AloStar Bank of Commerce
AloStar Bank of Commerce is a relatively new bank established in 2011 and based in Birmingham, Alabama. It does not have a traditional branch structure, but operates out of a single location in Birmingham and has depositors in at least 48 states. AloStar does maintain a commercial lending office in Atlanta, Georgia, from which it manages a portfolio of commercial loans.
AloStar Bank of Commerce offers Personal, Retail, and Business banking solutions. On its personal banking side, the bank usually offers higher rates on its Savings and Checking account offerings because it does not have the overhead costs of banks that operate branches. AloStar also makes a Money Market account available – each of its savings, checking, and Money Market accounts come with a debit card. Certificates of deposit are offered in term lengths ranging from 30 days to 60 months and have minimum opening amount requirements.
AloStar Bank of Commerce online banking offers an Internet platform on which customers can manage their accounts, including performing tasks like Bill Pay and check image viewing. The bank also released a free mobile banking app that allows customers to perform the same functions via their phones. AloStar Bank of Commerce partners with MasterCard to offer debit cards to their customers.
AloStar Bank of Commerce was named by its founders in order to convey the bank’s commitment to service and leadership. ‘Alo’ is a Latin term for nourishes and ‘Star’ implies a guiding light or sign of destiny. The star, with its seven points, also symbolizes the bank’s foci of character, capital, cash flow, collateral, conditions, correspondents, and commerce.
AWESOME SERVICE!!!!
You get a representative to speak with without having to go into the mechanical filtering. The same representatives from Nexity are there and helped me get statements from back in 2007 when I had opened my account. I do not blame them for taking responsibility on how to manage my checkbook, I am greatly satisfied with this bank and its service that I receive when I contact them personally.
No Electronic Transfers?
How does a bank that is going for a higher interest rate on CDs make it work? Perhaps it;s because they have a lot of fees. They want your money, but don't have electronic transfers and charge $20.00 for a wire transfer. Snail mail is free, however. Just talked to a representative at their bank and was going to open a CD, but not with snail mail AloStar Bank of Commerce. I went with another bank!
Happy To Charge Extra Fees! Alostar Representatives Filled With Major Attitude.
We have had a business account with them and the bank they took over for around ten years.
They left a voicemail at 9:18am to inform that we had a couple small (less than $500 total) checks that we didn't have enough in our checking account to cover. The rep asked for a call back by noon.
We had between $60,000 and $80,000 in our money market account that is linked to our checking.
We were unable to call back right away, but transfered plenty of $$$ within NINE MINUTES of the voicemail.
At 1:00pm, when we had more than $5,000 in our checking account, they "bounced" both checks and charged us $60. Of course, we'll be charged even more by the vendors whose checks bounced.
After Nexity Bank had treated us so well for so many years, it's a shame that their representatives treated us only with (major) attitude when we asked why our checks were bounced when we had more than TEN TIMES the funds to cover. The answer was: you didn't call like we wanted.
Can't close our account right now (too many checks with all of Alostar/Nexity info on them), but at the next opportunity (a few months from now), we will definitely do so. Too bad that for $60 they are willing to lose a profitable, long-time customer. :-(
Data as of Q4 2023
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11813 |
| Year Established | 1876 |
| Employees | 5333 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.1% |
| Return on Equity - YTD | 11.87% |
| Annual Interest Income | $2.31B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $48.93B$48.67B |
| Loans | Q4 2023vs Q4 2022 | $32.22B$30.1B |
| Deposits | Q4 2023vs Q4 2022 | $38.5B$38.97B |
| Equity Capital | Q4 2023vs Q4 2022 | $5.17B$4.31B |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $468MM$440.3MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $173.1MM$70.2MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $5.9MM$4.4MM |