BIRMINGHAM, Ala., April 8, 2011 /PRNewswire/ -- 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 Corporation's
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-K's 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
Corporation's 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) 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