Bank of Vernon

What Bank of Vernon does

Bank of Vernon is a privately held, FDIC-insured community bank and Community Development Financial Institution (CDFI) headquartered in Vernon, Alabama, founded on November 11, 1911 as the first bank chartered by the Alabama Banking Department (FDIC Certificate #51). It operates five full-service branches across Alabama (Vernon, West Vernon) and Mississippi (Caledonia, North Columbus, East Columbus), with a sixth branch in West Point, MS nearing completion. The bank is a subsidiary of First Vernon Bancshares, Inc., a single-bank holding company that is itself CDFI and CDE certified. It serves individual consumers, small and medium businesses, non-profit organizations, agricultural borrowers, and underserved/economically distressed communities across its two-state footprint.

The bank's core products span consumer and business deposit accounts (Smart Business, Business Now, Sweep, Non-Profit Checking, Money Market, CDs, IRAs with CDARS/ICS coverage), a diversified loan portfolio (auto, equipment, commercial real estate, agricultural, investment property, personal, mortgage, credit builder), business credit cards with a ScoreCard rewards program, merchant services, and ancillary services (safe deposit boxes, money orders, gift cards, a self-service coin machine). Technology is a standard community-bank platform: an online banking portal, iOS and Android mobile apps with mobile deposit up to $10,000/day, ACH origination, 24-hour X-Press telephone banking and ATMs, digital wallet integration, and a refreshed 2024 digital stack (new website, new app, ATM deposit upgrades).

Revenue is generated primarily through net interest income on a $319.8M loan book (90% loan-to-deposit ratio), complemented by transactional and recurring fees on deposit accounts, ACH origination, wire/overdraft fees, merchant services, and ancillary products. Tiered pricing and balance-based fee waivers are common (e.g., Smart Business account waives the $12 monthly fee above a $1,000 balance). The go-to-market is branch-led direct-to-consumer/community banking supported by a digital channel layer and the Banzai financial literacy partnership for brand presence in local schools. As of 12/31/2025, the bank reported $414.6M in total assets, $345.1M in deposits, $319.8M in loans, and $70.3M in Tier 1 capital.

Name

Bank of Vernon

Legal name

Bank of Vernon

Website

https://bankofvernon.bank

Company type

Private

Founded year

1911

Operating status

Operating

Headcount range

11–50 employees

Short description

Bank of Vernon is a privately held, CDFI-certified community bank chartered in 1911, operating five branches across Alabama and Mississippi and serving retail consumers, small and medium businesses, non-profits, and agricultural borrowers with deposits, loans, and merchant services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), National Commercial Banks (6021), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industries

Agricultural & Rural Development Banks (FSABAKAE), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)

Keywords

• Community banking services
• Personal checking accounts
• Commercial lending products
• Agricultural financing loans
• Mobile banking solutions

Headquarters

HQ city

Vernon

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: Revenue generated from interest on loans including real estate, auto, equipment, agricultural, and commercial loans. Deposit and lending operations are core to revenue generation.
2. Banking Service Fees: Monthly service fees, transaction fees, wire transfer fees, ATM fees, overdraft fees, and other account-related service charges
3. Business Account Fees: Fees from business accounts including Smart Business, Interest Bearing, Sweep Accounts, and other commercial banking services

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

Bank of Vernon is a CDFI-certified community bank providing deposit accounts, consumer and commercial loans, and merchant payment services through five branches in Alabama and Mississippi. Core offerings include personal and business checking and savings, CDs and IRAs, credit cards, agricultural/equipment/auto/commercial real estate lending, money orders, gift cards, safe deposit boxes, and 24-hour ATMs, complemented by mobile and online banking. The bank serves individuals, small-to-medium businesses, nonprofits, agricultural operations, and underserved communities in its regional footprint.

Product overview

Bank of Vernon is a community bank offering a comprehensive suite of traditional banking products and services. The core product portfolio includes personal and business checking accounts (Smart Business Account, Business Now Account, Sweep Account, Non-Profit Checking), savings accounts (Business Savings, Business Money Market), certificates of deposit and IRAs (with CDARS and ICS services for enhanced FDIC coverage), business credit cards with ScoreCard rewards, various loan products (auto, equipment, commercial real estate, agricultural, investment property), and merchant services. Digital banking capabilities include online banking, mobile banking apps for iOS and Android, and digital wallet integration. Additional services include 24-hour ATMs, safe deposit boxes, ACH origination, money orders, gift cards, fraud monitoring, and financial literacy programs through a Banzai partnership. The bank operates primarily as a community development financial institution serving Mississippi and Alabama.

Differentiator

Problem solved

Functional benefit

Brands

• ScoreCard Rewards: Business credit card rewards program offering points redeemable for merchandise, travel, cash back, and more.

Products and services

• Personal Checking Account Personal demand deposit account for everyday banking by individual consumers, available in Personal, Student, Senior, Interest Bearing, and BankClub variants with online and mobile access.
• Personal Savings Account Personal interest-bearing savings account for individuals, offered alongside Christmas Club, Money Market, and Youth variants to support goal-based and youth savings.
• Personal CDs and IRAs Certificates of Deposit and traditional or Roth IRAs for individual savers and retirees, with terms from 6 months to 5 years and $1,000 minimum, plus CDARS/ICS-enabled FDIC coverage.
• Personal Loans Installment consumer loans for individuals, including Cash Secured, Credit Builder, Auto, Personal, Credit Card, and Real Estate (mortgage) variants with local underwriting.
• Smart Business Account Business checking account for SMBs with no monthly fee for balances above $1,000, up to 250 free debit/credit items monthly, instant-issue debit cards, online/mobile banking, ACH origination, merchant card services, and wire transfers.
• Business Now Account Interest-bearing business checking account for sole proprietors and nonprofits with tiered interest rates, no monthly fee above $5,000 balance, and $1,000 minimum to earn interest.
• Sweep Account Business account that automatically transfers excess funds from the primary operating account into an interest-bearing account daily, with a $5,000 minimum to open and $75 monthly service charge on the primary account.
• Non-Profit Checking Account No-monthly-fee, no-minimum-balance checking account designed for nonprofit organizations, with instant-issue debit cards and online/mobile banking.
• Business Savings Account Business savings account with no monthly fees above a $50 balance, earning interest with three free withdrawals per quarter, and access to online/mobile banking.
• Business Money Market Account High-yield business money market account with tiered interest rates, no monthly fees above $25,000 balance, ten free deposit items monthly, and one free withdrawal per month.
• Business CDs and IRAs Business certificates of deposit with terms from 6 months to 5 years ($1,000 minimum), traditional and Roth IRAs, plus CDARS for multi-million-dollar FDIC coverage and ICS for insured cash sweep services.
• Business Credit Cards Business credit cards (Visa, Visa Gold, MasterCard, Gold MasterCard) with rates from 14.88% APR, no annual fee, ScoreCard rewards program, travel accident insurance up to $500,000, and cash back redemption options.
• Business Auto Loans Auto financing for new and used vehicles with terms up to 84 months, local underwriting, same-day approval possible, AFT/ACH payments, and no prepayment penalty.
• Business Equipment Loans Equipment financing with flexible terms up to 60 months, competitive rates and origination charges, same-day approval, auto payments, and no prepayment penalty.
• Commercial Building Loans Loans for purchasing, expanding, or refinancing commercial buildings with terms up to 20 years, competitive rates, affordable closing costs, and no prepayment penalty.
• Farm, Agriculture and Land Loans Agricultural loans for farm expansion, land purchase, or refinancing with flexible terms, competitive rates, and local decision-making tailored to farming needs.
• Investment Property Loans Loans for purchasing or expanding investment properties with flexible repayment terms, competitive rates, affordable closing costs, and no prepayment penalty.
• Merchant Services Payment processing for businesses including debit/credit card processing, ACH transactions, web payment portals, EMV/NFC terminals, smartphone/iPad processing, PCI compliance support, with no early termination fees.
• Mobile Banking App Mobile banking application for iOS and Android enabling fund transfers, bill payments, and mobile check deposits up to $10,000 per day, with secure encryption technology.
• Online Banking Digital banking platform for account management, bill pay, person-to-person payments, and real-time balance monitoring accessible via web browser.
• Digital Wallet Integration Integration with digital wallets for adding Bank of Vernon debit and credit cards for secure, contactless payments.
• ACH Origination Electronic payment processing through the ACH network for business payments, with $5 per batch fee plus $0.10 per item and $0.06 same-day per item charges.
• 24-Hour X-Press Banking 24-hour telephone banking service for account access, balance inquiries, deposits, and basic transactions.
• 24-Hour ATM Services Round-the-clock ATM access at all branch locations for deposits, balance inquiries, and fund transfers with enhanced security features including cameras and tamper-resistant technology.
• Safe Deposit Boxes Secure storage boxes available in five sizes (3x5 to 10x10 inches) with annual rental fees from $20 to $85, with 25% discount for BankClub members.
• Self-Service Coin Machine Coin counting and sorting machine processing up to 850 coins per minute for both US and Canadian currency, with automatic sorting of foreign coins and debris.
• Money Orders MoneyGram-issued money orders for guaranteed payment at $8.00 each (or $1.00 for BankClub members), usable for domestic and international transfers.
• Gift Cards Reloadable gift cards with $10-$1,000 range, $3.95 purchase fee, usable at retail stores, gas stations, and restaurants nationwide, with $4.95 monthly fee after 13 months inactivity.
• Trust and Estate Accounts Trust and estate account management using various account types, with interest-bearing options for trusts and no fees for estate accounts.
• Bounce Protection Overdraft protection service for eligible personal and business checking accounts that covers payments when account is in good standing, with no cost unless used.

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• BanzaicoreStrategic or Co-development PartnerPartnership with Banzai, an award-winning online financial literacy platform, providing free educational resources for teachers and students. Bank of Vernon sponsors classrooms with free materials for financial education.
• American Bankers AssociationflagshipGTM or Marketing PartnerCari Network (bank-governed tokenized deposit network) joined ABA's Premier Partner Network, a designation for organizations committed to advancing the banking industry.
• MoneyGramcoreTechnology or IntegrationMoney Orders issued through MoneyGram's global network for domestic and international money transfers. Provides customers with secure payment options.
• CDARS/ICScoreTechnology or IntegrationCertificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) services allowing businesses to access multi-million dollar FDIC insurance coverage through the network.

Scale indicators7 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Renasant Corporation: Mississippi-headquartered community-focused bank with comparable SMB, consumer, and mortgage products across the Southeast, including rural markets overlapping Bank of Vernon's footprint.
• ServisFirst Bancshares: Alabama-based commercial bank with a similar relationship-driven SMB and commercial real estate lending model across the Southeast; comparable in product mix and target customer base.
• FirstBank (Alabama): Alabama-headquartered community bank offering comparable consumer and small business banking products across north/central Alabama with similar community-banking positioning.
• Southern States Bank: Alabama-based community bank with comparable SMB, consumer, and ag/commercial real estate lending focus, similar in scale and operating geography to Bank of Vernon.
• Progress Bank and Trust: Alabama community bank with similar full-service consumer, business, and mortgage lending products targeting north/central Alabama markets.
• BankFirst Capital Corporation: Southeast-focused community bank with comparable consumer checking, SMB, and ag lending products across rural and small-metro markets in the Deep South.

Broad incumbents

• Trustmark Corporation: Larger Mississippi-based bank operating a full branch network across the Southeast with comparable consumer and business banking products; broader geographic and product scope than Bank of Vernon.
• Cadence Bank: Multi-state Southeast regional bank (formed from BancorpSouth and Cadence merger) with overlapping consumer, SMB, and commercial banking offerings across Alabama and Mississippi.

Emerging players

• Hope Credit Union (Hope Enterprise Corporation): Deep South-focused CDFI and community development lender that competes for CDFI grants, NMTC allocations, and underserved-market customers across the same Alabama/Mississippi geography as Bank of Vernon.

Regional players

• SmartFinancial (Tennessee): Community bank with comparable consumer, SMB, and mortgage products serving Tennessee and adjacent Southeastern markets; similar scale and community-bank positioning but operates in a different state.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/BankOfVernon
• LinkedInlinkedin.com/company/the-bank-of-vernon
• Instagraminstagram.com/bankofvernon

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of Vernon