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.
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. :-(
We used Alostar Bank (formerly Nexity) for a HELOC and when we ran into trouble with the home values decreasing in our area, we attempted to refinance. Alostar refused to subordinate and it killed the deal. 2 years later, we tried to refinance again - to better our situation and actually put more money towards the payoff of the HELOC, however, Alostar would not even compromise.
I'd stay far away from this bank as the actions we've seen above speak to their level of personal relationship with their customers.
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.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 AloStar Bank of Commerce had $14.38 million in non-current loans and owned real-estate with $191.63 million in equity and loan loss allowances on hand to cover it. This gives AloStar Bank of Commerce a Texas Ratio of 7.51% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
In the past year, AloStar Bank of Commerce has increased its total deposits by $166.93 million, resulting in 36.26% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth AloStar Bank of Commerce has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. AloStar Bank of Commerce has $888 million in assets with $191.63 million in equity, resulting in a capitalization level of 21.58%, which is excellent.
|FDIC Certificate #||59060|
|Assets and Liabilities|
|Equity Capital||$170.53 million|
|Loan Loss Allowance||$21.10 million|
|Unbacked Noncurrent Loans||$14.38 million|
|Real Estate Owned||$0|
|Historic Data - March 2013|
|Equity Capital||$173.07 million|
|Loan Loss Allowance||$23.75 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||4.34%|
|Return on Assets||0.4%|
|Return on Equity||1.99%|
|Interest Income||$10.41 million|
Always verify rates and promotions with the bank or credit union. We are not AloStar Bank of Commerce, we are a rate comparison website and can not provide official rates or promotions.
|0.80%||$50k||-||Money Market Advantage|
|0.60%||$1k||-||Business Money Market|
|1.65%||$1k||-||60 Month CD|
|1.30%||$1k||-||36 Month CD|
|1.10%||$1k||-||24 Month CD|
|1.00%||$1k||-||18 Month CD|
|0.95%||$1k||-||12 Month CD|
|0.85%||$1k||-||9 Month CD|
|0.75%||$1k||-||6 Month CD|
|0.50%||$1k||-||Business 24 Month CD|
|0.45%||$1k||-||90 Day CD|
|0.30%||$1k||-||Business 12 Month CD|
|0.25%||$1k||-||Business 9 Month CD|
|0.20%||$1k||-||Business 6 Month CD|
|0.15%||$1k||-||Business 90 Day CD|
|1.15%||$1k||-||36 Month IRA|
|1.15%||$1k||-||36 Month Roth IRA|
|0.90%||$1k||-||24 Month IRA|
|0.90%||$1k||-||24 Month Roth IRA|
|0.80%||$1k||-||12 Month IRA|
|0.80%||$1k||-||12 Month Roth IRA|
AloStar Bank of Commerce is an Internet only bank and does not have branch locations. Its headquarters is located at 3680 Grandview Parkway, Suite 200 - Birmingham, AL 35243