Gulf of Mexico Oil Spill Blog Superior Bank

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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

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