AloStar Bank of Commerce was an FDIC-assisted acquisition of nationwide correspondent bank.
AloStar was established to acquire the business of Nexity Bank from the FDIC in April 2011. In connection with the purchase of Nexity Bank, AloStar entered into a loss-sharing arrangement with the FDIC that provides significant protection against potential credit deterioration in the legacy loan portfolio. AloStar uses an Internet deposit-gathering platform to originate and fund asset-based commercial loans for small and mid-sized businesses. The company was sold to State Bank Financial of Georgia in 2017.