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Association ServicesAssociation Services

Loans, deposits and services that perform for your condo or homeowner association.

Association Services that perform for your condo or homeowners association

First Southern Bank has a rich and extensive history of serving property management companies and condominium/homeowners associations in South Florida. We understand the unique financial requirements and believe in the importance of providing them with banking and lending services that are specific to the industry.

First Southern Bank's commitment to this industry is not confined to our branch locations. First Southern Bank provides the technology and special services, like iLockbox and BizBanc, that make it convenient to bank with us, no matter where you are located in South Florida.

We also offer an array of additional cash management services that help you speed your collections, monitor and reconcile your daily account balances and facilitate funds movement electronically to maximize the return on idle balances.

  • Accelerate your cash flow using our Internet based ilockbox collection system to integrate both check payments and recurring ACH authorizations into one integrated A/R posting file improving operating efficiency for the management company and better service to the association
  • Facilitate your disbursement and information gathering activities with our online BizBanc and BizPay to streamline the movement of funds between accounts and facilitate research requests
  • Obtain higher rates of return for association money market accounts and certificates of deposit.
  • Enjoy aggressive borrowing rates, for association lines of credit, loans, and insurance premium financing.

Association loans that perform for your homeowners or condo association

First Southern Bank has the funds available to meet your needs. Our extensive experience combined with understanding of the ever changing needs of associations enable us to respond quickly to your loan request with a customized program, competitive rate and flexible terms.

Which Loan is right for you?

  • Line of credit
  • Term loan
  • Non-revolving line of credit during the construction. Once your project is completed, the line is converted to a term loan.

Insurance Premium Financing

  • Hazard, windstorm, liability and flood
  • Up to 100% of annual premium to be repaid in 12 months

Major Repairs, Construction, Improvements, and Equipment

  • New entry ways and gates
  • Sea wall construction and restoration
  • Clubhouse renovation
  • Balcony repairs
  • Concrete restoration
  • Re-roofing
  • Siding
  • Plumbing
  • Painting and waterproofing
  • Irrigation systems
  • Security systems and fire safety systems
  • HVAC equipment
  • Impact windows
  • Elevator upgrades and renovations
  • Electrical upgrades and renovations
  • All renovations

Contact First Southern Bank today to get started

Merchant Services

When your management company deposits with First Southern Bank, your associations can accept American Express, MasterCard, Discover and Visa without paying a dime in transaction fees. Association dues, payments for special assessments, payments for renting the clubhouse, and fees for miscellaneous items may all be paid online with plastic. Click here for more details.


Certificate of Deposit Account Registry Service

Looking for a way to keep large deposits safe? Ask us about CDARS®.

It's a great solution for:

  • businesses
  • nonprofit organizations
  • public funds
  • trustees
  • homeowner & condo associations

With CDARS, you can access FDIC protection on multi-million dollar CD investments through First Southern Bank. There are few guarantees in life – FDIC insurance is one of them. CDARS can be a valuable cash management or longer-term investment tool for you.1


It's one-stop shopping. With help from CDARS, you can access:

  • Safety – Your money can access multi-million dollar FDIC insurance coverage.
  • Convenience – You work directly with us. You earn one interest rate and receive one regular statement, and one year-end tax form.
  • CD-Level Rates – Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, and corporate sweep accounts.

How does CDARS work?

We are a member of a special network. When you place a large amount with us, we place your funds into CDs issued by other banks in the same network – in increments of less than $250,000 – so that both principal and interest are eligible for complete FDIC protection. As a result, you can receive coverage from several banks while working with just one.

These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank.

Click here to view a video on how CDARS works.

What else should I know?

Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.

And with CDARS, you can eliminate the need to monitor changing collateral values – another time saving convenience.
Of course, your confidential account information remains protected.

Ask us about how CDARS can work for you by calling either Marty MaDan at (561) 237-2991 or Myrna Meza at (561) 237-2987, or email for more information.

1 Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with First Southern Bank. The agreement contains important information and conditions regarding the placement of funds by us.
CDARS is a registered service mark of Promontory Interfinancial Network, LLC.