Servisfirst Bank 401(k) Review & Grade
Servisfirst Bank 401(k) Profit Sharing Plan and Trust
Birmingham, ALFinance & Insurance610 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$4,277Employer $ per active participant
$8,299Employee $ saved per active participant
0.23%Direct admin cost, % of plan assets
$71.0MNet plan assets, end of year
$100,887Average balance per account
Score breakdown
- Employer generosity29.7 / 5059th percentile for employer $ per participant
- Low cost12.6 / 2550th percentile for low admin cost vs. same-size plans
- Employee saving9.6 / 1564th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score52 / 100 · Grade C
This plan vs. peers
Peers: Finance & Insurance plans with 500–2,499 active participants (754 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 59th |
| Lower admin cost | 50th |
| Employee saving | 64th |
| Peers that auto-enroll | 62% |
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Red flags from the filing
Corrective distributions: the plan refunded $791 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Servisfirst Bank put in about $4,277 per active participant, more than the typical peer ($3,606). Contribute at least enough to collect the full match. Skipping it leaves part of your pay on the table.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Fund expense ratios aren't in the filing. Look them up in your 404(a)(5) fee disclosure and favor low-cost index or target-date funds.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $2,610,863 |
| Participant (employee) contributions | $5,066,570 |
| Other contributions (incl. rollovers in) | $1,285,552 |
| Administrative expenses paid from the plan | $145,880 |
| Investment advisory & management fees | $95,925 |
| Benefits paid out | $4,456,486 |
| Net assets, start / end of year | $57.1M / $71.0M |
| Active participants, start / end of year | 590 / 631 |
| Participants with account balances | 704 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Forvis Mazars, LLP |
| Employer stock held by plan | $6,215,587 |
Largest service providers (Schedule C)
| LPL Financial-Rpcp | $60,932 reported compensation |
| Schwab Retirement Plan Services,inc | $57,071 reported compensation |
| Lincoln Financial Advisors Cor | $16,446 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20250912135436NAL0000857315001, received 2025-09-12, EIN 20-2451671, plan #002, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.