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Bank
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The rating by Finanso™ is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bank of Brewton

Finanso.Multilogin™

The settlement at this site was originally known as Newport; barges made runs to and from Pensacola, Florida on Murder Creek and Burnt Corn Creek, before the railroad was constructed. In May 1861, Brewton was established as a train stop by Edmund Troupe Bruton. The area's lumber began to be harvested by industrialists.

During the Civil War, rail lines were severed, and small lumber mills were damaged or destroyed. After the war, the people rebuilt the Brewton economy, began a school, and established small businesses. Into the 1870s a new European demand for lumber stimulated the founding of numerous timber and lumber operations. The Conecuh-Escambia river system became a timber artery to ports on the Gulf of Mexico.

Brewton was established as a town on February 13, 1885. The state legislature designated the town as the seat of Escambia County, Alabama.

Brewton was known in past times as "the richest little town in the South." Brewton's high per capita income was based on the profits enjoyed by a small number of "timber barons." They had come at the end of the 19th century to harvest the pine forests. With their profits, they had extraordinary homes built along Belleville and Evergreen avenues. Such families include the McMillans and the Millers, many of whose descendants still reside in the town.

Over time the county erected a series of courthouses. Brewton developed an education system that included public and private institutions, including T. R. Miller High School. It was named for Thomas Richard Miller, a local timber baron and town father who donated money toward the building and opening of the school. Jefferson Davis Community College was established here in 1964; it has been renamed as Coastal Alabama Community College Brewton.

What to focus on before applying for a loan with Bank of Brewton

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Bank of Brewton and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Bank of Brewton’s reviews by May 2022