First Associations Bank has a variety of products and services specifically designed to handle the unique needs and customer service demands of community association management companies. First Associations Bank provides banking services exclusively to the association management industry; therefore our product line is singularly focused on services beneficial to these companies and their community associations. In addition to our comprehensive folio of standard banking services, we can also develop custom services to meet your specific community associations operating requirements.
Deposit Accounts
Operating Accounts
Although the accounts are managed by the management company, all accounts are owned by the association. There is no minimum account balance required. The monthly maintenance fee (when applicable) is charged to one account only, regardless of the number of accounts held by the association.
Reserve Money Market Accounts
Earn a high rate of interest on your short term excess funds.
Reserve Certificates of Deposit
We offer very competitive rates at maturities established to meet your specific need. Our 13 Month Liquid Access CD allows 2 additional deposits and 2 penalty free withdrawals during the term of the CD.
First Associations Bank is a member of CDARS, which enables us to provide up to $50 million in FDIC insurance for CDs placed through the CDARS network of banks. Click here for additional information about CDARS.
Cash Management
Positive Pay
Positive pay is a service whereby the company electronically shares its check register of all written checks with the bank. Therefore the bank will only pay checks listed in that register, with exactly the same specifications as listed in the register (amount, payee, serial number, etc.). This system dramatically reduces check fraud.
Lock Box Services
First Associations Bank partners with independent lock box providers throughout the country to provide state of the art processing.
Remote Capture
First Associations Bank provides remote capture technology to efficiently handle those payments received by management company offices. Larger communities, that receive payments onsite, can benefit from remote capture capabilities as well.
Online Banking
Download statements, access account history or view images. Our internet banking product contains the necessary security features to provide control and flexibility while allowing you to originate wire transfers, process ACH files, and transfer funds between accounts.
Click Here for online banking demonstration.
Loans to Associations
The bank is a leader NATIONALLY in providing loans to most styles of community associations
and for the widest array of needs.
We have seen it all...
Condominium Associations ° Home Owner Associations ° Town Homes ° PUDs
Some but not all of the Loan Purposes are:
- Refinancing existing loans.
- Financing of capital maintenance upgrades which involve improvements to all areas of buildings, the site and site amenities. Projects as simple as a roof replacement to as complicated as a marina restoration.
- Financing of acquisitions such as: leased clubhouses or underlying land leases, equipment purchases, personal property for the general needs of the association and acquisition of real estate assets such as: adjacent land, recreational facilities or units within the association.
- Financing destructive testing, expert witnesses and/or attorney fees that can arise as a result of construction defect litigation lawsuits.
- Financing insurance policy premiums for associations that do not already have their assessment income stream pledged to another lender.
- Establishing lines of credit exclusive to anticipation of weather related emergencies (named storm damage).
- Financing the reimbursement of extraordinary litigation after case settlement and insurance claim shortfalls.
- Renewable energy projects and energy efficiency projects. Although delineated separately, this generally falls under the same parameters as capital maintenance improvements.
- Governmentally required building code improvements.
Minimum Requirements
- Association must be 25 units(lots) or more
- Delinquency level over 60 days past due is less than 10% of the units/lots
- An elected Board must be in administrative control, not the Declarant/Developer
