Unassociated Document
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 2,
2009
SUPERIOR
BANCORP
(Exact
Name of Registrant as Specified in Charter)
Delaware
State or
Other
Jurisdiction
of
Incorporation
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0-25033
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63-1201350
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(Commission
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(IRS Employer
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File Number)
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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
1 – Registrant’s Business and Operations
Item 1.01. Entry into a Material
Definitive Agreement.
As
previously announced, on September 4, 2008, Superior Bancorp (the “Company”)
established a one-year revolving line of credit with Colonial Bank (the “2008
Agreement”). On August 14, 2009, BB& T Corporation acquired the
banking operations of Colonial Bank. On September 2, 2009, the
Company entered into an agreement with Branch Banking and Trust Company
(“BB&T”) amending the 2008 Agreement by, among other things, extending until
September 3, 2010 the maturity date of the Company’s line of credit and changing
the amount available thereunder to $7 million. Pursuant to the
amended loan agreement and promissory note, interest on each advance under the
revolving line of credit accrues at the Wall Street Journal prime
rate plus 125 basis points, but not less than 4.5% per annum. The
outstanding principal balance under the line of credit is $7
million.
Neither
the Company nor the Company’s affiliates have any material relationship with
BB&T other than in respect of the line of credit, except that D. Dewey
Mitchell, a director of the Company, is a guarantor on a business development
loan from BB&T, and Robert R. Parrish, Jr., a director of the Company, is a
member of two limited liability companies which have loans from
BB&T.
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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