CBANC, an Austin, Texas-based professional network for bank and credit union professionals, completed a $4m Series B financing.
The round was led by CBANC founder Hank Seale with participation from Texas Independent Bancshares, Mike Maples and Adams Street Partners.
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.
Started in 2006 as an incubated business concept within Austin-based CBG Holdings, CBANC is a professional network for bank and credit union professionals, allowing them to collaborate, and share information. Members actively visit the network to find industry expertise, share best practices, make knowledgeable vendor selections and assist each other with regulatory compliance issues.
To date, CBANC’s members represent over 85% of community banks and 33% of credit unions across the country.
Led by CEO Bryan Koontz, CBANC is an independent company composed of 22 employees.