Alamerica officially opened its doors for business on January 28, 2000, and achieved operational profitability within six months of operation. It is considered to be a well-capitalized bank with assets totaling $72 million as of 2007.
In December 2017 the Federal Deposit Insurance Corporation filed a civil action alleging that Alamerica Bank violated its fiduciary duties in making some loans.
In 2018 Alamerica Bank filed a lawsuit claiming that two former executives, Robert Rockett and Thomas Healan, worked on the launch of a new competitor, Millennial Bank, while still employed at Alamerica, and that their actions imperiled a proposed sale of the bank to Tamer El-Rayess of New York.
City of Birmingham accounts
$40 million of the bank's total deposits are owned by the City of Birmingham and were deposited at the direction of Mayor Bernard Kincaid. Alamerica holds approximately 10% of the city's deposits, and provides a higher rate of return than any other local bank. However, since the deposits are awarded without taking bids and because Watkins' Voter News Network and other political action committees have been Kincaid's primary campaign fundraisers in the 2003 and 2007 mayoral elections, there is, according to banking expert Tony Plath, a conflict of interest.
- Diel, Stan (September 9, 2007) "City is Alamerica's top patron." The Birmingham News
- Coker, Angel (August 14, 2018) "Alamerica files suit against two former execs now at Millennial Bank." Birmingham Business Journal
- Alamerica Bank website