Prime Alliance Bank

Headquarters

1868 S 500 W
Woods Cross, UT 84010
See all branch locations →

ACH 124303081

Notable Rates	APY	Vs.Others
Savings	4.50%	5.50% →
1-Year CD	4.50%	4.65% →
2-Year CD	4.15%	4.25% →
5-Year CD	3.25%	4.05% →
30-Year Mortgage	N.A.	4.91% →
15-Year Mortgage	N.A.	4.39% →
HELOC	N.A.	0.99% →

Reviewed by JBaker65 | May 6, 2023 |

Online Savings Rates

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.

Overview
Deposit Rates
Loan Rates
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Financial Details
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Reviews

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 $0.75 billion in assets.


FDIC Insured	Yes
FDIC Certificate	# 57920
Date Established	2004
Assets	$ 745.86 million
Loans	$ 578.48 million
Deposits	$ 667.80 million
Capital	$ 74.75 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 - December 22, 2024

Your Current Location: Ohio, OH 43085

Savings and Money Market Rates	APY	MIN	MAX
Personal Savings Account	4.50%	$0	-	Learn More Reviews

CD Rates	APY	MIN	MAX
6-Month CD	4.65%	$500	-	Learn More Reviews
12 Month Online CD	4.50%	$500	-	Learn More Reviews
18 Month Online CD	4.15%	$500	-	Learn More Reviews
24 Month Online CD	4.15%	$500	-	Learn More Reviews
36 Month Online CD	3.75%	$500	-	Learn More Reviews
48 Month Online CD	3.50%	$500	-	Learn More Reviews
60 Month Online CD	3.25%	$500	-	Learn More Reviews

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 - December 22, 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: 1025894	6.863%	6.750% 1.00 points $3,705 fees	$2,076	Learn More
NMLS ID: 2592312 License#: RM.805266.000	6.879%	6.750% 1.00 points $4,432 fees	$2,076	Learn More
NMLS ID: 3030	7.325%	7.250% 0.75 points $2,400 fees	$2,183	Learn More
NMLS ID: 491986		points fees		Learn More

See More Mortgage Rates →

Featured - Ohio Home Equity Line Of Credit Rates 2024

Lender	APR (%)^?	Monthly Payment^?	Learn More
Third Federal Savings and Loan See Table	Intro APR 7.240 % After Intro: 7.240 %	$0	Learn More More Info
Conditions… Variable APR of Prime minus 1.01% in all states. Min loan amount $10,000. Max loan amount $200,000. 30-year term. Annual fee waived for the first year. See conditions for guarantee at thirdfederal.com. Third Federal rate are typically 20% lower than other leaders Guaranteed Lowest Rate No closing costs, prepayment penalties, or minimum draw requirements 10 year draw period
Rate See Table	Intro APR 7.900 % After Intro: 7.900 %	$25,000	Learn More More Info
A Guaranteed Rate HELOC is secured with your home as collateral, whereas personal loans and credit cards are not. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. Guaranteed Rate Home Equity Line is an open-end product where the full loan amount (minus lender, broker, third party, and governement fees, as applicable) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. Apply in 5 minutes, get your money in as fast as 5 days. Digital application experience. Funds directly to your bank account. No in-person appraisal needed.

See More Home Equity Rates →

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

Prime Alliance Bank Locations around zip code 43085

Branch	Distance	Map	View Lobby Hours
Prime Alliance Bank	1532.64	A	View Lobby Hours

View Branches Nationwide →

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
13.27%	4.48%

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 June 30, 2024, Prime Alliance Bank had $13,110,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $74,750,000 in equity and $24,014,000 in loans loss reserves. That gives it a Texas Ratio of 13.27%.

Return on Equity

Prime Alliance Bank	U.S. Bank Average
27.89%	10.46%

Prime Alliance Bank has a Return on Equity of 27.89% versus the BestCashCow average of 10.46%. 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
10.02%	10.84%

Prime Alliance Bank has a Capitalization of 10.02% versus the BestCashCow average of 10.84. 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 June 30, 2024, Prime Alliance Bank had assets of $745,855,000, loans of $578,484,000, and deposits of $667,795,000. 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

June 30, 2024

ASSETS
Cash & Balances due from depository institutions	$ 7.23 million
Interest-bearing balances	$ 4.00 million
Total securities	$ 128.50 million
Federal funds sold and reverse repurchase	$ 24.21 million
Net loans and leases	$ 578.48 million
Loan loss allowance	$ 24.01 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	$ 671.11 million

LIABILITIES
Total deposits	$ 667.80 million
Interest-bearing deposits	$ 645.04 million
Deposits held in domestic offices	$ 667.80 million
% insured (estimated)	90.24%
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	$ 671.11 million
Shareholders’ Equity	$ 74.75 million

Summary Income Statement

June 30, 2024

INCOME AND EXPENSES
Total Interest Income	$ 28.36 million
Total Interest Expense	$ 13.43 million
Net interest income	$ 14.93 million
Provision for loan and lease losses	$ 1.62 million
Total non interest income	$ 0.04 million
Total non interest expense	$ 3.31 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	0.32		✓
Credit Card Loans	0.00	✓
Consumer Auto Loans	0.00	✓
Small Business Loans	2.01		✓
Construction and Development Loans	0.82		✓
Commercial Real Estate	7.50		✓
Commercial and Industrial Loans	47.56			✓
Farm Loans	0.00	✓

Customer Reviews for Prime Alliance Bank (11)

JBaker65

May 6, 2023 |

Online Savings Rates

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:2 / No: 0
JaySN

December 6, 2021 |

Online Savings Rates

Works fine, but I wish interest were credited monthly and not quarterly.

Is this review helpful? Yes:4 / No: 0
StuartC03

November 15, 2021 |

Online Savings Rates

Great rate and never a problem.

Is this review helpful? Yes:0 / No: 0
John218632

October 1, 2021 | | Replies 1

Online Savings Rates

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 4, 2022

You will not lose interest if closed before the next interest posting

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