Alamerica Bank
Alamerica Bank is based in Birmingham, with headquarters and one branch in the Alamerica Bank Building at 2170 Highland Avenue in Southside Birmingham.
The President and CEO of Alamerica Bank is Lawrence R. Tate. Donald Watkins, one of the bank's founding investors, is on the bank's board of directors.
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.
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.1.
References
- Diel, Stan (September 9, 2007) "City is Alamerica's top patron." The Birmingham News
External Links
- Alamerica Bank website