NEW YORK, April 30, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Community Association Banking (CAB) business has added two new regional account executives to serve property management companies and homeowner association banking needs in the Florida market.
Stacy Crowley and Sal Salvatierra, both veteran banking professionals, have joined CIT's Community Association Banking team to serve the West Coast and Southeast regions of Southern Florida, respectively.
"I am pleased to welcome Stacy and Sal, whose demonstrated expertise and deep knowledge of the Florida market will be a tremendous asset to the state's homeowner associations and community managers," said Alan DeTata, president of Community Association Banking for CIT.
"Experienced, professional banking support has never been more important to homeowner associations and community managers coping with today's uncertain economy," DeTata continued. "Our Florida team of five dedicated CAB professionals is now even better able to deliver the individualized service, outstanding deposit products and customized technology solutions that the current conditions demand."
Crowley comes to CIT from Sandcastle Community Management, where she served as portfolio manager. Sandcastle, headquartered in Naples, Florida, specializes in serving HOAs, condos and co-ops in Southwest Florida. Prior to joining Sandcastle, Crowley worked as an association banking relationship manager for Florida Community Bank. She also held prior positions in community association management and real estate.
Salvatierra joins CIT from Centennial Bank, formerly Stonegate Bank, where he was a vice president and relationship manager for community association banking in the South Florida region. Prior to that, he spent six years in a similar role as a vice president and community association relationship manager for Executive National Bank.
CIT has a strong Florida presence with approximately 600 teammates throughout the state. As an industry leader with national scale and regional presence, CIT's Community Association Banking division offers a broad suite of banking solutions designed to increase operational efficiency, manage deposits and drive value, including operating and reserve accounts, online banking, payments services and HOA financing.
CIT recently expanded its product portfolio with the new HOA Premium Reserve Solution, which includes account options to meet the needs of a wide range of homeowner associations and community management companies.
The HOA Premium Reserve Solution enables community managers to consolidate their operating and reserve accounts at a single bank, where deposits earn competitive interest and amounts exceeding the $250,000 FDIC insurance limits are protected from loss by a third-party issued surety bond1.
CIT's Community Association Banking business is a national leader in association banking services, including certificates of deposit, money market accounts, and a variety of digital payments solutions. Community Association Banking came to CIT on Jan. 1 with the acquisition of Mutual of Omaha Bank.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
1 Funds in excess of FDIC insurance coverage limits are covered by a third-party issued surety bond. Such excess funds are not subject to FDIC deposit insurance. The surety bond providing excess coverage over FDIC insurance may be cancelled at any time upon 30 days' written notice. Should a notice of cancellation be given, CIT will contact the client to discuss alternatives to provide for the continued safety of funds.
SOURCE CIT Group Inc.