BIRMINGHAM, Ala. & HOUSTON--(BUSINESS WIRE)--Superior Bank, N.A., a wholly owned subsidiary of Community Bancorp LLC (CBC), announced that it has agreed to assume all of the deposits and acquire substantially all the assets of Superior Bank. Superior Bank, N.A. simultaneously entered into an 80 percent 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.
No Superior Bank customer has lost any money on deposit as a result of this transaction. Over the weekend, Superior Bank branches offering Saturday hours will be open as usual. Superior customers will have access to their accounts, and depositors will continue to be insured as prescribed by FDIC guidelines. While there will be no change to customer account number(s), checks, branch locations, ATM cards or locations, contact phone numbers, on-line services or website at this time, CBC intends to add services, products and make enhancements for its customers in the future.
“We are pleased to be joining forces with the Superior Bank team,” said Paul B. Murphy, Jr., CBC’s chief executive officer. “It is a win-win for Superior Bank customers, employees and the local communities in which we operate. Customers can rest assured they are now part of one of the best capitalized banks in Alabama and Florida and throughout the Southeast. In addition, this transaction represents a sound strategic move for Community Bancorp and an exciting growth opportunity as we continue to build our competitive banking franchise in the Southeast.”
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, N.A. Over time, CBC will evaluate all aspects of Superior’s existing businesses to identify opportunities for growth and efficiencies. Superior Bank now will operate as the new Superior Bank, N.A.
Murphy added: “With the influx of new capital, Superior is well positioned to become a high-performing institution. We are confident growth will come through our resolute commitment to the highest level of customer service, delivery of enhanced products, best in class technology, being the employer of choice and continuing the tradition of Superior as a valued community partner. Superior has long been an asset to the people, businesses and communities it has served, and in the future, we will position Superior to make sound loans and facilitate community growth.”
The acquisition represents CBC’s second since its inception in 2010 and marks an important step in the pursuit of its strategy to build community banks in targeted markets throughout the region. CBC completed the acquisition of Mississippi-based Cadence Bank, N.A. in March and, with the addition of Superior, now operates two banking platforms that stretch across five Southern states, with a total of 111 branches and $4.5 billion in assets.
As part of this agreement, Paul Murphy is the new board chairman of the new Superior Bank, N.A. Mr. Murphy is the chief executive officer of CBC and serves on its Board of Directors and as chairman of Cadence Bank, N.A. Murphy, who began his banking career in 1981 at Allied Bank of Texas, was previously chief executive officer of Amegy Bank of Texas, an $11 billion bank headquartered in Houston, Texas.
Murphy announced that Doug Hutt, a 30-year veteran banker and a member of the CBC management team, is president and chief executive officer of Superior Bank, N.A. Prior to joining CBC he was a group executive with nationwide responsibility for Compass Bank’s Corporate and Specialized Industry activities. Mr. Hutt was previously president of Compass Bank – Texas, and prior to that he was with Bank of America. During his 24-year Bank of America career, he held a variety of executive level positions including president of Bank of America – Dallas.
“We welcome Superior’s 65,000 customers and its more than 750 employees to the new Superior Bank, N.A. and to the Community Bancorp family,” said Hutt. “As someone with substantial experience working in Alabama and Florida, I look forward to working with Superior’s dedicated team of employees and to continuing Superior’s proud tradition of customer service and community involvement. We are committed to providing a seamless transition for our customers — to ensure it is business as usual, with a can-do attitude and enhanced products and services. Customers can expect the same personalized service delivered by the familiar faces you know and trust.”
Continued Hutt: “We intend to grow Superior, including new jobs, and with the fresh capital injected by CBC, Superior will focus on customers, employees and community. Customers can rest assured knowing they are now part of one of the best capitalized banks operating in Alabama and Florida and throughout the Southeast.”
Hutt announced that Hank Holmes is the president and chief executive officer, Florida Region, for Superior Bank, N.A, He started his banking career at Amegy Bank of Texas in 1993, where he gained extensive experience in commercial real estate lending, private banking and special assets. Most recently at Amegy, Mr. Holmes led the Special Assets Group as Executive Vice President.
About Community Bancorp LLC
Community Bancorp LLC is a bank holding company, headquartered in Houston, Texas. CBC has raised equity capital commitments of $1 billion for the purpose of making investments in the U.S. banking sector, with a particular focus on community banks that are well positioned to benefit from the equity capital and industry expertise CBC can provide. CBC was created to transform acquired financial institutions into robust banks that can stand on their own. Through exceptional customer service, a disciplined credit and risk management framework, cost controls and the implementation of enhanced technology, CBC will drive success and invest in the growth of communities in the Southeast where it intends to build a competitive franchise.
Community Bancorp is committed to meeting the banking needs of the local communities in which it operates by providing quality products and financial solutions tailored to suit local needs, delivered through experienced and knowledgeable bankers, and supported by a highly experienced and accomplished management team and Boards of Directors committed to the growth of their communities. To date, CBC has 111 branches, $4.5 billion in assets and a legal loan limit of $75 million.
What Superior Bank Customers Should Know and Do
- No Superior Bank customer has lost any money on deposit as a result of this transaction.
- Feel confident your deposits are safe and insured under the guidelines prescribed by the FDIC.
- Continue banking as you have – it’s business as usual.
- Continue using your same checks. All checks will be processed as they have in the past.
- Continue using your same account number(s).
- Continue using your same branches.
- Continue using your same ATM card.
- Continue using the same ATM locations.
- Continue using the same contact phone numbers, on-line services and websites.
- You will be notified well in advance of improvements, additional conveniences and any other potential changes as they become available.
Forward-Looking Statements: This press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements, including as a result of factors outside CBC’s control, such as economic and other conditions in the markets in which we operate; managements’ ability to effectively execute its business plans; regulatory actions; changes in capital classification; changes in the economy affecting real estate values; inability to attract and retain deposits; changes in the financial performance and/or condition of borrowers; inflation, interest rate, cost of funds, securities market and monetary fluctuations; changes in laws and regulations; and competition. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
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