Peoples Bank of Alabama has become one of the most respected community banks in northern and central Alabama, offering a full range of financial services while maintaining strong regional roots. Since its founding in 1977, the bank has expanded through mergers and organic growth, serving customers in 28 branches across multiple counties. Known for its customer-centered approach and steady embrace of digital tools, Peoples Bank of Alabama continues to earn accolades and deepen its role in local economies.
Founding and Early History
Peoples Bank of Alabama began as Peoples Bank of Holly Pond on October 24, 1977, with a mission to meet the financial needs of a small community in Cullman County. Over the next few years, it expanded into Cullman and changed its original name to reflect a more regional identity. A relocation of its main office to Cullman in 1994 marked its shift from a local bank to a broader community institution.
Mergers and Expansion
Over time, the bank opened additional branches and acquired other institutions to broaden its reach. In 2008, it rebranded as Peoples Bank of Alabama, underscoring its aspirations to serve a wider state population. A notable moment came on August 18, 2014, when the bank merged with Generations Bank a de novo bank established in 2008 adding three branches and roughly $79 million in assets. This expansion pushed total assets over $600 million, with 25 branches and more than 30,000 customers.
Assets, Branches, and Market Position
Today, Peoples Bank of Alabama manages more than $1¯billion in assets and over $1¯billion in customer deposits, making it the 11thlargest bank in the state and among the top 1,000 institutions nationwide. With 28 branch locations and numerous ATMs serving seven counties including Blount, Cherokee, Cullman, Etowah, Jefferson, Marshall and Morgan the bank has solidified its regional footprint.
Range of Services
Peoples Bank offers a full suite of financial products, including:
- Fee-free and low-fee checking accounts
- Savings, money market, and IRA account options
- Mortgage, auto, commercial, and personal loans
- CDs and retirement planning
- Private banking services for high-net-worth clients
The bank combines local, face-to-face banking at branches with modern tools like online and mobile platforms.
Digital Offerings and Security
The bank’s mobile app enables users to check balances, transfer funds, deposit checks remotely, pay bills, and locate nearby branches or ATMs. Security is a top priority, with measures like SSL encryption, multifactor authentication, and VeriSign-certified digital IDs.
Customer Experience and Fees
Peoples Bank has earned a strong reputation for customer service and affordability. It offers checking accounts with no monthly fees, and its overdraft charge of $22 is notably lower than many competitors. Despite a modest savings interest rate, customers enjoy added value through fee waivers and a highly-rated in-branch experience.
Awards and Recognition
Peoples Bank has been honored on Forbes’ ‘America’s BestInState Banks 2025’ list, based on surveys of over 26,000 customers rating trust, customer service, digital tools, and overall banking experience. This marks the third consecutive year the bank has earned this distinction, reflecting consistent customer satisfaction and community trust.
Community Engagement and Financial Education
Beyond banking, Peoples Bank supports financial literacy and community development. Through initiatives like Teen Moola U and Moola U Basics, the bank offers free educational workshops in high schools and for adults, helping residents make informed financial decisions. This commitment reinforces its identity as the people’s bank.
Partnerships and Local Involvement
- Sponsorship of regional events and charities
- Workshops on budgeting, credit, and savings
- Support for local businesses through lending and planning
Ownership and Governance
Peoples Bank of Alabama operates under its holding company, Altrust Financial Services, Inc., headquartered in Cullman. As a privately held institution, it benefits from local decision-making and governance rooted in regional values.
Challenges and Future Plans
Despite strong past performance, ongoing challenges include improving digital services such as integrating live chat and offering more competitive savings rates. The bank aims to invest in both technology and service quality, ensuring a seamless experience across channels while deepening its community relationships.
Why Peoples Bank of Alabama Matters
This bank exemplifies the strengths of regional financial institutions: a mixture of personalized service, solid product offerings, and meaningful community engagement. From helping families achieve homeownership to educating youth about personal finance, Peoples Bank of Alabama lives up to its name as the people’s bank. Its mix of traditional values and strategic growth positions it for continued success in the evolving banking landscape.
Peoples Bank of Alabama has evolved from a small county bank in Holly Pond to a respected regional institution with over $1¯billion in assets and 28 branches. By combining modern banking tools, community education, and a customer-focused mission, it has earned recognition from Forbes and deep loyalty from its customers. As it continues investing in digital capabilities and local partnerships, Peoples Bank of Alabama remains a strong example of how regional banks can thrive while staying true to their roots and serving their communities.
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