cadence Bank, N.A.
