Teslar Software, provider of portfolio management tools that aggregate and automate lending and deposit operations for community financial institutions, announced today that Legends Bank has selected its full suite of automated workflow and portfolio management tools to streamline and centralize commercial lending.
Clarksville, Tenn.-based, Legends Bank has recently experienced significant momentum, growing nearly 50% in the last 18 months. To support this growth, the bank recognized the need to move away from manual spreadsheets and paper documents for their commercial lending processes in favor of a more digitized process that would deliver new levels of efficiency and speed. The bank plans to utilize Teslar’s automated workflows to meet these needs, ultimately creating a standardized approach to lending.
“As a CRE and small business-focused bank, it was critical to find a commercial lending solution that would support our scale and grow with us, which is exactly what Teslar delivers,” said Tommy Bates, CEO of Legends Bank. “With Teslar, we will be able to manage our loan portfolio efficiently without adding any additional FTEs, which is especially important as talent becomes increasingly scarce. We are confident our partnership with Teslar will help us serve and support more small businesses.”
Legends Bank will start by leveraging Teslar’s exceptions management tools and will move forward to implement Teslar’s full suite of solutions. With Teslar, the bank will be able to reduce the risk of manual errors and introduce new levels of transparency into the lending process. Employees will have additional time to focus on serving customers and growing their portfolios instead of spending their time on redundant, tedious manual tasks.
"Legends Bank recognizes the importance of automation to optimize processes and empower their people to focus on higher value pursuits,” said Joe Ehrhardt, CEO and founder of Teslar Software. “Through the use of our platform, the bank will be able to approach commercial lending with greater productivity, visibility and speed. We look forward to supporting Legends Bank as they expand, providing more small businesses and communities with the funding they need to thrive.”