SARASOTA, Fla., July 27 /PRNewswire-FirstCall/ -- Superior Bancorp(Nasdaq: SUPR) and People's Community Bancshares, Inc., of Sarasota,Florida, jointly announced the consummation of their merger on July 27,2007. The completed merger of People's Community Bank of the West Coastwith Superior Bank creates a banking franchise totaling $2.8 billion inassets that serves its customers through 63 banking offices from Venice,Florida to Huntsville, Alabama. The merger also creates an approximately $1billion asset community bank in Florida, with 25 branches from Venice toPanama City, Florida. The existing People's Community Bank locations willcontinue to operate under the People's Community Bank banner for the nearfuture. "We are excited about this partnership and the opportunities itprovides our customers, employees and shareholders," said Neil D. McCurry,Jr., People's Community Bank Chairman and Chief Executive Officer. "We areconfident that we will be able to expand and grow opportunities on the westcoast of Florida and build upon Superior's reputation of superior peopledelivering superior products that will generate superior value for itscustomers and shareholders. The additional resources that the combinedcompany will be able to bring to our customers will generate new revenueopportunities that we believe will continue to increase our shareholdervalue." As a result of the merger, People's Community Bancshares, Inc.shareholders will receive 2.9036 shares of Superior Bancorp common stockfor each share of People's Community Bancshares, Inc. stock they own. "We are excited to welcome our People's Community customers,shareholders and associates as we join forces," said Stan Bailey, SuperiorBancorp Chairman and Chief Executive Officer. "We look forward to buildingon our combined strengths and creating value for our customers,communities, employees and shareholders on the west coast of Florida. As weintegrate the two companies in the coming months, we are committed tooffering 'superior' service to our customers and returns for ourshareholders. We are adding to the company an outstanding management teamthat has extensive experience in Florida. We believe that the complementarystrengths of the two companies, in partnering to create a community bankwith approximately $1 billion in assets in Florida, will generatesignificant opportunities and continue to increase our shareholder value." About Superior Bancorp Superior Bancorp is a $2.8 billion thrift holding company headquarteredin Birmingham, Alabama. The principal subsidiary of Superior Bancorp isSuperior Bank, a southeastern community federal savings bank. Superior Bankhas 63 branches with 38 locations throughout the state of Alabama and 25locations in Florida. In addition, Superior Bank currently has 13 newbranches planned for Northeast Alabama and Florida during 2007 and 2008. Superior Bank also has loan production offices in Montgomery, Alabamaand Tallahassee, Marianna and Panama City, Florida, and operates 19consumer finance offices in Northeast Alabama as 1st Community Credit andSuperior Financial Services. Additional Information Statements in this document that are not historical facts, including,but not limited to, statements concerning future operations, results orperformance, are hereby identified as "forward-looking statements" for thepurpose of the safe harbor provided by Section 21E of the SecuritiesExchange Act of 1934 and Section 27A of the Securities Act of 1933.Superior Bancorp cautions that such "forward-looking statements," whereverthey occur in this document or in other statements attributable to SuperiorBancorp are necessarily estimates reflecting the judgment of SuperiorBancorp's senior management and involve a number of risks and uncertaintiesthat could cause actual results to differ materially from those suggestedby the "forward- looking statements." Such "forward-looking statements"should, therefore, be considered in light of various important factors setforth from time to time in Superior Bancorp's reports and registrationstatements filed with the SEC. While it is impossible to list all suchfactors that could affect the accuracy of such "forward-lookingstatements," some of those factors include: general economic conditions,especially in the Southeast; the performance of the capital markets;changes in interest rates, yield curves and interest rate spreadrelationships; changes in accounting and tax principles, policies orguidelines; changes in legislation or regulatory requirements; changes inthe competitive environment in the markets served by Superior Bancorp;changes in the loan portfolio and the deposit base of Superior Bancorp; andthe effects of natural disasters such as hurricanes. Superior Bancorp disclaims any intent or obligation to update "forward-looking statements." More information on Superior Bancorp and its subsidiaries may beobtained over the Internet, http://www.superiorbank.com or by calling1-877-326-BANK (2265).
