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Follow on Google News | American Momentum Bank embarks on national expansion of association banking divisionTampa Bay-based team sees opportunities outside of Florida, with over 315,000 community associations nationwide
By: American Momentum Bank American Momentum Bank, a Texas-chartered banking association with total assets of $2.6 billion as of Dec. 31, 2023, launched its association banking division in 2016 when it hired Heather Karamitsos, senior vice president, director of association banking. Since then, Karamitsos and her team have established American Momentum as one of the top financial institutions of choice for large residential property managers in Florida. To date, the division accounts for over 1,400 association clients and $230 million of related deposits. While the Community Association Institute ranks Florida as the second largest community association market in the country – with 48,500 community associations that account for over $9.7 billion in deposits – there are currently over 315,000 community associations that account for over $63 billion in deposits throughout the U.S. "Florida has long been one of the most attractive states in the country for association banking, due to the large number of retirees and bi-coastal geography that create a perfect destination for condominium development and homeowner associations," As part of its expansion, American Momentum Bank's association banking division plans to next target Texas, which has over 21,000 associations and $4 billion in related deposits. The team will focus business development and hiring efforts on Dallas, Houston, Austin and San Antonio. In addition, the bank is actively exploring opportunities in Arizona, Oregon and Washington, as well as in the Northeast, as Karamitsos is relocating to the New England area in the coming months. "Given the success American Momentum Bank has proven to date, we are confident we have the right personnel, operating model and software partners to offer our services in other major markets," said Mike Collins, American Momentum Bank's Florida president. "Our commitment remains to be one of the leading financial institutions of choice nationally for association banking clients." The division's expansion plans include hiring business development officers (BDOs) in Texas in 2024 and in additional markets in 2025. The team will also hire operations specialists to support the division's growth plans. American Momentum's current association banking team has more than 70 years of combined experience serving associations. Karamitsos is a Florida state-certified continuing education provider for community association managers. End
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