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): July 19, 2007
SUPERIOR
BANCORP
(Exact
Name of Registrant as Specified in Charter)
Delaware
State
or
Other
Jurisdiction
of
Incorporation
|
0-25033
|
63-1201350
|
|
(Commission
|
(IRS
Employer
|
|
File
Number)
|
Identification
No.)
|
|
17
North 20th
Street, Birmingham, Alabama
|
35203
|
|
(Address
of Principal Executive
Offices)
|
Zip
Code)
|
(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
2 - Financial Information
| Item 2.03. |
Creation of a Direct Financial
Obligation under an Off-Balance Sheet |
| Arrangement
of a
Registrant. |
On
July
19, 2007, Superior Bancorp (the “Company”) issued approximately $22,000,000 in
aggregate principal amount of Trust Preferred Securities and a like amount
of
related subordinated debentures through the Company’s wholly owned
unconsolidated subsidiary trust, Superior Capital Trust I. The Trust Preferred
Securities bear interest at a floating rate of three-month LIBOR plus 1.33%
which is payable quarterly. The Trust Preferred Securities, which may be
redeemed on or after September 15, 2012, will mature on September 15, 2037.
| Item 2.04.
|
Triggering Events That
Accelerate
or Increase a Direct Financial Obligation |
| or an Obligation
under
an Off-Balance Sheet Arrangement. |
On
July
25, 2007, the Company completed its redemption of approximately $16 million
in
aggregate outstanding principal amount of Trust Preferred Securities and related
six-month LIBOR plus 3.75% junior subordinated debentures due July 25, 2031,
both of which were issued by the Company’s wholly owned unconsolidated
subsidiary trust, TBC Capital Statutory Trust III. The terms of these
redemptions have previously been disclosed on the Company’s Current Report on
Form 8-K filed with the Securities and Exchange Commission on June 21, 2007
announcing the Company’s call that triggered these redemptions.
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.
| |
|
SUPERIOR
BANCORP |
|
|
|
| |
|
By: /s/
C. Stanley Bailey |
| |
C.
Stanley Bailey |
| |
Chairman
and Chief Executive Officer |
| |
|
| Date: July 25, 2007 |
|