State Bank of Texas (SBT) is headquartered in IRVING and is the 40th largest bank in the state of Texas. It is also the 452nd largest bank in the nation. It was established in 1987 and as of March of 2025, it had grown to 99 employees at 7 locations. State Bank of Texas (SBT)'s money market rates are 10X the national average, and it has a B+ health rating.
Not The Easiest CD Application Process
I recently opened a 100k 12 mo. CD at SBT. Online application was not too bad. However, they do require a banker to contact you and request a copy of your D/L. Once they have that back, they then email a signature card to sign and return. If you have a scanner, like me, then it is no big deal. Otherwise, snail mail it back. After approval, they ACH the amount you designated on your application. The only notification you get regarding your account number is on the signature card you signed. At this point, your money is gone, but you can't log in to the bank because you have no user name or password. SBT doesn't bother to tell you you have to go to the website and click "Enroll". What is even more enjoyable is starting to enroll and them asking you for a PIN number, which you don't have. So, you are stuck. Hmm, now what? Email the "banker" and ask WTF is my PIN number? Oh, he replies, its the last 4 of your social. How the F^%# am I supposed to know that? I suggest to him that I should not have to ask for this info, SBT should be advising me of the process. He offers to let TPTB know of my suggestion. Bottom line, not the easiest bank to deal with. Rate-wise, hard to beat 5.85%, but you have to work for it.
Extra Process And Fee For ACH Withdrawal
Be aware of more steps to withdraw fund on maturity, and extra $10 charge for ACH.
Online CD Application
Update 12/24/22) I lowered all ratings after trying to get my matured CD proceeds back out. A simple ACH transfer back to the funding institution took a written form, not to be sent until at least five days before maturity, and a $10 fee. I've blacklisted them from any more of my business. Strange, as I usually research these details before investing.
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
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27074 |
| Year Established | 1987 |
| Employees | 99 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 4.07% |
| Return on Equity - YTD | 29.51% |
| Annual Interest Income | $59.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $2.79B$2.65B |
| Loans | Q1 2025vs Q1 2024 | $2.26B$2.13B |
| Deposits | Q1 2025vs Q1 2024 | $2.33B$2.27B |
| Equity Capital | Q1 2025vs Q1 2024 | $378.6MM$355.6MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $25.3MM$22.5MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $56.6MM$37.6MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $2MM$2.1MM |