State Bank of Texas (SBT)

Overview / Commentary
11950 Webb Chapel Road
Dallas, TX 75234

State Bank of Texas (SBT) is headquartered in Dallas and is the 62nd largest bank in the state of Texas. It is also the 663rd largest bank in the nation. It was established in 1987 and as of June of 2022, it had grown to 89 employees at 7 locations. State Bank of Texas (SBT)'s money market rates are 8X the national average, and it boasts an A+ health rating.

Related Posts

State Bank Of Texas 12-Month CD At 5.00% APY Still Available - 12/17/2022

For those of you frustrated with the My eBank "Now you see it, now you don't" CD special, here is some potential good news. It looks like this 5% 12-month CD special is still available at State Bank of Texas. For some reason, it is no longer showing on the DA web site....even though Ken reviewed it on December 5.   I believe State Bank of Texas retakes the nationwide rate leader position for 12-month CD's now that My eBank has completed its one-day joke of an offering. Link to offer

State Bank of Texas 12-Month CD Update - 12/5/2022

State Bank of Texas nationally available 12-month CD is now a rate leader, with a new 5.00% APY (rate as of 12/5/2022. Requires a $25k minimum opening deposit.

State Bank of Texas 12-Month CD Special Is Near-Rate Leader - 11/28/2022

State Bank of Texas has added 80 bps to its nationally available 12-month CD, making it a near-rate leader Can be opened with a $25k minimum deposit.

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Online CD Application

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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.

State Bank Of Texas "Bait And Switch" Scheme

Do not use this bank! Their money market accounts were showing online as some of the highest in the country so I opened an account. I noticed ongoing advertising of high rates but did not see these high rates being paid to my account. When I called "Christina" the "assistant manager" she said "those higher rates are for a 'different product'". Different product? Ridiculous! I had deposited the max covered by FDIC! She was also very obnoxious and kept interrupting me constantly so I could barely say anything. Also, when I requested a form to wire my money out of the account, she refused and said someone else would have to call and ID me and send me the form. AVOID THIS BANK AT ALL COSTS!

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

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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



Health Grade Components

FDIC Certificate #27074
Year Established1987
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD3.97%
Return on Equity - YTD26.91%
Annual Interest Income$40.8MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.61B$1.12B
LoansQ2 2022vs Q2 2021$1.27B$896.7MM
DepositsQ2 2022vs Q2 2021$1.30B$926.3MM
Equity CapitalQ2 2022vs Q2 2021$230.7MM$169.8MM
Loan Loss AllowanceQ2 2022vs Q2 2021$15.8MM$12.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$11.3MM$11.2MM
Real Estate OwnedQ2 2022vs Q2 2021$462.00K$1.1MM
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State Bank of Texas (SBT) Savings Account Rates

0.02%--Business Savings Account
0.02%--Regular Savings Account

State Bank of Texas (SBT) Money Market Rates

3.56%$100k-Business Jumbo Money Market - New Money
3.56%$100k-Jumbo Money Market - New Money

State Bank of Texas (SBT) Locations
O'hare International Airport Branch10000 West O'hare AvenueChicago, IL 60666
Irving Branch605 W. Airport FreewayIrving, TX 75062
Garland Branch517 West I-30Garland, TX 75041
Richardson Branch500 W Belt Line RoadRichardson, TX 75080
State Bank Of Texas11950 Webb Chapel RdDallas, TX 75234
Devon Branch2615 West DevonChicago, IL 60659
Houston Branch8585 S. Gessner RoadHouston, Texas 77074

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