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.
