"Our goal is to have this institution back in private handsbefore year's end," says Acting FDIC Chairman John Reich.
Superior Bank had about $42.9 million of potentially uninsureddeposits held by approximately 1,000 depositors when it was closed.FDIC will provide a $1.5 billion line of credit to New Superior tosupport continued banking operations.
The bank grew rapidly by specializing in subprime home equityloans but ran into trouble recently with auto loans and highmarketing costs. The bank has assets of $2.3 billion and totaldeposits of $1.6 billion.
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