Western Alliance Bancorporation Announces New Division to Serve Homeowners Association Market
Western Alliance Bancorporation (NYSE:WAL) today announced the launch of a new division to serve the homeowners association market nationwide. Alliance Association Financial Services, a division of its Bank of Nevada affiliate, will serve homeowners associations with a full range of deposit, treasury management, information and financing services.
The Homeowners Association market in the United States is estimated to represent $41 billion in operating revenues and investment accounts of more than $35 billion, according to Community Association Institute, a national trade association.
Craig Huntington will serve as the President of Alliance Association Services. Before joining Western Alliance, Mr. Huntington was President of Community Association Banc. Previously, he was the principal of Huntington Property Services for 20 years headquartered in Los Angeles.
"I am delighted that Craig will be bringing our advanced capabilities and brand of personal attention to this significant market," said Robert Sarver, Chairman and CEO of Western Alliance. "With our infrastructure and Craig's depth of expertise, we're in a unique position to deliver a superior offer to homeowners associations in our markets as well as capture new opportunities nationwide."
Craig Huntington said, "I am very excited to join the Western Alliance organization. Given the increased attention of homeowners associations to their banking needs, the strength of Western Alliance coupled with our focus on personal attention and technical support gives the HOA market an unmatched banking solution."
The new division also offers clients the added safety of a "one stop" WALTree deposit program which provides up to five times a single bank's FDIC insurance for checking accounts, money market accounts and certificates of deposit using the parent company's five separately chartered affiliate banks.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, First Independent Bank of Nevada, Alliance Bank of Arizona, Bank of Nevada, Alta Alliance Bank, Miller/Russell & Associates, Shine Investment Advisory Services, Premier Trust, and PartnersFirst. These dynamic organizations provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California, investment services in Colorado, and bank card services nationwide. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, westernalliancebancorp.com.
