sv3za
As
filed with the Securities and Exchange Commission on
September 4, 2009
Registration
No. 156554
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT
NO. 2
TO
FORM S-3
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
SUPERIOR BANCORP
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
(State or Other Jurisdiction of Incorporation or Organization)
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63-1201350
(I.R.S. Employer Identification Number) |
17 North 20th Street
Birmingham, Alabama 35203
(205) 327-1400
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrants Principal Executive Offices)
C. Stanley Bailey
Chairman and Chief Executive Officer
Superior Bancorp
17 North 20th Street
Birmingham, Alabama 35203
(205) 327-1400
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
Copies to:
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Robert E. Lee Garner
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William H. Caughran |
Haskell Slaughter Young & Rediker, LLC
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General Counsel |
1400 Park Place Tower
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Superior Bancorp |
2001 Park Place North
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17 North 20th Street |
Birmingham, Alabama 35203
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Birmingham, Alabama 35203 |
(205) 251-1000
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(205) 327-1400 |
Approximate date of commencement of proposed sale to the public: from time to time after the
effective date of this registration statement.
If the only securities being registered on this form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. o
If any of the securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following
box. þ
If this form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same
offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. o
If this form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. o
If this form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to rule 413(b) under the Securities Act, check the following box. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large
accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the
Exchange Act (Check one):
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Large accelerated filer o |
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Accelerated filer þ |
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Non-accelerated filer o
(Do not check if a smaller reporting company) |
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Smaller reporting company o |
CALCULATION OF REGISTRATION FEE
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Proposed Maximum |
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Title of each class of |
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Amount to |
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Proposed maximum |
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Aggregate Offering |
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Amount of |
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securities to be registered |
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be Registered |
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offering price per unit |
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Price |
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Registration
Fee(3) |
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Warrant to Purchase Common
Stock, $.001 par value per
share, and underlying
shares of Common Stock(2) |
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1,923,792(1) |
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$5.38(2) |
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$10,350,000(2) |
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$406.76 |
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(1) |
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There are being registered hereunder (a) a warrant for the
purchase of 1,923,792 shares of common stock with an initial per share
exercise price of $5.38 per share, (b) the 1,923,792 shares of common
stock issuable upon exercise of such warrant and (c) such additional
number of shares of common stock, of a currently indeterminable
amount, as may from time to time become issuable by reason of stock
splits, stock dividends and certain anti-dilution provisions set forth
in such warrant, which shares of common stock are registered hereunder
pursuant to Rule 416. |
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(2) |
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Calculated in accordance with Rule 457(i) with respect to the per
share exercise price of the warrant of $5.38. |
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(3) |
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Previously paid. |
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The
Registrant hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until
the registration statement shall become effective on such date as the
Commission, acting pursuant to said Section 8(a), may
determine.
The information in this prospectus is not complete and may be changed. The selling
securityholders may not sell these securities until the registration statement filed with the
Securities and Exchange Commission relating to these securities is effective. This prospectus is
not an offer to sell these securities, and it is not soliciting an offer to buy these securities in
any state where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED SEPTEMBER 4, 2009
PROSPECTUS
SUPERIOR BANCORP
Warrant to Purchase 1,923,792 shares of common stock
1,923,792 shares of common stock
This prospectus relates to the potential resale from time to time by selling securityholders
of some or all of a warrant to purchase 1,923,792 shares of common stock, or the
warrant, and any shares of common stock issuable from time to time upon exercise of the warrant. In
this prospectus, we refer to the warrant and the shares of
common stock issuable upon exercise of the warrant, collectively, as
the securities. The warrant and 69,000 shares of our Fixed Rate
Cumulative Perpetual Preferred Stock, Series A, were originally issued by us pursuant to the Letter Agreement dated
December 5, 2008, and the related Securities Purchase Agreement Standard Terms, between us and
the United States Department of the Treasury, which we refer to as the initial selling
securityholder, in a transaction exempt from the registration requirements of the Securities Act of
1933, as amended, or the Securities Act.
The initial selling securityholder and its successors, including transferees, which we
collectively refer to as the selling securityholders, may offer the securities from time to time
directly or through underwriters, broker-dealers or agents and in one or more public or private
transactions and at fixed prices, prevailing market prices, at prices related to prevailing market
prices or at negotiated prices. If these securities are sold through underwriters, broker-dealers
or agents, the selling securityholders will be responsible for underwriting discounts or
commissions or agents commissions.
We will not receive any proceeds from the sale of securities by the selling securityholders.
The
warrant is not listed on an exchange, and, unless requested by the
initial selling securityholder, we do not intend to list the warrant on any
exchange.
Our common stock is traded on the NASDAQ Global Market under the symbol SUPR. On
September 3, 2009, the closing price of our common stock on the
NASDAQ Global Market was $2.30 per
share. You are urged to obtain current market quotations of the common stock.
Investing in our securities involves a high degree of risk. See Risk Factors
beginning on page 2.
Our principal executive offices are located at 17 North 20th Street, Birmingham,
Alabama 35203, and our telephone number is (205) 327-1400.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.
These securities are not deposits, savings accounts or other obligations of any bank or
savings association and are not insured by the Federal Deposit Insurance Corporation or any other
governmental agency.
The
date of this prospectus is September ___, 2009.
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement we filed with the Securities and Exchange
Commission, or the SEC, using a shelf registration process. Under this shelf registration
process, the selling securityholders may, from time to time, offer and sell, in one or more
offerings, the securities described in this prospectus.
We may provide a prospectus supplement containing specific information about the terms of a
particular offering by the selling securityholders. The prospectus supplement may also add, update
or change information in this prospectus. If the information in this prospectus is inconsistent
with a prospectus supplement, you should rely on the information in that prospectus supplement. You
should read both this prospectus and, if applicable, any prospectus supplement. See Where You Can
Find More Information for more information.
In this prospectus, Superior, we, our, ours, and us refer to Superior Bancorp, and
its subsidiaries, unless the context otherwise requires. References to Superior Bank mean
Superior Bank, which is our principal bank subsidiary.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for
forward-looking statements made by us or on our behalf. Some of the disclosures in this prospectus
and the documents incorporated by reference, including any statements preceded by, followed by or
which include the words may, could, should, will, would, hope, might, believe,
expect, anticipate, estimate, intend, plan, assume or similar expressions constitute
forward-looking statements.
These forward-looking statements, implicitly and explicitly, include the assumptions
underlying the statements and other information with respect to our beliefs, plans, objectives,
goals, expectations, anticipations, estimates, intentions, financial condition, results of
operations, future performance and business, including our expectations and estimates with respect
to our revenues, expenses, earnings, return on equity, return on assets, efficiency ratio, asset
quality, the adequacy of our allowance for loan losses and other financial data and capital and
performance ratios.
Although we believe that the expectations reflected in our forward-looking statements are
reasonable, these statements involve risks and uncertainties which are subject to change based on
various important factors (some of which are beyond our control). The following factors, among
others, could cause our financial performance to differ materially from our goals, plans,
objectives, intentions, expectations and other forward-looking statements: (1) the strength of the
United States economy in general and the strength of the regional and local economies in which we
conduct operations; (2) the effects of, and changes in, trade, monetary and fiscal policies and
laws, including interest rate policies of the Board of Governors of the Federal Reserve System;
(3) inflation, interest rate, market and monetary fluctuations; (4) our ability to successfully
integrate the assets, liabilities, customers, systems and management we acquire or merge into our
operations; (5) our timely development of new products and services in a changing environment,
including the features, pricing and quality compared to the products and services of our
competitors; (6) the willingness of users to substitute competitors products and services for our
products and services; (7) the impact of changes in financial services policies, laws and
regulations, including laws, regulations and policies concerning taxes, banking, securities and
insurance, and the application thereof by regulatory bodies; (8) our ability to resolve any legal
proceeding on acceptable terms and its effect on our financial condition or results of operations;
(9) technological changes; (10) changes in consumer spending and savings habits; (11) the effect of
natural disasters, such as hurricanes, in our geographic markets; (12) regulatory, legal or
judicial proceedings; (13) the continuing instability in the domestic and international capital
markets; (14) the effects of new and proposed laws relating to financial institutions and credit
transactions; and (15) the effects of policy initiatives that may be introduced by a new
Presidential administration.
If one or more of the factors affecting our forward-looking information and statements proves
incorrect, then our actual results, performance or achievements could differ materially from those
expressed in, or implied by, forward-looking information and statements contained in this annual
report. Therefore, we caution you not to place undue reliance on our forward-looking information
and statements.
1
We do not intend to update our forward-looking information and statements, whether written or
oral, to reflect change. All forward-looking statements attributable to us are expressly qualified
by these cautionary statements.
SUMMARY
The following summary highlights selected information contained elsewhere in this prospectus
and does not contain all of the information that you should consider before investing in our
securities. You should read the entire prospectus carefully including the Risks Factors and the
documents that we refer to or incorporate by reference.
Superior Bancorp is a Delaware-chartered thrift holding company headquartered in Birmingham,
Alabama. We offer a broad range of banking and related services in 77 locations in Alabama and
Florida through Superior Bank, our principal subsidiary. Superior Banks consumer finance
subsidiaries operate an additional 24 consumer finance offices in North Alabama. We had assets of
approximately $3.2 billion, loans of approximately $2.39 billion, deposits of approximately
$2.6 billion and stockholders equity of approximately
$246.8 million at June 30, 2009.
Our principal executive offices are located at 17 North 20th Street, Birmingham, Alabama
35203, and our telephone number is (205) 327-1400. Our common stock is listed on the NASDAQ Global
Market under the symbol SUPR.
On December 5, 2008, we entered into a Letter Agreement and a Securities Purchase Agreement -
Standard Terms with the United States Treasury Department, pursuant to which we agreed to issue and
sell, and the Treasury agreed to purchase, (i) 69,000 shares of our Fixed Rate Cumulative Perpetual
Preferred Stock, Series A, having a liquidation preference of $1,000 per share, and (ii) a ten-year
warrant to purchase up to 1,923,792 shares of our common stock, par value $.001, at an initial
exercise price of $5.38 per share. The warrant was immediately exercisable upon its issuance and
will expire on December 5, 2018.
We are registering the warrant and the shares
of our common stock to be issued upon the exercise of the warrant pursuant
to the transaction described above and elsewhere in this prospectus.
RISK FACTORS
An investment in our securities involves significant risks. You should carefully consider the
risks and uncertainties and the risk factors set forth herein under Forward Looking Statements
and in the documents and reports filed with the SEC that are incorporated by reference into this
prospectus, as well as any risks described in any applicable prospectus supplement, before you make
an investment decision regarding the securities. Additional risks and uncertainties not presently
known to us or that we currently deem immaterial may also affect our business operations.
USE OF PROCEEDS
We will not receive any proceeds from any sale of the securities by the selling
securityholders.
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS
The following table sets forth our ratio of earnings to fixed charges and our ratio of
earnings to combined fixed charges and preference dividends for the
six months ended June 30,
2009 and the years ended December 31, 2008, 2007, 2006, 2005 and 2004. Please refer to Exhibit 12.1
for a detailed calculation.
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December 31 |
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June 30, 2009 |
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(Years Ended) |
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(Six
Months Ended) |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
Ratio of earnings to fixed charges |
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Including interest on
customer accounts |
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* |
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* |
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1.12 |
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1.11 |
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* |
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1.01 |
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Excluding interest on
customer accounts |
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* |
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* |
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1.66 |
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1.45 |
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* |
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1.04 |
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Ratio of earnings to fixed
charges and preference dividends |
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Including interest on
customer accounts |
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1.12 |
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1.11 |
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Excluding interest on
customer accounts |
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1.66 |
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1.45 |
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Earnings were inadequate for these periods to cover fixed charges and preferred dividends by the following
amounts: |
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December 31 |
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June 30, 2009 |
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(Years Ended) |
(Dollars in Thousands) |
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(Six
Months Ended) |
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2008 |
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2007 |
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2006 |
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2005 |
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2004 |
Fixed charges in excess of
pre-tax income from continuing
operations before fixed charges |
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9,232 |
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$ |
167,668 |
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NA |
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NA |
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$ |
10,398 |
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NA |
Fixed charges and preferred
dividends in excess of pre-tax
income from continuing operations
before fixed charges |
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$ |
12,899 |
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$ |
168,162 |
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NA |
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NA |
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$ |
14,066 |
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$ |
317 |
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DESCRIPTION OF WARRANT TO PURCHASE COMMON STOCK
The following is a brief description of the terms of the warrant that may be resold by the
selling securityholders. This summary does not purport to be complete in all respects. This
description is subject to and qualified in its entirety by reference to the warrant, a copy of
which has been filed with the SEC and is also available upon request from us.
Shares of Common Stock Subject to the Warrant
The warrant is initially exercisable for 1,923,792 shares of our common stock. If we complete
one or more qualified equity offerings on or prior to December 31, 2009 that result in our receipt
of aggregate gross proceeds of not less than $69,000,000, which is
equal to 100% of the aggregate liquidation preference of the series A preferred stock, the number
of shares of common stock underlying the warrant then held by the
Treasury Department will be
reduced by 50% to 961,896 shares. The number of shares subject to the warrant are subject to the
further adjustments described below under the heading Adjustments to the Warrant.
Exercise of the Warrant
The initial exercise price applicable to the warrant is $5.38 per share of common stock for
which the warrant may be exercised. The warrant may be exercised, in
whole or in part, at any time on or before
December 5, 2018 by surrender of the warrant and a completed notice of exercise attached as an
annex to the warrant and the payment of the exercise price for the shares of common stock for which
the warrant is being exercised. The exercise price may be paid either by the withholding by
Superior of such number of shares of common stock issuable upon exercise of the warrant equal to
the value of the aggregate exercise price of the warrant determined by reference to the market
price of our common stock on the trading day on which the warrant is exercised or, if agreed to by
us and the warrantholder, by the payment of cash equal to the aggregate exercise price. The
exercise price applicable to the warrant is subject to the further adjustments described below
under the heading Adjustments to the Warrant.
Upon exercise of the warrant, certificates for the shares of common stock issuable upon
exercise will be issued to the warrantholder. We will not issue fractional shares upon any exercise
of the warrant. Instead, the warrantholder will be entitled to a cash payment equal to the market
price of our common stock on the last day preceding the exercise of the warrant (less the pro-rated
exercise price of the warrant) for any fractional shares that would have otherwise been issuable
upon exercise of the warrant. We will at all times reserve the aggregate number of shares of our
common stock for which the warrant may be exercised. We have listed the shares of common stock
issuable upon exercise of the warrant with the NASDAQ Global Market.
Rights as a Shareholder
The warrantholder shall have no rights or privileges of the holders of our common stock,
including any voting rights, until (and then only to the extent) the warrant has been exercised.
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Transferability
The initial selling securityholder may not transfer a portion of the warrant with respect to
more than 961,896 shares of common stock until the earlier of the date on which Superior has
received aggregate gross proceeds from a qualified equity offering of at least the issue price of
the series A preferred stock and December 31, 2009. The warrant, and all rights under the warrant,
are otherwise transferable.
Adjustments to the Warrant
Adjustments in Connection with Stock Splits, Subdivisions, Reclassifications and Combinations.
The number of shares for which the warrant may be exercised and the exercise price applicable to
the warrant will be proportionately adjusted in the event we pay dividends or make distributions of
our common stock, subdivide, combine or reclassify outstanding shares of our common stock.
Anti-dilution Adjustment. Until the earlier of December 5, 2011 and the date the initial
selling securityholder no longer holds the warrant (and other than in certain permitted
transactions described below), if we issue any shares of common stock (or securities convertible or
exercisable into common stock) for less than 90% of the market price of the common stock on the
last trading day prior to pricing such shares, then the number of shares of common stock into which
the warrant is exercisable and the exercise price will be adjusted. Permitted transactions include
issuances:
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as consideration for or to fund the acquisition of businesses and/or related assets; |
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in connection with employee benefit plans and compensation related
arrangements in the ordinary course and consistent with past practice
approved by our board of directors; |
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in connection with public or broadly marketed offerings and sales of
common stock or convertible securities for cash conducted by us or our
affiliates pursuant to registration under the Securities Act, or Rule
144A thereunder on a basis consistent with capital-raising
transactions by comparable financial institutions (but do not include
other private transactions); and |
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in connection with the exercise of preemptive rights on terms existing as of December 5, 2008. |
Other Distributions. If we declare any dividends or distributions other than our historical,
ordinary cash dividends, the exercise price of the warrant will be adjusted to reflect such
distribution.
Certain Repurchases. If we effect a pro rata repurchase of common stock both the number of
shares issuable upon exercise of the warrant and the exercise price will be adjusted.
Business Combinations. In the event of a merger, consolidation or similar transaction
involving Superior and requiring shareholder approval, the warrantholders right to receive shares
of our common stock upon exercise of the warrant shall be converted into the right to exercise the
warrant for the consideration that would have been payable to the warrantholder with respect to the
shares of common stock for which the warrant may be exercised, as if the warrant had been exercised
immediately prior to such merger, consolidation or similar transaction.
DESCRIPTION OF COMMON STOCK
The following is a brief description of our common stock. This summary does not purport to be
complete in all respects. This description is subject to and qualified in its entirety by
reference to our restated certificate of incorporation, a copy of which has been filed with the SEC
and which is also available upon request from us.
General
We
have 20,000,000 shares of authorized common stock, $.001 par value per share, of which
11,624,279 shares were outstanding as of September 3, 2009.
Holders of our common stock are entitled to one vote for each share that they hold for the
election of directors and on all matters to be submitted to a vote of the stockholders and have no
pre-emptive rights. Shares of our common stock are not redeemable or convertible.
Holders of our common stock are entitled to receive dividends and other distributions if, as
and when declared by our board of directors out of any funds legally available for dividends. Upon
our liquidation or dissolution,
5
holders of our common stock are also entitled to receive pro rata our net assets, if any,
remaining after payment of all our creditors and preferred liquidation payments to holders of our
Series A preferred stock and any other outstanding class or series of preferred stock.
Our series A preferred stock has, and any other series of preferred stock upon issuance will
have, preference over our common stock with respect to the payment of dividends and the
distribution of assets in the event of our liquidation or dissolution. Our preferred stock also has
such other preferences as currently, or as may be, fixed by our board of directors.
Our common stock is listed on the NASDAQ Global Market. Outstanding shares of our common
stock are validly issued, fully paid and non-assessable. Holders of our common stock are not, and
will not be, subject to any liability as shareholders.
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Registrar and Transfer Company.
Restrictions on Ownership
Federal law generally provides that no person or company, acting directly or indirectly or
through or in concert with one or more other persons, may acquire control of a savings and loan
holding company, such as Superior, without the prior approval of the OTS. Generally, a person or a
company will be deemed to control a savings and loan holding company if it (i) acquires more than
25% of any class of the voting securities of the savings and loan holding company or (ii) controls
the election of a majority of the directors of the savings and loan holding company. A person or
company will be deemed to control, subject to rebuttal, a savings and loan holding company if it
(i) acquires more than 10% of any class of voting stock of the savings and loan holding company or
(ii) acquires more than 25% of any class of stock (voting or non-voting) of the savings and loan
holding company and in each case is subject to any of the control factors established by the OTS.
In addition, a person or company will be deemed to control, subject to rebuttal, a savings and loan
holding company if it holds any combination of voting stock and proxies representing more than 25%
of any class of voting stock of the savings and loan holding company that enables it to: (i) elect
one-third or more of the savings and loan holding companys board of directors; (ii) cause the
savings and loan holding companys stockholders to approve an acquisition or corporate
reorganization; or (iii) exert a continuing influence on a material aspect of the business
operations of the savings and loan holding company.
PLAN OF DISTRIBUTION
The selling securityholders and their successors, including their transferees, may sell
the securities directly to purchasers or through underwriters, broker-dealers or agents, who may
receive compensation in the form of discounts, concessions or commissions from the selling
securityholders or the purchasers of the securities. These discounts, concessions or commissions as
to any particular underwriter, broker-dealer or agent may be in excess of those customary in the
types of transactions involved.
The securities may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at varying prices determined at the time of sale or at negotiated
prices. These sales may be effected in transactions, which may involve crosses or block
transactions:
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on any national securities exchange or quotation service on which
the common stock may be listed or
quoted at the time of sale, including, as of the date of this
prospectus, the NASDAQ Global Market; |
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in the over-the-counter market; |
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in transactions otherwise than on these exchanges or services or in the over-the-counter market; or |
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through the writing of options, whether the options are listed on an options exchange or otherwise. |
In addition, any securities that qualify for sale pursuant to Rule 144 under the Securities
Act may be sold under Rule 144 rather than pursuant to this prospectus.
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In connection with the sale of the securities or otherwise, the selling securityholders may
enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the
common stock issuable upon exercise of the warrant in the course of hedging the positions they
assume. The selling securityholders may also sell short the common stock issuable upon exercise of
the warrant and deliver common stock to close out short positions, or loan or pledge the common stock issuable upon exercise of the warrant to broker-dealers that in
turn may sell these securities.
The aggregate proceeds to the selling securityholders from the sale of the securities will be
the purchase price of the securities less discounts and commissions, if any.
In effecting sales, broker-dealers or agents engaged by the selling securityholders may
arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the selling securityholders in amounts to be negotiated immediately
prior to the sale.
In offering the securities covered by this prospectus, the selling securityholders and any
broker-dealers who execute sales for the selling securityholders may be deemed to be underwriters
within the meaning of Section 2(a)(11) of the Securities Act in connection with such sales. Any
profits realized by the selling securityholders and the compensation of any broker-dealer may be
deemed to be underwriting discounts and commissions. Selling securityholders who are underwriters
within the meaning of Section 2(a)(11) of the Securities Act will be subject to the prospectus
delivery requirements of the Securities Act and may be subject to certain statutory and regulatory
liabilities, including liabilities imposed pursuant to Sections 11, 12 and 17 of the Securities Act
and Rule 10b-5 under the Securities Exchange Act of 1934, or the Exchange Act.
In order to comply with the securities laws of certain states, if applicable, the securities
must be sold in such jurisdictions only through registered or licensed brokers or dealers. In
addition, in certain states the securities may not be sold unless they have been registered or
qualified for sale in the applicable state or an exemption from the registration or qualification
requirement is available and is complied with.
The anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of
securities pursuant to this prospectus and to the activities of the selling securityholders. In
addition, we will make copies of this prospectus available to the selling securityholders for the
purpose of satisfying the prospectus delivery requirements of the Securities Act, which may include
delivery through the facilities of the NASDAQ Global Market pursuant to Rule 153 under the
Securities Act.
At the time a particular offer of securities is made, if required, a prospectus supplement
will set forth the number and type of securities being offered and the terms of the offering,
including the name of any underwriter, dealer or agent, the purchase price paid by any underwriter,
any discount, commission and other item constituting compensation, any discount, commission or
concession allowed or reallowed or paid to any dealer, and the proposed selling price to the
public.
We do not intend to apply for listing of the warrant on any securities
exchange or for inclusion of the warrant in any automated quotation system unless
requested by the initial selling shareholder. No assurance can be given as to the liquidity of the
trading market, if any, for the warrant.
We have agreed to indemnify the selling securityholders against certain liabilities, including
certain liabilities under the Securities Act. We have also agreed, among other things, to bear
substantially all expenses (other than underwriting discounts and selling commissions) in
connection with the registration and sale of the securities covered by this prospectus.
SELLING SECURITYHOLDERS
On December 5, 2008, we issued the securities covered by this prospectus to the United States
Department of Treasury, which is the initial selling securityholder under this prospectus, in a
transaction exempt from the registration requirements of the Securities Act. The initial selling
securityholder, or its successors, including transferees, may from time to time offer and sell,
pursuant to this prospectus or a supplement to this prospectus, any or all of the securities they
own. The securities to be offered under this prospectus for the account of the selling
securityholders are:
7
|
|
|
a warrant to purchase 1,923,792 shares of our common stock,
representing beneficial ownership of approximately 16.6% of our common
stock as of September 3, 2009; and |
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|
|
1,923,792 shares of our common stock issuable upon exercise of the
warrant, which shares, if issued, would represent ownership of
approximately 16.6% of our common stock as of September 3, 2009. |
For purposes of this prospectus, we have assumed that, after completion of the offering, none of
the securities covered by this prospectus will be held by the selling securityholders.
Beneficial ownership is determined in accordance with the rules of the SEC and includes voting
or investment power with respect to the securities. To our knowledge, the initial selling
securityholder has sole voting and investment power with respect to the securities.
We do not know when or in what amounts the selling securityholders may offer the securities
for sale. The selling securityholders might not sell any or all of the securities offered by this
prospectus. Because the selling securityholders may offer all or some of the securities pursuant to
this offering, and because currently no sale of any of the securities is subject to any agreements,
arrangements or understandings, we cannot estimate the number of the securities that will be held
by the selling securityholders after completion of the offering.
Other than with respect to the acquisition of the securities, the initial selling
securityholder has not had a material relationship with us.
Information about the selling securityholders may change over time and changed information
will be set forth in supplements to this prospectus if and when necessary.
LEGAL MATTERS
The validity of the warrant and the common stock offered hereby
will be passed upon for us by Haskell Slaughter Young & Rediker, LLC.
EXPERTS
The consolidated financial statements of Superior Bancorp appearing in Superiors Annual
Report on Form 10-K for the year ended December 31, 2008, and the effectiveness of Superiors
internal control over financial reporting as of December 31, 2008 have been audited by Grant
Thorton, LLP independent registered public accounting firm, as set forth in their reports thereon,
included therein, and incorporated herein by reference. Such consolidated financial statements are
incorporated herein by reference in reliance upon such reports given on the authority of such firm
as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the
SEC. Our SEC filings are available to the public over the Internet at the SECs website at
http:/www.sec.gov. Copies of certain information filed by us with the SEC are also available on our
website at http://www.superiorbank.com. Our website is not a part of this prospectus. You may also
read and copy any document we file at the SECs public reference room, 100 F Street, N.E.,
Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the
operation of the public reference room.
Because our common stock is listed on the NASDAQ Global Market, you may also inspect reports,
proxy statements and other information at the offices of the NASDAQ Global Market.
The SEC allows us to incorporate by reference information we file with it, which means that
we can disclose important information to you by referring you to other documents. The information
incorporated by reference is considered to be a part of this prospectus, and information that we
file later with the SEC will automatically update and supersede this information. In all cases, you
should rely on the later information over different information included in this prospectus.
8
We incorporate by reference the documents listed below and all future filings we make with the
SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the
offering, except to the extent that any information contained in such filings is deemed furnished
in accordance with SEC rules:
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Annual Report on Form 10-K for the year ended
December 31, 2008; |
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Definitive Proxy Statement on Schedule 14A; |
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Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2009 and
June 30, 2009; |
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Current Reports on Form 8-K filed on February 2, 2009,
April 27, 2009, April 28, 2009, May 7, 2009,
July 21, 2009 and July 30, 2009; and |
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Registration Statement on Form 8-A (relating to our common stock) filed on November 5, 1998. |
You may request a copy of these filings, at no cost, by writing or telephoning us at the following
address:
Superior Bancorp
17 North Twentieth Street
Birmingham, Alabama 35203
205-327-1400
Attn: William H. Caughran
9
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
The following table sets forth the various expenses to be incurred in connection with the sale
and distribution of the securities being registered hereby, all of
which will be borne by Superior Bancorp
(except any underwriting discounts and commissions and expenses incurred by the selling
securityholders for brokerage, accounting, tax or legal services or any other expenses incurred by
the selling securityholders in disposing of the shares). All amounts shown are estimates except the
SEC registration fee.
|
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SEC registration fee |
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$ |
407 |
|
|
Legal fees and expenses |
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15,000 |
|
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Accounting fees and expenses |
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10,000 |
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Printing and miscellaneous expenses |
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5,000 |
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Total expenses |
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$ |
30,407 |
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Item 15. Indemnification of Directors and Officers.
Section 102(b)(7) of the Delaware General Corporation Law (DGCL) permits a Delaware
corporation in its certificate of incorporation to limit or eliminate, subject to certain statutory
limitations, the personal liability of their directors in certain circumstances. Superiors
Restated Certificate of Incorporation (the Certificate) contains a provision eliminating or
limiting director liability to Superior and its stockholders for monetary damages arising from acts
or omissions in the directors capacity as a director. The provision does not, however, eliminate
or limit the personal liability of a director (i) for any breach of such directors fiduciary duty
of loyalty to Superior or its stockholders, (ii) for acts or omissions not in good faith or which
involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL
making directors personally liable, under a negligence standard, for unlawful dividends or unlawful
stock purchases or redemptions, or (iv) for any transaction from which the director derived an
improper personal benefit. This provision offers persons who serve on the Board of Directors of
Superior protection against awards of monetary damages resulting from breaches of their duty of
care (except as indicated above). As a result of this provision, the ability of Superior or a
stockholder thereof to successfully prosecute an action against a director for a breach of his duty
of care is limited. However, this provision does not affect the availability of equitable remedies
such as an injunction or rescission based upon a directors breach of his duty of care. The SEC has
taken the position that the provision will have no effect on claims arising under the federal
securities laws.
Section 145 of the DGCL grants corporations the right to indemnify their directors, officers,
employees and agents in accordance with its provisions. Section 9.2 of Superiors Certificate
provides for mandatory indemnification rights, subject to limited exceptions, to any director,
officer, employee, or agent of Superior who, by reason of the fact that he or she is a director,
officer, employee, or agent of Superior, is involved in a legal proceeding of any nature. Such
indemnification rights include reimbursement for expenses incurred by such director, officer,
employee, or agent in advance of the final disposition of such proceeding in accordance with the
applicable provisions of the DGCL.
In addition, Superior has purchased insurance containing customary terms and conditions as
permitted by Delaware law on behalf of its directors and executive officers, which may cover
liabilities under the Securities Act.
II-1
Item 16. Exhibits
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EXHIBIT |
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NUMBER |
|
DESCRIPTION |
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3.1
|
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Restated Certificate of Incorporation, as
amended, of the Registrant (filed as
Exhibit 3.1 to the Registrants Current
Report on Form 8-K filed on April 27, 2009
and incorporated herein by reference). |
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3.2
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By-laws of the Registrant (filed as
Exhibit 3 to the Registrants Current
Report on Form 8-K, filed on November 20,
2007 and incorporated herein by
reference). |
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3.3
|
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Certificate of Designation of Fixed Rate
Cumulative Perpetual Preferred Stock of
Superior Bancorp (filed as Exhibit 3 to
the Registrants Current Report on Form
8-K filed on December 3, 2008 and
incorporated herein by reference). |
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4.3
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Purchase Agreement, dated as of December 5, 2008, between the Registrant and the United
States Department of the Treasury (filed as Exhibit 10.1 to the Registrants Current
Report on Form 8-K filed on December 8, 2008 and incorporated herein by reference). |
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4.4
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Warrant, dated December 5, 2008, to purchase shares of Common Stock of the Registrant
(filed as Exhibit 3 to the Registrants Current Report on Form 8-K filed on December 8,
2008 and incorporated herein by reference). |
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5
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Opinion of Haskell Slaughter Young
& Rediker, LLC. |
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12.1 |
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Statement of ratios of earnings to fixed charges. |
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23.1 |
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Consent of Grant Thornton, LLP. |
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23.2
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Consent of Carr, Riggs & Ingram, LLC. |
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23.3
|
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Consent of Haskell Slaughter Young
& Rediker, LLC (included in Exhibit 5). |
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24
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Powers of Attorney (included in the
signature pages to the Registration Statement).* |
*
Previously filed.
Item 17. Undertakings.
The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of
1933, as amended (the Securities Act of 1933);
(ii) to reflect in the prospectus any facts or events arising after the effective
date of this registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in this registration statement. Notwithstanding the foregoing, any
increase or decrease in the volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the Calculation of Registration Fee table in the
effective registration statement; and
(iii) to include any material information with respect to the plan of distribution
not previously disclosed in this registration statement or any material change to such
information in this registration statement;
II-2
provided, however, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act), that are
incorporated by reference in this registration statement, or is contained in a form of prospectus
filed pursuant to Rule 424(b) that is part of this registration statement.
(2) That, for the purposes of determining any liability under the Securities Act of 1933, each
post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at the time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability under the Securities Act of 1933 to any
purchaser:
(i) Each prospectus filed pursuant to Rule 424(b) as part of the registration statement
relating to an offering, other than registration statements relying on Rule 430B or other than
prospectus filed in reliance on Rule 430A shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the
registration statement or made in any such document immediately prior to such date of first
use.
(5) That, for the purpose of determining liability of a registrant under the Securities Act of
1933 to any purchaser in the initial distribution of the securities:
The undersigned registrant undertakes that in a primary offering of securities of the
undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications the undersigned registrant will
be a seller to the purchaser and will be considered to offer or sell such securities to such
purchaser:
(i) any preliminary prospectus or prospectus of the undersigned registrant relating to
the offering required to be filed pursuant to Rule 424;
(ii) any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;
(iii) the portion of any other free writing prospectus relating to the offering
containing material information about the undersigned registrant or its securities provided by
or on behalf of the undersigned Registrant; and
(iv) any other communication that is an offer in the offering made by the undersigned
registrant to the purchaser.
(6) The
undersigned registrant hereby undertakes that:
(i)
For purposes of determining any liability under the Securities Act of
1933, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon rule 430A
and contained in a form of prospectus filed by the registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act
shall be deemed to be part of this registration statement as of the
time it was declared effective.
(ii)
For the purpose of determining any liability under the Securities Act
of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.
The registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrants annual report pursuant to Section 13(a) or
15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
indemnification provisions described herein, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such indemnification is against public policy
as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the registrant of
expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by
II-3
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933 and will
be governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Birmingham, State of Alabama, on
September 4, 2009.
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SUPERIOR BANCORP
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By: |
/s/ C. Stanley Bailey
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C. Stanley Bailey |
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Chairman and Chief Executive Officer |
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities and on the dates indicated.
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Signature |
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Title |
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Date |
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/s/ C. Stanley Bailey
C/ Stanley Bailey |
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Chairman and Chief
Executive Officer
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September 4, 2009 |
*
James A. White |
|
Chief Financial Officer
(Principal Financial Officer)
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|
September 4, 2009 |
*
James C. Gossett |
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Chief Accounting Officer
(Principal Accounting Officer)
|
|
September 4, 2009 |
*
Roger D. Barker |
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Director
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|
September 4, 2009 |
*
Rick D. Gardner |
|
Chief Operating Officer
and Director
|
|
September 4, 2009 |
*
James Mailon Kent, Jr. |
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Director
|
|
September 4, 2009 |
*
Mark A. Lee |
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Director
|
|
September 4, 2009 |
*
Peter L. Lowe |
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Director
|
|
September 4, 2009 |
S-1
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|
Signature |
|
Title |
|
Date |
*
D. Dewey Mitchell |
|
Director
|
|
September 4, 2009 |
*
Robert R. Parrish, Jr. |
|
Director
|
|
September 4, 2009 |
*
Charles W. Roberts, III |
|
Director
|
|
September 4, 2009 |
*
C. Marvin Scott |
|
President and Director
|
|
September 4, 2009 |
*
James C. White, Sr. |
|
Director
|
|
September 4, 2009 |
*By |
/s/ C. Stanley
Bailey C.
Stanley Bailey
Attorney-in-fact
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S-2
EXHIBIT INDEX
|
|
|
EXHIBIT |
|
|
NUMBER |
|
DESCRIPTION |
|
|
|
3.1
|
|
Restated Certificate of Incorporation, as amended, of the
Registrant (filed as Exhibit 3.1 to the Registrants
Current Report on Form 8-K filed on April 27, 2009 and
incorporated herein by reference). |
|
|
|
3.2
|
|
By-laws of the Registrant (filed as Exhibit 3 to the
Registrants Current Report on Form 8-K, filed on
November 20, 2007 and incorporated herein by reference). |
|
|
|
3.3
|
|
Certificate of Designation of Fixed Rate Cumulative
Perpetual Preferred Stock of Superior Bancorp (filed as
Exhibit 3 to the Registrants Current Report on Form 8-K
filed on December 3, 2008 and incorporated herein by
reference). |
|
|
|
4.3
|
|
Purchase Agreement, dated as of December 5, 2008, between the Registrant and the United States Department
of the Treasury (filed as Exhibit 10.1 to the Registrants Current Report on Form 8-K filed on December
8, 2008 and incorporated herein by reference). |
|
|
|
4.4
|
|
Warrant, dated December 5, 2008, to purchase shares of Common Stock of the Registrant (filed as Exhibit 3
to the Registrants Current Report on Form 8-K filed on December 8, 2008 and incorporated herein by
reference). |
|
|
|
5
|
|
Opinion of Haskell Slaughter Young
& Rediker, LLC. |
|
|
|
12.1 |
|
Statement of ratios of earnings to fixed charges. |
|
|
|
23.1
|
|
Consent of Grant Thornton, LLP. |
|
|
|
23.2
|
|
Consent of Carr, Riggs & Ingram, LLC. |
|
|
|
23.3
|
|
Consent of Haskell Slaughter Young
& Rediker, LLC (included in Exhibit 5). |
|
|
|
24
|
|
Powers of Attorney (included in the
signature pages to the Registration Statement).* |
*
Previously filed.