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): September 4, 2008
SUPERIOR
BANCORP
(Exact
Name of Registrant as Specified in Charter)
Delaware
State
or
Other
Jurisdiction
of
Incorporation
|
0-25033
|
63-1201350
|
|
(Commission
|
(IRS
Employer
|
|
File
Number)
|
Identification
No.)
|
|
17
North 20th Street, Birmingham, Alabama
|
35203
|
|
(Address
of Principal Executive Offices)
|
Zip
Code)
|
(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
1 - Registrant’s Business and Operations
| Item
1.01. |
Entry
into a Material Definitive Agreement.
|
On
September 4, 2008, Superior Bancorp (the “Company”) established a $10,000,000
revolving line of credit with Colonial Bank (the “Lender”). The line of credit,
which is secured by all of the issued and outstanding stock of the Company’s
subsidiary, Superior Bank, will mature on September 3, 2009. The Company may
borrow, repay and re-borrow amounts advanced under the revolving line of credit
from time to time until the maturity date. Interest on each advance under the
line of credit accrues at the Colonial Bank base rate. The Lender may accelerate
the payment of principal and interest if there is an event of default under
the
terms of the line of credit. Events of default include, among other things,
the
Company’s failure to make any payment when due, material breaches of the
Company’s representations, warranties or covenants in the loan agreement, the
commencement of voluntary or involuntary bankruptcy or similar proceedings
with
respect to the Company, a default by the Company with respect to other
indebtedness and the occurrence of certain other events which have a material
adverse effect on the Company.
On
September 4, 2008, the Lender advanced the full $10,000,000 under the line
of
credit which the Company used to pay its obligations under a matured $10,000,000
line of credit with U.S. Bank, National Association.
Neither
the Company nor the Company’s affiliates have any material relationship with the
Lender other than in respect of the line of credit, except that D. Dewey Mitchell, a director
of the Company, is a guarantor on a material business development loan from the Lender.
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.
| |
SUPERIOR
BANCORP
/s/
C. Stanley Bailey
C.
Stanley Bailey
Chairman
and Chief Executive Officer
|
Date:
September 10, 2008