SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

(Mark One)

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006 or

o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)

For the transition period from                      to                     

Commission file number 0-25033

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

(formerly The Banc Corporation 401(k) Plan)

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Superior Bancorp (f/k/a The Banc Corporation)
17 North Twentieth Street
Birmingham, Alabama 35203

 

 

Superior Bancorp 401(k) Plan
Table of Contents
December 31, 2006 and 2005

		Page
Report of Independent Registered Public Accounting Firm as of December 31, 2006 and 2005 and for the year ended December 31, 2006			1
Financial Statements
Statements of Net Assets Available for Plan Benefits			2
Statement of Changes in Net Assets Available for Plan Benefits			3
Notes to Financial Statements			4 - 7
Supplementary Information
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)			8
EX-23.1 CONSENT OF CARR, RIGGS & INGRAM, LLC

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To Participants and Administrator of Superior Bancorp 401(k) Plan

We have audited the accompanying statement of net assets available for plan benefits of Superior Bancorp 401(k) Plan (formerly The Banc Corporation 401(k) Plan) as of December 31, 2006 and 2005, and the related statement of changes in net assets available for plan benefits for the year ended December 31, 2006. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 2006 and 2005, and the changes in its net assets available for plan benefits for the year ended December 31, 2006, in conformity with accounting principles generally accepted in the United States of America.

Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2006, is presented for purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ Carr, Riggs & Ingram LLC

Dothan, Alabama
6/26/2007

Statements of Net Assets Available for Plan Benefits

December 31,		2006				2005
Assets
Investments, at fair value		$	6,809,182			$	6,044,682
Employer contributions receivable			15,868				18,521
Employee contributions receivable			29,130				32,322
Net assets available for Plan benefits		$	6,854,180			$	6,095,525

See accompanying notes to financial statements

Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 2006

Additions
Additions to net assets attributed to:
Investment Income
Net appreciation in fair value of investments		$	69,747
Interest			5,826
Dividends			298,884
Total Investment Income			374,457
Contributions
Forfeitures			23,641
Participant contributions			1,107,740
Company contributions			609,883
Transfer-in / rollovers			22,551
Total Contributions			1,763,815
Total additions			2,138,272
Deductions
Deductions to net assets attributed to:
Benefits paid to participants			(1,377,574	)
Administrative expenses			(2,043	)
Total deductions			(1,379,617	)
Net increase			758,655
Net assets available for Plan benefits at beginning of year			6,095,525
Net assets available for Plan benefits at end of year		$	6,854,180

See accompanying notes to financial statements

Notes to Financial Statements

NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of Superior Bancorp 401(k) Plan (the Plan), formerly The Banc Corporation 401(k) Plan, have been prepared on the accrual basis of accounting.

Investment Valuation and Income Recognition

Superior Bancorp (the Company’s) common stock is traded on the Nasdaq Global Market under the trading symbol “SUPR” and investments in the Company’s stock are valued using the closing price on the last business day of the plan year. Cash and cash equivalents are stated at fair value, which is approximated by cost. Investments in the mutual fund investments are stated at fair value based on participation units owned by the Plan. Fair values of the participation units owned by the Plan in the mutual fund investments are based on quoted redemption values on the last business day of the Plan year as determined by FAS Corp (the Custodian). Participant loans are valued at their outstanding balance, which approximates fair value. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

NOTE 2 — DESCRIPTION OF PLAN

The following description of the Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan, which covers employees of the Company who have attained age 21 and are employed as of the enrollment dates of either January 1^st or July 1^st of each year. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

See accompanying notes to financial statements

Superior Bancorp 401(k) Plan
Notes to Financial Statements

NOTE 2 — DESCRIPTION OF PLAN (CONTINUED)

Contributions

Each year, participants may contribute up to 100% of pretax annual compensation, as defined in the Plan subject to Internal Revenue Service (IRS) limits. Participants direct the investment of their contributions into various investment options offered by the plan. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Effective January 1, 2005, the Plan became a safe harbor plan under the Internal Revenue Code regulations. Under the new plan description, the employer matching contribution is equal to 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. The Company contributed $609,883 and $544,089 to the Plan in 2006 and 2005 respectively.

Vesting

Participants are immediately vested in their contributions plus actual earnings thereon. There is immediate vesting of the employer matching contributions made after January 1, 2005. Prior to 2005, vesting in the Company contribution portion of their accounts plus actual earnings thereon was based on years of continuous service. A participant was 100 percent vested after five years of credited service.

Participant Accounts

Each participant’s account is credited with the participant’s contributions and allocations of (a) the Company’s contributions and (b) Plan earnings, and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. Forfeited balances of terminated participants’ nonvested accounts are used to reduce the Company’s discretionary matching contributions in accordance with the Plan agreement. During 2006, $23,641 was used in forfeitures to reduce the Company’s discretionary matching contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Participant Loans

Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years unless the loan is for the purchase of a primary residence. In such case, the term of the loan shall be determined by the Company based on maturity dates for similar loans in the local area. The loans are secured by the balance in the participant’s account and bear interest at a rate commensurate with local prevailing rates as determined by the Plan administrator. Principal and interest are paid ratably through monthly payroll deductions.

See accompanying notes to financial statements

Superior Bancorp 401(k) Plan
Notes to Financial Statements

NOTE 2 — DESCRIPTION OF PLAN (CONTINUED)

Plan Termination

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts.

Payment of Benefits

Upon termination of service, death, disability, or retirement, a participant may receive a lump-sum amount equal to the vested value of his or her account, or periodic equal installments for a period not to exceed the joint and last survivor life expectancy of the participant and the participant’s beneficiary or an annuity.

Administrative Expenses

The Company pays all administrative expenses, other than custodial fees, on behalf of the Plan. Custodial fees are paid by the Plan.

NOTE 3 — PARTIES-IN-INTEREST TRANSACTIONS

On On May 1, 2006, Sterne, Agee and Leach Group, Inc. became the trustee for the Plan's investments while FAS Corp remained as the Plan's record keeper for the Plan's investments. Certain plan investments are units of mutual fund investments managed by Federated Retirement Services who has outsourced the record keeping duties to FAS Corp. One of the investment vehicles in the Plan is Superior Bancorp common stock. The Company pays for all legal, accounting, and other services on behalf of the Plan.

NOTE 4 — INCOME TAX STATUS

Effective November 1, 2006, the Plan adopted the proto-type 401(k) plan of the Trust Company of Sterne, Agee and Leach, Inc. (“Sterne”). The IRS has determined and informed Sterne by a letter dated November 19, 2001, that the prototype 401(k) plan used by the Plan is designed in accordance with the applicable requirements of the Internal Revenue Code. The Plan Administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

See accompanying notes to financial statements

Superior Bancorp 401(k) Plan
Notes to Financial Statements

NOTE 5 — INVESTMENTS

The fair value of individual investments that represent 5% or more of the Plan’s net assets is as follows:

December 31,		2006				2005
Federated Capital Preservation Fund		$	1,725,203			$	1,383,294
Federated Total Return Bond A			864,690				952,432
Superior Bancorp Employer Stock			1,887,213				1,851,456
Baron Growth Fund			427,041				350,876

During 2006, the Plan’s investments (including investments bought, sold, as well as held during the year) appreciated/(depreciated) in fair value as determined by quoted market prices as follows:

December 31,		2006				2005
Superior Bancorp common stock		$	(10,996	)		$	429,222
Mutual fund investments			80,743				(23,828	)
		$	69,747			$	405,394

NOTE 6 — RISKS AND UNCERTAINTIES

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

See accompanying notes to financial statements

Supplementary Information

Superior Bancorp 401(k) Plan
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
Plan Sponsor EIN: 63-1201350
Plan Number 001

(a)		( b )		( c )		( d )		( e )
		Identity of issue,
		borrower, lessor, or
		similar party		Description of investment		Cost		Current value
*		Superior Bancorp		Superior Bancorp Common Stock		Omitted cost		$	1,887,213
						with respect to
*		Federated		Federated Conservative Allocation IS		participant directed			21,199
						transactions
*		Federated		Federated Moderate Allocation Fund IS		under an individual			59,057
						account plan
*		Federated		Federated Capital Preservation Fund					1,725,203
*		Federated		Federated GNMA Trust SS					59,418
*		Federated		Federated Total Return Bond A					864,690
*		American Century		American Century Equity Income Advisor Class					192,854
*		Baron Funds		Baron Growth Fund					427,041
*		Touchstone Funds		Touchstone Diversified Small Cap Value Z					206,344
*		Federated		Federated Stock Trust					60,471
*		Federated		Federated Kaufmann Fund					125,879
*		Federated		Federated Capital Appreciation Fund					325,838
*		Federated		Federated Mid-Cap Index IS					267,071
*		Federated		Federated Max-Cap Index Fund					58,417
*		Janus		Janus Advisor Forty Class S					150,138
*		Federated		Federated International Equity Fund A					106,255
*		Federated		Federated International Small Company Fund A					136,818
*		Participant Loans		Interest rates ranging from 5% to 6%					114,693
*		Forfeiture/Asset Holding Balance							20,583
								$	6,809,182

See report of independent registered public accounting firm

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the Superior Bancorp 401(k) Plan has duly caused this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.

		SUPERIOR BANCORP 401(K) PLAN
		By		/s/ Ellen Casey
				Ellen Casey Administrator

Dated: June 29, 2007

EXHIBIT INDEX

Exhibit No.		Exhibit
23-1		Consent of Carr, Riggs & Ingram, LLC