Scott Armstrong Joins Grandpoint Bank as Senior Vice President/Specialty Deposits Manager
As a young child, Scott Armstrong started out with a disadvantage. He was born severely hearing impaired. Tumors on the back of his tympanic membranes prevented him from making sense of spoken language. It wasn’t until he was 4 years old that a doctor identified the cause of his problem and arranged for surgery and subsequent speech therapy. Scott credits his early struggles with language and eventual mastery of the essential skill that eluded him as a gift—a gift that has made him a terrific listener and problem solver.
If his current title of Senior Vice President/Specialty Deposits Manager title wasn’t available, Senior Problem Solver might be a good one for Scott. By focusing on specialty banking clients and asking them about their cash management pain points, Scott has revolutionized operations for many specialty entities throughout Southern California. In case you’re not familiar with the term, specialty banking clients include third party escrow clients, attorneys and M&A firms, title and escrow companies, cities and municipalities, nonprofits, school districts, homeowner associations and property management companies, Real Estate Investment Entities (including tenants in common and Delaware Statutory Trusts), 1031/1035 trust accounts and more.
“Our specialty banking clients are organizations that deal with other organizations’ or individuals’ money,” said Scott. “They act in a fiduciary capacity, holding funds for a period but not owning those funds. It’s often a one-to-many relationship. These deposit-only clients therefore have more complex cash management requirements.”
Scott has always approached the complexities presented by these clients as opportunities.
“When Scott works with an organization, he helps them uncover any pressing challenges that they might be experiencing through the course of business and helps them co-create a plan utilizing a banking or cash management solution to address those challenges, even if that plan includes creating an entirely new Grandpoint Bank service,” said John Nixon, Executive Vice President and Regional Manager at Grandpoint Bank.
This discovery process, says Scott, is what powers his passion for banking.
Scott’s interest in banking started to bloom in high school when he enrolled in a regional occupation program (ROP) banking class. While choosing the class at the time had more to do with a cute girl than it did a career choice, that decision ultimately paved the way to discovering his knack for banking and securing a Bank of America training course and then part-time job during and through college.
He parlayed that experience to serve most recently as Senior Vice President/Specialty Deposits Group Director at Community Bank in Pasadena and as Senior Vice President/Specialty Banking Group Director at CommerceWest Bank in Irvine. Scott has managed loan portfolios worth hundreds of millions of dollars in his past, as well as sizable deposit portfolios.
“One of the things that motivated me to join Grandpoint was the combination of their community bank size that allows for creative solutions and fast decisions along with their impressive financial strength and capacity,” Scott said. “I have always considered myself an outside the box, cutting-edge banker, and in Grandpoint I have found an organization that shares that passion for creativity and flexibility.”
In addition to his work at Grandpoint, Scott serves on the board for Kidsworks, a nonprofit organization serving the educational and life guidance needs of youth in low- to moderate-income areas. He is a member of several industry trade groups, including the Community Associations Institute, Escrow Institute of California, California Apartment Association, Federation of Exchange Accommodators and Building Industry Association of Southern California. Formerly, he served as treasurer for Inland Valley Recovery Services and as a board member for Upland YMCA.
Scott works from our Orange office and resides in Trabuco Canyon, just outside Rancho Santa Margarita, with his wife and five children. In his free time, Scott loves to do just about anything outdoors with his family, including sailing, fishing and camping.
Juggling five kids under 13-years old, board responsibilities and specialty banking clients throughout Southern California relying on him to weave his magic, Scott obviously likes to stay busy in a way that benefits everyone around him.
We are excited to have Scott on our team.
Posted on May 21, 2017, in New Hires and tagged building industry association, california apartment association, cash management, community associations institute, escrow institute of california, federation of exchange accommodators, fiduciary capacity, kidswork, specialty banking. Bookmark the permalink. Leave a comment.