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SouthPoint Bank was launched in October 2005 by former SouthTrust Corporation executives. Steve Smith, currently Chairman, President and Chief Executive Officer got the idea of opening a bank when the former SouthTrust Bank was purchased by Charlotte-based Wachovia Corporation in June of 2004. Steve Smith left Wachovia after 22 years of service because he wanted to build a local bank that served the community. He recruited other interested former SouthTrust co-workers, shared his ideas, and in March 2004, submitted an application to state and federal regulators to open a Birmingham-based, state-chartered institution called SouthPoint Bank.
Since Smith’s plan was to develop a community bank that was locally owned and operated, he limited shareholder investments and injected a sizable sum of his own money into the venture.
When the bank opened in 2005, nine of the original 14 employees came from SouthTrust. The bank currently has a total of 43 employees of which almost half are former-SouthTrust employees with an average of 16+ years of experience in the banking industry. SouthPoint’s Home Mortgage Lending Division currently has 40 employees all of which have past mortgage experience. There are currently eight directors on the board.
The first SouthPoint Bank branch was opened in Trussville in December of 2006. The Gardendale branch opened in August 2007 and the Wilsonville branch opened in September 2014. In late 2007, SouthPoint started the Home Mortgage Lending Division which currently has six offices. They are in Birmingham, Decatur, Millbrook, Muscle Shoals, Spanish Fort and Huntsville.
SouthPoint Bank designs their product line to appeal to small- to medium-sized, privately-owned businesses as well as professionals and owner-occupied real estate developments for lending and deposit relationships. SouthPoint is also highly successful at Home Mortgage lending for individuals and offers great interest rates on checking accounts for individuals.
We are SouthPoint Bank. Our purpose is to point people forward. We do this by offering financial tools that provide solutions to help our customers go forward, not only financially, but in life.