Welcome to AloStar Bank of Commerce.
When we founded AloStar Bank of Commerce, a team of veterans of the financial world, who've been at the very top of some of the biggest financial institutions in the world – Bank of America, Citicorp, Wells Fargo – came together to create something entirely different. Being at the top of such companies gives you a unique perspective. You witness the struggle of the middle: You see the challenge of the middle class to be heard and respected by financial institutions that have grown so large they can't maintain a culture of personal service. You observe the attempts of middle-sized companies to be seen and financed in a world that seems to reward size regardless of merit. And, knowing what your own institution is facing, you become keenly aware of the struggle of the community banks and credit unions to manage through declining revenues and increased federal regulation.
It is from this unique perspective that the notion of AloStar Bank of Commerce arose. We formed because we believe in the vast, vital, middle of our country. We believe the strength of America resides in the companies that haven't grown monstrous in size. We believe the future of our country depends on the hard-working folks who haven't grown wealthy beyond imagination. We believe the security of our country's wealth depends on the community banks and credit unions that, while they aren't large, are part of the very character and fabric of the communities in which they operate.
And so these are the customers and clients of AloStar Bank of Commerce. We are AloStar Bank of Commerce. We serve the people who grow America. We strengthen the financial institutions that grow America. And we grow the businesses that grow America. We serve our clients with innovative services, competitive rates, and some of the best people in the business. So whether it's Individual Banking, Correspondent Services for other financial institutions, or our problem-solving approach to Commercial Lending for mid-sized businesses, you'll find that AloStar Bank of Commerce is banking the way it's meant to be. By people you're meant to do business with.
Team and Approach
Finance executives Michael Gillfillan and Andrew McGhee established AloStar Bank of Commerce with the vision of leveraging a national deposit base to create a customer-focused, lower-cost lending option for small to medium-sized businesses. Together, Gillfillan and McGhee provide you with 66 years of combined experience in banking, finance and private equity.
Gillfillan spent 26 years at Wells Fargo, where he finished his career as Chief Credit Officer and Vice Chairman. He has extensive experience in bank governance and commercial finance and management.
McGhee co-founded Archway Equity Partners, an Atlanta-based private equity firm, in 2008. Prior to that he spent 12 years with SunTrust, serving as managing director of three business units and eventually attaining a title of Senior Vice President. McGhee has also held leadership positions at Citicorp, Bank South and Bank of America Business Credit.
Founders Gillfillan and McGhee worked with four private equity firms to raise $160 million to acquire Nexity, a commercial bank based in Birmingham, Alabama, providing stability and capital to offer opportunities and service for its Correspondent Services clients and to move forward with a focused commercial lending strategy targeting manufacturers, distributors, and other service businesses.
So, What's with the name?
We are asked that a lot. The Latin term, Alo, means to nourish, cherish, support, sustain, maintain and keep – which is exactly how we treat customers and employees alike. And the word "Star" implies many things as well: a guiding light, a sign of destiny or a preeminent figure.
The seven points on our star symbolize the traditional five C's of banking and credit – character, capital, cash flow, collateral and conditions – as well as two important words of our own: correspondents and commerce, both critical to our success. Each of these seven C's guides us in the decisions we make every day.
The result? A catalyst for commerce and a guiding light for our customers. That's what AloStar Bank of Commerce is all about.
AloStar Bank of Commerce does business nationally, with depositors in all 50 states, correspondent banks across the Southeast, and a national lending base. We are headquartered in Birmingham, Alabama, and our commercial office is located in Atlanta, Georgia. Business with AloStar is conducted largely in person or online – we do not have a traditional branch structure, which allows us to drive efficiency and maintain low costs. That means better fees and rates for you, a financial advantage everyone can agree with.