Superior Bancshares in Hazelwood, Mo., has reportedly agreed to sell a 40% stake in itself to an investor group.
The $33 million-asset company signed a letter of intent to sell the stake for $1 million to Thomas Cy Wong and Sachin Prepaisilp, the St. Louis Business Journal reported on Thursday. The agreement would value at the stake at roughly $1 a share.
Wong would join the company as executive vice president of business development "at a mutually agreed upon fair market value of compensation," the report said. Wong and Prapaisilp would also join the company's board.
Superior lost $299,000 in the first half of this year, after losing $1.1 million in 2012, according to the Federal Deposit Insurance Corp. Superior's bank has been operating under a consent order from the FDIC.