Superior in Missouri to Sell Stake to Investor Group

Published August 29, 2013, 2:10 p.m. EDT

Updated January 11, 2017, 6:34 p.m. EST

1 Min Read

Superior Bancshares in Hazelwood, Mo., has reportedly agreed to sell a 40% stake in itself to an investor group.

Processing Content

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.

Paul Davis

Founder, Bank Slate

Paul Davis is the founder of Bank Slate, a financial strategy and research firm. He previously led community bank coverage at American Banker.

MORE FROM AMERICAN BANKER

Artificial intelligence

How AI is breaking the financial services learning curve

Emerging forms of artificial intelligence are moving so fast, traditional IT training isn't an easy fit. New research from American Banker shows how banks are handling training.

By John Adams
Executive Editor, Payments

3h ago
Monetary policy

Fed's Jefferson 'cautious' about labor market gains

Federal Reserve Vice Chair Philip Jefferson said in a speech Tuesday that despite positive employment readings in recent months, he remains concerned that an economic shock could still threaten the labor market.

By John Heltman
Washington Bureau Chief

April 7
Commercial banking

Santander, Webster name key business leaders ahead of merger

Santander U.S. and Webster Financial are doing integration work in advance of their pending merger, including naming business-line leaders, the banks said in separate notes.

By Allissa Kline
Reporter

April 7
Regulation and compliance

FDIC proposes GENIUS regime, AML rollback and final debanking rule

The FDIC board voted unanimously to issue a proposal putting a rebuttable ban on bank-issuers paying yield on stablecoins, another narrowing AML requirements and a third prohibiting examiners using reputational risk in exams, outside of operational or financial risks.

By Ebrima Santos Sanneh
Reporter

April 7
CHIME

Chime moves further up market with prime offering

The neobank is rolling out Chime Prime, a new membership service that rewards customers for making Chime their primary bank account.

By Joey Pizzolato
Reporter

April 7
Marketing

U.S. Bank signs on as NFL's bank and wealth management partner

The Minneapolis-based company plans to leverage the arrangement to draw more attention to its growing list of national business lines, transcending its regional reputation.

By John Reosti
Reporter

April 7