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Home » Store » News » Feds Shut Down Superior, But Alliance Still in Business

Feds Shut Down Superior, But Alliance Still in Business

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The strange story of Superior Bank – parent of one of the nation’s leading wholesale subprime lenders – took another, and likely final, turn last week when federal regulators shut down the troubled thrift. In a statement, the Office of Thrift Supervision said it used its authority to close Superior because of continuing capital problems. According to the OTS, the thrift’s tangible equity capital had fallen to less than 2 percent of its total assets.
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