State Bank of Texas (SBT) is headquartered in Dallas and is the 72nd largest bank in the state of Texas. It is also the 788th largest bank in the nation. It was established in 1987 and as of December of 2021, it had grown to 86 employees at 7 locations. State Bank of Texas (SBT)'s money market rates are 3X the national average, and it has an A health rating.
Related Posts
8/7 - Competitive Jumbo Money Market Account at State Bank of Texas
4/22 - SBT Offers Special Rate On 12-Month CD To Houston Area Residents
7/17/17 - 1.55 % Money Market, BUT NOT FOR ME
6/26/17 - State Bank of Texas Ups Jumbo MMDA Rate
5/24/17 - State Bank of Texas 12-Month Jumbo CD Available Nationwide
8/30/16 - State Bank of Texas Offers 1-Year CD and MMA Nationwide
2/22/16 - State Bank of Texas Offers Competitive 1-Year CD And MMA
7/9/09 - 4.00% 10-Month / 4.15% 15-Month CD at a Texas Bank (Millennium)
9/11/08 - 4.10% 9-Month / 4.35% 18-Month CD at a Texas Bank (Millennium)
1/26/06 - 4.85% 1-Year CD at a Texas Bank
Online CD Application
No real surprises during the online application but could not save the application at the end for future review. The screen was there to save, but it didn't function. However, the application did get submitted.
It did take 4 business days to get acknowledgement, and then only after I had called. They required copies of our driver's license. No luck sending a .pdf by regular email. I had to register and use their Secure Messaging site. Some glitches...
Got approved and sent an email with the paperwork. Basically, signature cards, but a confusing couple of account ownership pages to initial. I had to call back in to understand. Then print out the 4 pages, sign and initial, scan to .pdf, and use their Secure Messaging site to send it back in.
I think they've progressed, but still are maturing in handling applications online.
Kind Of Clunky Internet Banking
Typical of small brick and mortar banks which attempt to solicit out of market deposits, SBT has apparently patched together various purchased software to support their internet banking.
Most importantly, this seems to have resulted in many steps to the account opening process, but worse, there is a one day delay in response time between each step. It took an entire week and a half from initiating the account opening request to the funding my account (including micro deposit reporting routine), then several more days to get online banking up and running.
The website and some of the online forms lack necessary information resulting in several phone calls. For example, I could not find SBT’s routing number on their website. And, their online banking agreement says there are limits to transfers, but does not state what they are, rather indicating they ‘may’ be available on the transfer funds screen, but none such exists in my experience. Luckily DA had called to get clarification on this point (see Competitive Jumbo MMA link above). UPDATE:
Today, 8/24, I attempted to make a large transfer from a linked bank to SBT (using SBT online banking). A pop up appeared telling me that I had exceeded the transfer limits of:
Incoming $15,000 per day and $30,000 per month
Outgoing $5000 per day and $10,000 per month
All of this is not really a problem sufficient to deter one from seeking the above average (jumbo) MMA rate, just a point of frustration. Since there are few posts evaluating this bank, I thought I’d give those interested a heads up.
P.S. This is a real bank, no hard credit pull to open a deposit account
Shaky Start
We decided to open a jumbo money market account at the Garland branch based on the excellent rate. The sign up experience was shaky. We had to ask for both checks to be sent to us and a receipt for our deposit, among other things. I keep waiting for a phone call telling me they forgot something
Account Opening
The Chicago office said you must go into one of the branches to open an account. It can't be done online or by snail mail.
Money Market Account
Beware- when balance falls below $25,000 there is $20 monthly fee-
There Are Far Better Options
State Bank of Texas: High minimum balance requirements, poor online banking, no ability to link to an external account for ACH transfers and an absurdly cumbersome new account application that was clearly written by an anal-retentive attorney.
Follow up to my initial comments: I just got off the phone with a rep who confirmed that I cannot link my Jumbo MM account to any other accounts. To make a new deposit, I must wire funds from another bank or mail them a check. Furthermore, they are currently offering a much higher rate than I have. They do not pass alone interest rate increases to existing customers. Lousy way to treat a customer!
Nonsense Of A Bank
So many banks have a much more APY. And this bank wants a minimum balance of $100,000 for their abysmal APY?
Awful Customer Service
I called this bank on TWO separate occasions inquiring about its Jumbo Money Market account. I had to leave messages both times, but nobody ever called me back.
I find this to be incredibly unprofessional and bad business on their part since I was looking to deposit $100,000 and not open a Christmas Club account with $100.00!
I'm shocked by their incompetence.
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27074 |
| Year Established | 1987 |
| Employees | 86 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 4.42% |
| Return on Equity - YTD | 28.16% |
| Annual Interest Income | $65.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $1.32B$977.0MM |
| Loans | Q4 2021vs Q4 2020 | $1.06B$775.9MM |
| Deposits | Q4 2021vs Q4 2020 | $1.08B$774.8MM |
| Equity Capital | Q4 2021vs Q4 2020 | $199.6MM$162.8MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $13.5MM$10.3MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $10.6MM$8.7MM |
| Real Estate Owned | Q4 2021vs Q4 2020 | $2.7MM$1.1MM |