Texas-based bank selects fintech to better support local businesses
Extraco Banks and Teslar Software announced their partnership to streamline the bank’s commercial lending process and more effectively balance their portfolio.
Extraco Banks is the largest and most comprehensive independent financial institution headquartered in central Texas with more than $2 billion in assets. They’ve recently set a goal to modernize commercial lending, leaving behind paper-intensive processes in favor of greater automation and digital tools. To help achieve this goal, the bank will leverage Teslar’s pipeline, workflow and exceptions modules as well as annual loan review and construction management to bring more efficiency, transparency and accuracy into the commercial lending process.
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“At Extraco, we’re committed to supporting our community’s economic success and stability. Enhancing our commercial lending processes will allow us to better serve local businesses,” said Brian Reinhardt, president, Central Texas South Region, of Extraco Banks. “With Teslar’s automated workflows and robust toolkit, we’ll be able to fulfill loans with speed and convenience while empowering lenders with deeper insights into portfolio activity and health.”
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The bank has been a backbone of their community for more than 120 years and continues to provide support to local businesses, including their annual Extrapreneur Award Program which provides local entrepreneurs an opportunity to pitch their business ideas with the potential to win up to $26,000 in cash prizes and gain access to business consulting resources. The bank’s goal to modernize commercial lending will further support local business customers, with Teslar’s tools providing a faster, more convenient customer experience.
“Extraco Banks is a leader in their local community and the community banking space, having funded over $2 billion in loans to 25,000 customers since the Great Recession,” said Joe Ehrhardt, CEO and founder of Teslar Software. “We’re proud to support the bank as they work to enhance their commercial lending process.”
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