UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): July 26, 2007
SUPERIOR
BANCORP
(Exact
Name of Registrant as Specified in Charter)
Delaware
State
or
Other
Jurisdiction
of
Incorporation
|
0-25033
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63-1201350
|
|
(Commission
|
(IRS
Employer
|
|
File
Number)
|
Identification
No.)
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17
North 20th
Street, Birmingham, Alabama
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35203
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|
(Address
of Principal Executive Offices)
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Zip
Code)
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(205)
327-1400
(Registrant’s
Telephone Number, including Area Code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 5
— Corporate Governance and Management
Item 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment
of Principal Officers.
On
July
26, 2007, the Board of Directors of Superior Bancorp, acting on the
recommendation of the Nominating and Corporate Governance Committee of the
Board, appointed Peter L. Lowe and John C. Metz to serve as directors of
Superior Bancorp and its subsidiary, Superior Bank, for terms expiring at the
2008 Annual Meeting of Stockholders of Superior Bancorp. The election of Mr.
Lowe was effective immediately, and the election of Mr. Metz was effective
upon
the consummation of the acquisition of People’s Community Bancshares, Inc. on
July 27, 2007.
Peter
L.
Lowe is President of G.W. Jones and Sons Real Estate Investment Company, Inc.,
Huntsville, Alabama. Mr. Lowe is a licensed real estate broker and appraiser.
Mr. Lowe was appointed to the Loan and Investment Committee of Superior Bank.
John
C.
Metz is Chairman and Chief Executive Officer of Metz Enterprises and Metz and
Associates, Ltd., Dallas, Pennsylvania. Mr. Metz was appointed to the
Compensation Committee of Superior Bancorp.
On
July
24, 2007, a limited liability company of which Mr. Lowe is a member, purchased
an office building located in Huntsville, Alabama from Superior Bank for
$3,000,000 and leased the building back to Superior Bank. The initial term
of
the lease is for 14 years and may be renewed, at Superior Bank’s option, for
three additional terms of five years each. The amount of the monthly lease
payment to be made by Superior Bank is $19,500 for the first year of the lease
and increases annually until it reaches $26,881 in year 14. Rent for the renewal
terms is to be determined based on appraisals of the property.
Section
7 — Regulation FD
Item
7.01. Regulation FD Disclosure.
On
August
1, 2007, Superior Bancorp issued a press release announcing the election of
Mr.
Lowe and Mr. Metz to the Board of Directors. The text of the press release
is
attached to this report as Exhibit 99. This information is furnished pursuant
to
Item 7.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of
Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that Section, unless we specifically incorporate it by reference
in a documents filed under the Securities Act of 1933 or the Securities Exchange
Act of 1934. By filing this report on Form 8-K and furnishing this information,
we make no admission as to the materiality of any information in this report
that is required to be disclosed solely by reason of Regulation FD.
Section
9 — Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
|
Exhibit
99
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Press
Release of Superior Bancorp dated August 1,
2007.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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SUPERIOR
BANCORP |
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/s/ C. Stanley Bailey |
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C.
Stanley Bailey |
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Chairman and Chief Executive Officer |
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| Date: August 1, 2007 |
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INDEX
TO EXHIBITS
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Exhibit
No.
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Description
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99
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Press
Release of Superior Bancorp dated August 1,
2007.
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