HOA vs. Property Management Banking

Summary:

On today’s episode of The Property Management Show, we’ve asked the experts in property management and HOA banking to join us. Allison DiSarro and Ken Carteron from Enterprise Bank and Trust, formerly Seacoast Commerce Bank, are on the podcast to talk about the differences in banking for property managers and banking for HOAs.

Whether you’re already doing both property management and HOA management or you’re thinking about expanding into one or the other, today’s episode is for you.

Introducing Ken and Allison – The Faces of HOA and Property Management Banking

Ken Carteron has been an HOA banking professional since 1992, and he’s been in the general banking industry since 1980. His 40th anniversary in the field has come and gone, and one association manager he works with once said that Ken has forgotten more about HOA banking than anyone else will learn in their lifetime. It’s what he does and he’s good at it. His clients would agree.

Allison DiSarro has been with us on The Property Management Show before (check out Property Management Banking & Trust Accounts). She’s an expert in property management banking and introduced to us the concept of analysis credits for property managers before Seacoast joined Enterprise Bank and Trust. Allison says she was skeptical of the merger at first, but now she’s excited about the growth of opportunity available for the property managers she works with.

The Merger: Seacoast Commerce Bank Joins Enterprise Bank and Trust

If you’re not already aware of the merger between Seacoast Commerce Bank and Enterprise Bank and Trust, we want to talk about what that will mean for customers of the bank.

Prior to the change, Seacoast had been successful in becoming the face of property management banking. Growth was never a problem, but there were some things missing.

The benefits were the analysis credit program, the high rates, and the compliance. Those were always the driving factors. What was missing, however, was a solid product provider. The online capabilities and flexibility of the bank was hampered by the system they were using, and investing in a new software system wasn’t possible.

Customers of Seacoast needed the tools and support to do online banking more effectively. Relationship managers were advocating for that, and the system that Enterprise Bank and Trust uses is exactly the one they wanted.

What Seacoast Clients Can Expect with the Merger

Property managers who have been working with Seacoast will notice a positive impact. The system is sophisticated and easy to use. On February 12, everything will convert to the online banking system used by Enterprise.

Beyond the new technology, everything property managers loved about their relationship with Seacoast is the same. The merger has felt less like being absorbed into another company and more like a collaborative move forward. Most importantly, the specialty deposit team is getting what has been needed.

Ken has been in banking for a long time, and this is hardly his first merger. He says he’s been through some terrible ones, and is impressed that this has been handled so well. Enterprise has been good about coming to Seacoast for guidance in moving forward. That doesn’t usually happen.

Another major benefit to the merger is the flexibility that comes with having onsite programmers. They can build integrations into existing software programs and expand the product that’s already provided.

There’s also a larger lending product for HOAs. The lending limits with Enterprise Bank and Trust are a lot different than they were before Seacoast merged. Ken can now present a package on behalf of an HOA client who needs a $10 million loan and expect it to be accepted.