Gulf of Mexico Oil Spill Blog Superior Bank

Superior Bank

superior bank bp oil spill

Superior Bank Files $58 Million Oil Spill Claim

Wednesday, Nov 24, 2010

Superior Bancorp (Nasdaq: SUPR) today announced that its subsidiary, Superior Bank, has filed a damage claim of $58 million with the Gulf Coast Claims Facility (GCCF) as a result of the BP oil spill.  

Stan Bailey, Chairman & CEO, stated “The Florida Gulf Coast comprises one of our two primary markets.  This past summer, the Gulf Coast region experienced an ‘economic hurricane’ of epic proportion at a time when the area was poised for a recovery.  This has resulted in additional stresses on our Gulf Coast loan portfolio that have negatively affected Superior’s performance, operations, and shareholder value with particularly negative impacts on customer relationships, real estate appraisals, loan collateral values, loan loss reserves, and loan losses.  Superior believes that it should be entitled to compensation from the GCCF for the financial devastation caused by this tragedy and the adverse impact to the bank.  We have supplied the GCCF with extensive documentation and we expect that our claim will be honored upon review.”

Superior retained the services of O’Sullivan Creel LLP, a Pensacola-based accounting firm, to assist in the calculation of the losses related to this incident.  In June 2010, O’Sullivan Creel LLP developed the O’Sullivan Creel Oil Spill Task Force, which has been instrumental in assisting firms that have sustained damages or loss of income as a result of the BP Oil Spill.

 Source: PR Newswire

Advertisements
This entry was posted in bp oil spill and tagged , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s