Monthly Archives: March 2018
We’re happy to welcome Brad Kirk to our Specialty Deposits group as Vice President/Relationship Manager. Brad will work from our Orange office and will be responsible for cultivating and maintaining specialty deposit client relationships. He will focus primarily on clients within the title insurance, independent escrow and property management industries.
Brad has extensive work experience with specialty deposit clients, which are those clients who act in a fiduciary capacity, holding funds for a period but not owning those funds. As a result, they have complex cash management requirements.
“Specialty deposit clients rely upon some of our more sophisticated treasury products like automated clearing house (ACH) bank transfer network, mobile banking, fraud prevention and wire transfers,” said Brad. “I’ve been working with title insurance firms since 2001, so I’m very familiar with the business and banking needs of these and similar firms.”
Brad previously worked in a similar capacity for City National Bank in Irvine, California and for MUFG Union Bank, also in Irvine, before that. He also worked as a Major Account Executive for Ellie Mae, a provider of enterprise level, on-demand, automated solutions for the residential mortgage industry.
“I’m looking forward to working with Brad to continue developing Grandpoint’s specialty deposits business,” said Scott Armstrong, Senior Vice President and Specialty Deposits Manager for Grandpoint Bank. “Brad is very involved with the industries he serves, and has a deep network of contacts in the title, escrow and property management industries.”
Brad is a member of Orange County Escrow Association, Los Angeles Escrow Association, Escrow Associates of San Gabriel Valley, California Land Title Association, American Land Title Association and California Escrow Association. He is also a member of Escrow Institute of California and serves on its event planning committee.
With over 700 independent escrow companies in California, primarily in Southern California, Brad has his work cut out for him. After 17 years working with this industry, however, he has the tools to succeed.
“One of the reasons I look forward to my work is that the people in the industries I work with are wonderful,” said Brad. “It can be tough to convince a company to move its deposits, but it all comes down to relationships. The people I interact with through industry events and meetings know I understand their business.”
Outside of work, you might spot Brad on the baseball field. He coaches Little League and serves on the Little League board as a Commissioner of a AA division. His motivation to coach comes partly from his kids. One of his sons plays Little League, while the other prefers flag football.
Brad also supports kids in our community through Keegan’s Kids, a charitable organization focused on pediatric melanoma. He’s helped the organization fundraise, market its message and generate ideas for how to fight melanoma.
Brad is the kind of consummate professional and community advocate we look for when we grow our team. If your business needs specialty deposit services, please don’t hesitate to reach out to Brad.
El Segundo, California is on its way to having a beautiful new AC Marriott, and we’re very excited to be a part of it. Grandpoint Bank funded the construction loan for this beautiful, $33 million, 180-room project, which will have added bragging rights of providing El Segundo with its first rooftop entertainment space.
Earlier this month, we participated in the groundbreaking of the new hotel, now under construction at 2130 East Maple Avenue on a site adjacent to the L.A. Lakers’ training facility.
Welcome El Segundo, the force behind creating this AC Marriott hotel, is owned by Amar and Rita Shokeen. Their son, Arjun, serves as Operations Manager for their hospitality business. This dynamic family owns seven other hotel properties across the country and has the hospitality know-how to make this complex project happen.
One of the first hurdles the Shokeens faced with their development was the scarcity of parking in the area surrounding the hotel. To address the parking challenge, the City of El Segundo required that Welcome El Segundo first build a parking garage for the hotel that would also be available to the occupants of two nearby office buildings, a toy company and a business park.
Since Welcome El Segundo used cash for the parking structure development, we were able to obtain assignment rights and collateralize the parking lot for the hotel construction loan, and in doing so, helping Welcome El Segundo’s equity position and securing the loan.
Ahmad Shafique from Advantage CDC in Long Beach first connected us with the Shokeens. Through our outreach to many different economic development agencies, Ahmad knew about our lending capacity and community focus and hoped we could help. We hadn’t worked with the Shokeens before, but we were impressed by their financial and operational strength, so we moved forward with the construction loan process.
With help from our Senior Vice President Mo Helmy, Executive Vice President and Manager of our construction lending department Karen McGuire, Regional President John Nixon and President Rocky Laverty, we got the construction loan funded. The Shokeens quickly put R. D. Olson Construction to work building the hotel. Completion is expected for early summer of 2019.
Our sign posted at the construction site is generating a lot of interest from other business people who are building the places where we work, live, vacation and play. We are proud to provide services to entrepreneurs like the Shokeens and many more.
Please contact us if you have a business or project that needs a bank with a can-do attitude.