Prime Alliance Bank
Headquarters
1868 S 500 W
Woods Cross, UT 84010
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ACH 124303081
2024 Overview
General Bank Information
Prime Alliance Bank is an FDIC insured institution located in Woods Cross, UT. It was founded in 2004 and has approximately $0.74 billion in assets.
| FDIC Insured | Yes |
| FDIC Certificate | # 57920 |
| Date Established | 2004 |
| Assets | $ 740.16 million |
| Loans | $ 567.22 million |
| Deposits | $ 667.15 million |
| Capital | $ 68.97 million |
For a more detailed analysis of Prime Alliance Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - April 27, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Personal Savings Account
|
4.50% | $0 | - |
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|
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6-Month CD
|
5.30% | $500 | - |
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|
| 12 Month Online CD
|
5.30% | $500 | - |
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|
| 18 Month Online CD
|
4.75% | $500 | - |
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|
| 24 Month Online CD
|
4.50% | $500 | - |
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|
| 36 Month Online CD
|
4.25% | $500 | - |
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|
| 48 Month Online CD
|
4.00% | $500 | - |
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|
| 60 Month Online CD
|
4.00% | $500 | - |
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|
Bank Offers
Prime Alliance Bank Lowers Its Online Savings Rate to 0.50% APY
Jun 2, 2021
Prime Alliance Bank, a small Utah-based bank that has been competitive in the online savings (money market) space over the last year, has lowered its online savings rate from 0.60% to 0.50% APY.
Prime Alliance Bank Raises Its Online Savings / Money Market Rates to 0.60% APY
Aug 3, 2021
Prime Alliance has raised its online savings and money market rates by ten basis points from 0.50% to 0.60% APY.
Loan Rates - April 27, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Prime Alliance Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 1835285 |
6.787% |
6.750% 0.38 points $1,203 fees |
$2,076 | Learn More |
NMLS ID: 3030 |
7.463% |
7.375% 0.88 points $2,800 fees |
$2,211 | Learn More |
NMLS ID: 491986 |
points fees |
Learn More | ||
NMLS ID: Not a Lender |
points fees |
Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
7.490 %
|
$0 |
Learn More
More Info |
Note to Prime Alliance Bank
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Branches
Prime Alliance Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
Prime Alliance Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Prime Alliance Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Prime Alliance Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Prime Alliance Bank | U.S. Bank Average |
|---|---|
| 19.12% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, Prime Alliance Bank had $17,736,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $68,971,000 in equity and $23,767,000 in loans loss reserves. That gives it a Texas Ratio of 19.12%.
Return on Equity
| Prime Alliance Bank | U.S. Bank Average |
|---|---|
| 15.23% | 12.20% |
Prime Alliance Bank has a Return on Equity of 15.23% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Prime Alliance Bank | U.S. Bank Average |
|---|---|
| 9.32% | 10.76% |
Prime Alliance Bank has a Capitalization of 9.32% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Prime Alliance Bank Balance Sheet Analysis
As of December 31, 2023, Prime Alliance Bank had assets of $740,161,000, loans of $567,217,000, and deposits of $667,152,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 7.41 million |
| Interest-bearing balances | $ 4.25 million |
| Total securities | $ 117.72 million |
| Federal funds sold and reverse repurchase | $ 39.74 million |
| Net loans and leases | $ 567.22 million |
| Loan loss allowance | $ 23.77 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | N.A. |
| All other assets | $ 7.61 million |
| Total Assets | $ 671.19 million |
| LIABILITIES | |
|---|---|
| Total deposits | $ 667.15 million |
| Interest-bearing deposits | $ 627.29 million |
| Deposits held in domestic offices | $ 667.15 million |
| % insured (estimated) | 87.24% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | N.A. |
| Subordinated debt | N.A. |
| All other liabilities | $ 1.52 million |
| Total Liabilities | $ 671.19 million |
| Shareholders’ Equity | $ 68.97 million |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 49.81 million |
| Total Interest Expense | $ 22.15 million |
| Net interest income | $ 27.67 million |
| Provision for loan and lease losses | $ 9.48 million |
| Total non interest income | $ 0.04 million |
| Total non interest expense | $ 8.32 million |
| Pre-tax Net Operating Income | $ 6.99 million |
Bank Loan Profile?
The top three loan types in Prime Alliance Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Small Business Loans.
Compared to other banks in Utah, Prime Alliance Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 0.00 | ✓ | ||
| Multifamily Mortgages |
0.33 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.00 | ✓ | ||
| Small Business Loans | 1.73 | ✓ | ||
| Construction and Development Loans | 0.84 | ✓ | ||
| Commercial Real Estate | 7.64 | ✓ | ||
| Commercial and Industrial Loans | 48.51 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Prime Alliance Bank (11)
JBaker65
May 6, 2023 |
Fully functional bank account that would be great for my needs, but the quarterly interest payment thing is a real nuisance. I wish they would change it. It isn't market.
Is this review helpful? Yes:1 / No: 0
HappyPrimeAllianceCustomer
September 20, 2022 |
Prime Alliance Bank has a single branch (outside Salt Lake City) and does an excellent job with distance banking (we are based in Washington state). It stands out in several ways: (1) Interfacing with the bank is a dream come true. A live human being actually answers the phone (no queue line) and that person can usually handle the issue. (2) Another amazing standout feature is the speed at which they agreed to prepare a Bank Verification Letter that Amex was requiring when I opened took out a an Amex card. (3) As far as the account itself goes, Prime Alliance grants check writing privileges and allows joint (to include JTWROS) accounts, with a POD (Pay on Death) option (it is surprising how some of the high interest paying banks do not permit joint accounts or do not allow the Pay on Death feature. (4) Best feature of all: ACH transfers to my other bank accounts arrive THE NEXT DAY (submit request before 5pm MST). Never had a bank so fast on these. I am used to these taking 2 to 3 business days, often 3. Online interface is excellent. My sole regret is not dumping the major name brand bank I was using years earlier.
Is this review helpful? Yes:1 / No: 0
JaySN
December 6, 2021 |
Works fine, but I wish interest were credited monthly and not quarterly.
Is this review helpful? Yes:3 / No: 0
StuartC03
November 15, 2021 |
Great rate and never a problem.
Is this review helpful? Yes:0 / No: 0
John218632
October 1, 2021 | | Replies 1
I opened the account, having seen it listed on this site or on ratesandinfo.com after they raised their rate. I have not been disappointed but I have not needed to reach customer service. I did notice that interest is only credited quarterly and that means you will lose accrued interest in you close it on a day other than Jan 1, April 1, July 1 or October 1.
Is this review helpful? Yes:1 / No: 1
jennilou23 | Apr 27, 2024
You will not lose interest if closed before the next interest posting
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