AUSTIN, Texas--(BUSINESS WIRE)--CBANC, the professional network for bank and credit union professionals, announced today that it completed a $4 million Series B financing. The company will use the funds to accelerate its growth through expanded membership, strategic hires and the launch of new offerings to expand collaboration opportunities for community financial institutions.
CBANC founder Hank Seale led the financing with participation from Texas Independent Bancshares, Inc., Mike Maples and Adams Street Partners, noted for investing in the professional IT network Spiceworks. In addition to CBANC CEO Bryan Koontz, the CBANC board of directors includes Hank Seale, founder and chairman of CBANC and Q2, Charles Doyle, chairman of Texas Independent Bancshares, Inc. and former director of the Federal Reserve Bank of Dallas, Mike Maples, former EVP of Microsoft and Jeff Diehl, managing partner and head of investments at Adams Street Partners.
To date, CBANC’s members represent over 85 percent of community banks and 33 percent of credit unions across the country. Members actively visit the network to find industry expertise, share best practices, make knowledgeable vendor selections and assist each other with regulatory compliance issues.
“As someone who has been in community banking for 44 years, I look at CBANC and imagine all of the pain points we could have tackled through collaboration with industry peers across the country,” said Charles Doyle, CBANC board member and chairman of Texas Independent Bancshares, Inc. “The ability to get online and find a contact at a bank similar in size, in a different state or dealing with the same regulatory issues was never an option. That’s what banking professionals are able to do with CBANC. We’re able to take down the walls and make connections that empower community banking to continue and thrive by tackling obstacles together.”
“Great things happen when you empower community banking professionals across the country to connect online and share best practices. We see it every day,” said Bryan Koontz, CEO of CBANC. “At CBANC, we are focused on bringing community financial professionals together so they can share personal experiences and processes for addressing challenges from regulatory compliance to reliable information about vendors and technology.”
The Series B round will allow CBANC to continue to develop the value of its network so that community banking professionals of all titles can find value and connections that assist them every day.
“CBANC has provided a collaborative environment that particularly addresses the disproportional regulatory burdens faced by smaller institutions,” said Dana Paull, vice president and compliance manager at United Security Bank. “Sharing ideas and resources has saved time and money, and provided a forum to build trusting relationships among members.”
In 2006, CBANC Network started as an incubated business concept within Austin-based CBG Holdings. The idea of a trusted information exchange network for banks and credit unions emerged when Hank Seale, a long-time banking technology industry veteran, began contemplating the key challenges community financial institutions face as they try to compete with mega-banks. Today CBANC is an independent company composed of 22 employees and is located in Austin, Texas.
About CBANC:
CBANC is the professional network for bank and credit union professionals, empowering them to collaborate, share information and lead the evolution of community banking. For more information about CBANC, visit www.CBANCNetwork.com.
