Regulators have closed a further six US
banks to bring bank failures for the year to date to 34.
By this stage last year, more than 50 US
banks had failed; by the end of the year, bank failures totaled
The Federal Deposit Insurance Corporation
(FDIC) shuttered lenders based in Alabama, Georgia, Minnesota and
Mississippi on 15 April, the largest of which was Alabama-based
Superior had a 73-branch-strong network
based in Alabama and Florida, assets of $3bn and $2.7 billion in
Its failure is expected to cost the FDIC’s
insurance fund $259.6 million.
To protect depositors, the FDIC entered
into a purchase and assumption agreement with Superior Bank, NA,
Alabama, a newly-chartered bank subsidiary of Community Bancorp of
Texas, to assume all of the deposits of Superior Bank.