Extraco Banks Partners with Teslar Software to Modernize Commercial Lending

Texas-based bank selects fintech to better support local businesses

SPRINGDALE, Ark.--(BUSINESS WIRE)--Extraco Banks and Teslar Software today 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.

“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.”

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.”

About Teslar Software

Teslar Software, founded in 2008, is a configurable lending process automation platform for community financial institutions. Teslar transforms commercial lending by providing easy access to centralized, relevant information to balance portfolios, optimize profits and help community bankers effectively serve their customers. Named Best Solution for Lending by the 2021 FinXTech Awards, Teslar Software continues to earn their reputation as a top technology provider for community institutions. Please visit www.teslarsoftware.com to learn more.

ABOUT EXTRACO BANKS®

Extraco Banks and its affiliate companies are dedicated to building people, businesses and communities. Since the Great Recession, Extraco has extended over $2 billion in loans to 25,000 customers, while financially supporting over 1,275 community organizations working to create economic vibrancy, job growth and overall quality of life to our communities across central Texas. Founded as a cotton warehousing company, Extraco, with more than $2 billion in assets, is the most comprehensive locally owned bank between Dallas and Austin, serving over 120,000 customers' banking, mortgage, insurance and wealth & trust needs with creative and innovative excellence. Learn more at: https://www.extracobanks.com/.