Closed Friday, April 15, 2011 · Birmingham, Jefferson County, Alabama
Superior Bank
Superior Bank was the largest of the 92 bank failures in 2011. Of the 35 failed banks on record in Alabama since 1934, it ranks second by size. Equity capital was below zero at its last report.
On the books, 2003 to 2011
Total assets peaked at $3.4 billion in the second quarter of 2010 and were 11% lower at the final report. Equity capital had covered 7.8% of assets in the second quarter of 2003. By then 14% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $263 million, was booked in 2010.* 2011: January to March only, the last report before closing.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; Superior Bank in red.
Across the failures of 2011, the median estimated loss came to 23% of assets. Ranked by estimated loss, it is 141st of 2,944 failures since 1934. The next-largest failure of that year was First Community Bank of Taos, New Mexico ($2.2 billion, loss 11% of assets). Every 2011 failure in the explorer.
Regulators closed six banks that day. The largest of the others was Nexity Bank of Birmingham, Alabama, at $758 million.
Failures in Alabama
It was one of two banks in Alabama to fail in 2011. The previous failure there was First Lowndes Bank of Fort Deposit, on March 19, 2010. The next was Alabama Trust Bank, National Association of Sylacauga, on May 18, 2012. Jefferson County has 9 failed banks on FDIC record since 1934. Closest in time: Jefferson Federal Savings and Loan Association of Birmingham (1991), Birmingham Federal Savings and Loan Association (1992), CapitalSouth Bank (2009), New South Federal Savings Bank (2009), Nexity Bank (2011).