Birmingham bank to sell shares to the government - WSFA.com Montgomery Alabama news.

Birmingham bank to sell shares to the government

BIRMINGHAM, Ala. (AP) - The third-largest bank based in Alabama has received preliminary approval to sell $79.5 million in stock to the government as part of the Treasury Department's bank rescue package.

Birmingham-based Superior Bancorp, which operates 76 offices from Huntsville to Florida's Gulf Coast, said Tuesday the government will buy $69 million of preferred shares paying a 5 percent dividend.

The Treasury Department will also buy warrants good for $10.5 million of common stock. The bank said it will use the investment money to increase lending.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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