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Amscot Financial
Company typePrivate
IndustryFinancial Services
FoundedJune 1989
FounderIan Mackechnie
HeadquartersTampa, FL
Number of locations
240 branches
Area served
Florida
Number of employees
2,000+[1]
Websiteamscot.com

Amscot Financial is an American financial services company headquartered in Tampa, Florida. Founded in 1989 by Ian MacKechnie, Amscot Financial provides non-bank consumer financial services through a network of retail branches located exclusively within Florida. Amscot's core services include check cashing, bill payment, prepaid access cards, payday loans, free money orders, ATMs in every branch, wire transfers, notary services, fax services, and postage.[2] Amscot Financial operates nearly 240 branch locations in the Tampa Bay, Orlando and Miami media markets.[3]

The company does not franchise any of its branches and employs approximately 2,000 people.[1] In 2008, Amscot was named the Top Employer in Tampa in the Tampa Bay Business Journal's Biggest Employers list.[4][5] In 2014, Amscot landed on the No. 36 spot on the Tampa Bay Business Journal 's Tampa Bay Business 100 list.[6] Amscot is a member of several trade organizations, including the Consumer Financial Services Association of America (CFSA),[7] the Financial Service Centers of America (FiSCA),[8] and the Florida Consumer Financial Services of America (FCFSA).[9] Amscot has also partnered with or supported a number of community organizations in Florida, including the Children Rescue Network,[10] the Kids First traffic safety program,[11][12] and the Consortium of Florida Education Foundations (CFEF).[13]

History

Amscot Financial was founded in 1989 in Tampa, Florida by Ian MacKechnie,[14] an entrepreneur and businessman who moved with his family from Scotland to the United States in 1986.[15] Coming from a background of building and expanding businesses,[14][16] MacKechnie bought a bakery in Tampa[14] and began supplying doughnuts and pastry goods throughout west central Florida.[16] While continuing to run his bakery business,[14] MacKechnie noticed that his employees were cashing their paychecks in convenience stores[15] to avoid the hassle of going to a bank.[14] Recognizing a demand for a check cashing business, MacKechnie sold the bakery company[16] and founded his own check-cashing company.[17] He created and trademarked the company name Amscot as an homage to both his new home in the United States and his native Scotland.[16][17] In June 1989, the first Amscot location was opened on East Broadway in Tampa[15] and a second followed shortly thereafter on Fletcher Avenue.[14]

Amscot Financial Tower in Westshore, a principal business district of Tampa, Florida.

In the early 2000s, the company continued to grow and diversify its products and services mix.[18] By March 2005, Amscot Financial operated 84 branches[19] and serviced around 200,000 customers a week.[20] At that time the company was handling approximately $3 billion worth of transactions a year.[20]

By 2006, Amscot's revenues equaled $85 million.[21] Amscot was accepting bill payments for various utilities and service providers in Florida, including TECO, Orlando Utilities Commission, and Lakeland Electric,[22] with Duke Energy and Florida Power and Light (FP&L) added later.[23] In addition, Gulf Coast Business Review (now known as Business Observer) named founder Ian MacKechnie their "Entrepreneur of the Year" in 2006.[14]

By late 2012, following an expansion into the Miami market,[24] Amscot increased its storefronts in Florida[25] averaging 1,600 to 2,400 square feet per branch.[26]

In 2013, Amscot had branches in 20 Florida counties[27] and operated 3 training centers that train over 50 new employees each week.[6]

On December 25, 2015, the Tampa Bay Business Journal reported that Ian Mackechnie was one of the "top 5 searched people in 2015" on their newspaper website. According to the publication, their list narrowed down a "pattern of curiosity that crosses personal finance, real estate, philanthropy and retail."[28]

As of 2018, the company has annual revenues in excess of $220 million.[3] [29]

The company now[when?] serves over 3 million customers each year,[25] and MacKechnie continues to serve as Chairman and CEO,[14] while his son Ian Andrew MacKechnie serves as Executive Vice Chairman, Corporate Secretary, and Treasurer,[18] and his son Fraser MacKechnie serves as Chief Operating Officer and President.[18][30]

Associations

Amscot is a member of the Consumer Financial Services Association of America (CFSA), a national trade organization which establishes best practices standards for its membership.[7] Additionally, Amscot is also a member of the national trade association Financial Service Centers of America (FiSCA),[8] as well as the state industry association, Florida Consumer Financial Services of America (FCFSA).[9]

Community involvement

Amscot is involved with various community programs and partners with service organizations throughout the state of Florida, including the Children Rescue Network, supporting their Safety ID Card program in Florida which provides free safety ID cards of children to parents in case a child goes missing.[10] Since 2004, Amscot has partnered with law enforcement in Tampa Bay to promote traffic safety awareness. Amscot's "Kids First" program works with police to provide free bicycle helmets and fittings at Amscot locations,[11] and in 2013, Amscot distributed over 12,000 free bike helmets.[12] The company is a long-term supporter of the Consortium of Florida Education Foundations (CFEF). In 2006, Amscot started its annual "Just a Dollar" campaign, which raises funds for local education foundations.[13]

References

  1. ^ a b "Our People". Amscot.com. Retrieved July 29, 2016.
  2. ^ "Other Services". Amscot.com. Retrieved July 29, 2016.
  3. ^ a b Gordon, Mark (October 28, 2016). "Pay Day". Business Observer. Retrieved May 30, 2018.
  4. ^ "Working at Amscot Financial – Employers in Paradise / Tampa". hrmtoday.com. July 13, 2008. Retrieved April 4, 2015.
  5. ^ "Amscot Financial is one of Tampa Bay's 'Best Places to Work'". PRNewswire. March 21, 2007. Retrieved April 4, 2015.
  6. ^ a b Manning, Margie (Oct 24, 2014). "No. 36: Amscot Financial Inc". Tampa Bay Business Journal. Retrieved April 4, 2015.
  7. ^ a b "CFSA Best Practices". Community Financial Services Association of America. Retrieved April 4, 2015.
  8. ^ a b "FiSCA Board of Directors". Financial Service Centers of America, Inc. Retrieved April 4, 2015.
  9. ^ a b "Member Companies". Florida Community Financial Services Association. Retrieved April 20, 2015.
  10. ^ a b "How can I help?". Children Rescue Network. Retrieved April 4, 2015.
  11. ^ a b "Help with Helmet". Osceola News-Gazette. 24 September 2005. Retrieved 2019-12-23.
  12. ^ a b "Amscot Financial to provide bike helmets". Tampa Bay Business Journal. October 14, 2013. Retrieved April 4, 2015.
  13. ^ a b "Customers Giving 'Just a Dollar' Adds up to $1.2 Million through Annual Amscot Campaign". Educationfoundationsfl.org. Retrieved July 29, 2016.
  14. ^ a b c d e f g h "Where are they now?: Man of the People". Business Observer. May 14, 2009. Retrieved May 30, 2018.
  15. ^ a b c "Our Company". Amscot Financial. Retrieved July 29, 2016.
  16. ^ a b c d Harrinton, Jeff (August 10, 2003). "Amscot's ability to bounce back". St. Petersburg Times. Retrieved April 4, 2015.
  17. ^ a b Small, Tracy (January 2, 2004). "Amscot Financial Branches Expanding". St. Petersburg Times. Retrieved April 4, 2015.
  18. ^ a b c Bowie, Melia (October 7, 2003). "Amscot expands stores in county". St. Petersburg Times. Retrieved April 4, 2015.
  19. ^ "Ian MacKechnie, Founder, President and CEO of Amscot Financial, Accepts Invitation to Become a Globalscot Member". PRNewswire. March 1, 2005. Retrieved April 4, 2015.
  20. ^ a b Harrington, Jeff (August 24, 2005). "Amscot's new offer: savings accounts". St. Petersburg Times. Retrieved April 4, 2015.
  21. ^ "Ian MacKechnie". Smart Business. October 26, 2006. Retrieved April 4, 2015.
  22. ^ "Amscot Financial Will Accept Bill Payments On Behalf Of Lakeland Electric". PRNewswire. June 25, 2006. Retrieved April 4, 2015.
  23. ^ "Bill Payment". Amscot.com. Retrieved July 29, 2016.
  24. ^ "Amscot Expanding to Miami". Business Observer. January 24, 2012. Retrieved May 30, 2018.
  25. ^ a b Huff, Pam (November 23, 2012). "TBB 100: $173.3M Amscot Financial". Tampa Bay Business Journal. Retrieved April 4, 2015.
  26. ^ Bandell, Brian (Jan 9, 2013). "Amscot Financial plans 50 locations, 500 jobs in South Florida". South Florida Business Journal. Retrieved April 4, 2015.
  27. ^ "Amscot to Celebrate Viera Branch Grand Opening on Saturday, October 24th, While Supporting Local Non-Profit Organization". PRNewswire. October 22, 2015. Retrieved July 29, 2016.
  28. ^ Muellner, Alexis (December 25, 2015). "Curious about someone? We are, too". Tampa Bay Business Journal. Retrieved December 29, 2015.
  29. ^ "Our Company". Amscot.com. Retrieved May 30, 2018.
  30. ^ MacKechnie, Fraser (2010). "40 under 40". Gulf Coast Business Review. Retrieved July 6, 2014.
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