State Bank of Texas (SBT) is headquartered in Dallas and is the 83rd largest bank in the state of Texas. It is also the 947th largest bank in the nation. It was established in 1987 and as of March of 2021, it had grown to 76 employees at 7 locations. State Bank of Texas (SBT)'s money market rates are 70% higher than the national average, and it has an A health rating.
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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-
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 Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27074 |
| Year Established | 1987 |
| Employees | 76 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 3.65% |
| Return on Equity - YTD | 21.81% |
| Annual Interest Income | $13.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $1.03B$918.1MM |
| Loans | Q1 2021vs Q1 2020 | $824.1MM$709.8MM |
| Deposits | Q1 2021vs Q1 2020 | $785.0MM$768.3MM |
| Equity Capital | Q1 2021vs Q1 2020 | $172.1MM$134.2MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $11.1MM$7.8MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $11.4MM$7.6MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $1.5MM$2.1MM |