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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Surrey Bank & Trust Partners with Teslar Software to Automate Lending Operations

July 22, 2021 GMT

SPRINGDALE, Ark.--(BUSINESS WIRE)--Jul 22, 2021--

Teslar Software, provider of portfolio management tools that aggregate and automate lending and deposit operations for community financial institutions, announced today that Surrey Bank & Trust launched its platform to add efficiencies while gaining visibility through advanced reporting.

Mount Airy, N.C.-based Surrey Bank & Trust first leveraged Teslar to support their PPP forgiveness process in 2020. The bank originally focused every loan officer on PPP lending, and needed to automate the forgiveness process to continue serving its market with additional services. Over $46 million of the bank’s $48 million in funded PPP loans for round one have already been granted forgiveness, with more in process. Surrey Bank & Trust also leveraged Teslar PPP Complete to automate and streamline the loan origination and forgiveness process for 2021 PPP. Realizing how the platform significantly optimized lenders’ time, the bank then added Teslar’s automated workflow and portfolio management tools to improve operations across the entire lending process.

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Surrey Bank & Trust is able to reduce the time it takes for a senior team to conduct quarterly reporting from roughly six days to three, and monthly reports can be reduced from three days to one. And, Teslar’s seamless integration with the bank’s imaging system streamlines the process of tracking exceptions and missing documentation, saving the bank the expense of an additional full-time employee.

“The return on investment for Teslar Software was very clear; I was impressed with the technology’s ability to improve operations throughout our organization,” said Peter Pequeno, senior vice president and chief lending officer of Surrey Bank & Trust. “With Teslar, our loan officers have the information they need to better understand their borrowers and stay ahead of any potential risks. As a result, we can strengthen relationships and provide better support to our community.”

Pequeno added, “Teslar Software’s integration team has done an excellent job; we’re really pleased with how seamlessly they handled the conversion of our data. They have this process down, making sure everything is executed without a hitch.”

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“We first met Surrey Bank & Trust when they were looking for a better way to serve small businesses within their community with PPP Forgiveness. Now through this expanded partnership, they are able to improve their bank’s overall operations,” said Joe Ehrhardt, CEO and founder of Teslar Software. “By utilizing Teslar, Surrey Bank & Trust is able to better provide for its community while keeping a healthy portfolio.”

About Teslar Software
Teslar Software provides portfolio management tools for community financial institutions that aggregate and automate lending and deposit operations processes into a single system, enabling institutions to scale and improve all aspects of the bank. This SaaS solution with over 20 modules boosts efficiencies by providing easy access to centralized, relevant information to balance portfolios, optimize profits and help community bankers more efficiently serve their customers and better understand their needs. Please visit www.teslarsoftware.com to learn more.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210722005080/en/

CONTACT: Media Contact: Maggie Wise

678.781.7229

maggie@williammills.com

KEYWORD: UNITED STATES NORTH AMERICA ARKANSAS NORTH CAROLINA

INDUSTRY KEYWORD: SOFTWARE FINANCE PUBLIC RELATIONS/INVESTOR RELATIONS BANKING COMMUNICATIONS PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY

SOURCE: Teslar Software

Copyright Business Wire 2021.

PUB: 07/22/2021 08:07 AM/DISC: 07/22/2021 08:07 AM

http://www.businesswire.com/news/home/20210722005080/en