Superior Bancorp in Birmingham, Ala., is seeking $58 million from the Gulf Coast Claims Facility, a fund created by the oil company BP to cover damages caused by the Deepwater Horizon oil spill.
Stan Bailey, Superior's chairman and chief executive, said in a press release Tuesday that the spill created "additional stresses on our Gulf Coast loan portfolio" through its negative impact on real estate appraisals, collateral, reserves and loan losses.
The $3.2 billion-asset company lost $137.8 million in the third quarter. Superior and its thrift unit have entered into a cease-and-desist order with the Office of Thrift Supervision to boost its leverage ratio to 10% and its total risk-based capital ratio to 14% by March 31. At Sept. 30, those ratios were 2.6% and 5.04%, respectively.