Superior Bank Sells 40 Percent to Investor Group

Superior Bank (Bancshares) located at Village Square in the City of Hazelwood, will be selling 40 percent of itself to an investor group.

The $33 million-asset company signed a letter of intent to sell the stake for $1 million to Thomas Cy Wong and Sachin Prepaisilp last week, according to the St. Louis Business Journal.  

Wong would join the company as executive vice president of business development and begin receiving a paycheck. His salary was not released. 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 (FDIC). Superior Bank has been operating under a consent order from the FDIC.

Click here to read the entire St. Louis Business Journal article.