Nexity Bank, a subsidiary of Nexity Financial Corporation, was incorporated in 1999 in Birmingham, AL and failed on April 15, 2011. Nexity Bank operated offices in Birmingham, Atlanta, GA, Columbia, SC, Dallas/Fort Worth, Texas, Myrtle Beach, SC, and Winston-Salem, NC. Prior to its collapse, Nexity Bank used the internet to provide some of the most competitive interest rates on CDs and money market and high yield savings accounts, and it was frequently in the BankRate.com's top tier for 100 highest APYs. Nexity Bank failed on April 15, 2011, with around $700 million in assets. With the help of the Federal Deposit Insurance Corp. (FDIC), Alostar Bank, also headquartered in Birmingham, took over Nexity Financial Corp.
Alostar Bank is not a traditional bank; rather than serving a small community via a branch banking footprint, the company serves the entire United States via the Internet. Alostar does not originate mortgage loans but does offer savings, checking, online banking, and certificates of deposit (CDs). Alostar Bank's CDs are available in 30 day, 90 day, 6 month, 9 month, 12 month, 18 month, 24 month, 36 month, and 60 month maturities.
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