Amerant Bank was founded in 1979 in Miami by Banco Mercantil Venezuela, then known as Mercantil Commercebank.Headquartered in Florida, it is one of the state's largest community banks, with nearly $8 billion in assets under management and 25 branches in Florida and Texas. branches. Its original purpose was to serve businesses and individuals in Latin America, providing commercial and private banking services.
Over the decades, the bank has grown to offer its customers in Florida and Texas a variety of financial products and services, including savings accounts, credit, business loans, wealth management, and online banking services. While Amerant Bank initially focused on serving Latin American customers, its customer base has now expanded across markets.
In 2018, Mercantil Commercebank changed its name to Amerant Bank and went public on the NASDAQ exchange in the same year. The name change and listing signaled Amerant Bank's further growth in the U.S. financial sector, but also meant that it was becoming less reliant on the original Latin American market and focusing more on expansion in the United States.
In October 2021, Amerant Bank announced the selection of fintech company Alloy and Q2's ClickSWITCH platform to enhance its digital offerings. The combination of the two platforms makes the process of opening new accounts and switching between direct deposit and automated payments faster, safer, and more efficient.Alloy will be used to provide a more seamless onboarding process for deposit accounts from businesses and individuals, while reducing the risk of non-compliant account opening. And Q2's ClickSWITCH software, which helps new customers through the onboarding process by allowing them to switch direct deposits and automatic payments to their new accounts.
With the addition of these platforms, Amerant Bank will be able to provide a faster, more seamless onboarding process for its new customers and team members. Additionally, both platforms alleviate the burden of bank employees having to review paper onboarding documents.
Amerant Bank continues to invest in enhancing its digital footprint and online experience to better serve its customers. For Amerant Bank, the integration of these two platforms not only enhances the online experience for customers, but also ensures that its technology and platforms are secure and efficient. Additionally, the new automated processes allow the bank to scale as needed, while also verifying the customer's identity, whether done online or in person.
Amerant Bank has always been actively committed to supporting the growth and advancement of the community. Their latest initiative in this area is a new partnership with the Overtown Youth Center (OYC MIAMI), a prominent nonprofit organization founded in 2003 by Mourning and real estate developer Martin Margulies to provide year-round comprehensive services to youth, adults and families with comprehensive year-round services.
Through this partnership, Amerant Bank plans to leverage its financial expertise and resources to support the Center's ongoing efforts in financial literacy. One of the Center's classrooms will be dedicated to financial literacy workshops for middle school students, and Amerant Bank will have a key team member serving on the Center's Board of Directors, contributing strategic insights and working closely with the Center's workforce to develop and implement programs that will continue to elevate the youth group's financial education, budgeting skills, and money management capabilities.
This partnership is another example of Amerant Bank's community support, demonstrating their commitment to helping youth and communities thrive. For Amerant Bank, this is not only a way for them to fulfill their community responsibilities, but also an important step in their commitment to improving the lives of their customers and the community. Their goal is to help youth improve their financial literacy through education and training so they can make informed financial decisions and prepare for their future.