Ability Management partners with American Momentum Bank
NAPLES, Florida (Dec. 14, 2023)—Ability Management, a full-service licensed community association management (LCAM) company serving Naples and Bonita Springs, has partnered with American Momentum Bank’s Association Banking division. Through this partnership, the board-directed community associations that work with Ability Management will have access to enhanced banking services.
Ability Management discovered American Momentum Bank through its partnership with CINC Systems, the first cloud-based, bank-integrated accounting and property management platform for the community association industry. CINC partners with premier banks throughout the country, including American Momentum, to support community management companies with its integrated banking features.
“We were interested in a new software tool, and it came down to CINC and one other software company,” said Dennis Lively, president and owner of Ability Management. “When we started dealing with Heather and her team at American Momentum Bank, we were so impressed that we decided to go with CINC because we wanted to bank with American Momentum. We have not regretted that decision one minute.”
By partnering with American Momentum Bank and CINC, Ability Management has streamlined operations for the board-directed homeowners associations (HOAs) and condominium associations (COAs) it works with. Board members can now make electronic payments through the online portal, and all association funds over $250,000 can be invested and federally insured.
“One thing that really impressed me about American Momentum Bank is the ease with which we can invest association funds over $250,000,” said Lively. “Anything over that amount is not typically FDIC insured. American Momentum has a partnership with IntraFi, which offers an Insured Cash Sweep (ICS) product to invest excess funds at a decent interest rate, while keeping the funds federally insured. That’s not something I’ve experienced with other banks.”
Based in Naples, Fla., Ability Management has grown from 32 units under management in 2003 to over 6,000 homes and condominium units in Naples and Bonita Springs today. The company provides comprehensive management services to board-directed community associations customized to their specific needs.
“Ability Management has been in the Naples market for decades and has a great reputation in the community,” said Heather Karamitsos, Senior Vice President, Director of Association Banking for American Momentum Bank. “Their team is incredibly hands-on and provides a high level of customer service to the associations they manage. By partnering with CINC, they’ll be able to enhance these services and increase client satisfaction. They’ve been a pleasure to work with, and we look forward to a long-term relationship with their team.”
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