H.I.G. Growth Partners News

Entegra Bank Selects Akouba by Velocity Solutions to Power Small Business Digital Lending

FORT LAUDERDALE - December 18, 2018 - Velocity Solutions, LLC, the leading provider of revenue enhancement solutions to regional and community financial institutions, announced that Franklin, N.C.-based Entegra Bank ($1.6 billion in assets) has selected Velocity’s Akouba™ digital lending platform to power its digital lending solutions for small and medium-sized business (SMB) borrowers.

Akouba’s industry-leading platform allows financial institutions to provide loans for their SMB account holders through the digital channel, quickly and efficiently, no matter the time or location. Akouba is the only small business digital lending solution endorsed by the American Bankers Association (ABA). ABA provides value to bankers and state banking associations by identifying industry trends and vetting companies that provide solutions which meet bankers’ needs. ABA’s goal is to save bankers time by providing industry expertise along with endorsed solutions that are backed by a comprehensive due diligence process, analyzed by industry experts and field-tested by bankers.

As a community-focused institution, Entegra Bank found the Akouba platform best suited to allow it to meet the needs of the bank’s current and potential SMB borrowers. “We selected Akouba not only for their cutting-edge technology and willingness to work with us, but for the very positive impact we believe this will have on the bank’s bottom line and on the customer experience,” said Charles Umberger, Executive VP/Chief Lending Officer for Entegra Bank. With the projected growth of small businesses, 83% of banks responding to a recent ABA survey confirmed plans to increase business lending over the next two years. Akouba offers financial institutions a streamlined solution for SMB lending, giving them the ability to provide a better customer experience while supporting their growth and reducing overhead.

“SMB lending is not only growing, but increasingly going digital, and today’s financial institutions need the right platform to help them meet these demands,” said Chris Rentner, Director of Digital Lending for Velocity Solutions, LLC. “With Akouba, Entegra Bank can provide a seamless digital experience for its SMB customers, all while minimizing cost, time and risk.”

“We are pleased to be working with Entegra Bank, helping the bank grow its SMB lending and exceed customer expectations,” said Christopher Leonard, CEO of Velocity Solutions. “Velocity is dedicated to providing our clients with the industry’s most relevant and sophisticated digital solutions so they can thrive and succeed.”

About Entegra Financial Corp. and Entegra Bank
Entegra Financial Corp. is the registered bank holding company of Entegra Bank (the “Bank”). The company’s shares began trading on the NASDAQ Global Market on October 1, 2014 under the symbol “ENFC”.

Entegra Bank now operates a total of 18 branches located throughout the Western North Carolina counties of Cherokee, Haywood, Henderson, Jackson, Macon, Polk and Transylvania, the Upstate South Carolina counties of Anderson, Greenville, and Spartanburg and the Northern Georgia counties of Pickens and Hall. The Bank also operates loan production offices in Asheville, North Carolina and Clemson, South Carolina.

About Velocity Solutions, LLC
Velocity Solutions is the leading provider of digital revenue enhancement solutions to regional and community banks and credit unions. Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity has unparalleled expertise and insight into deposit account activity and transactional trends. Velocity’s solutions are designed to automate overdraft services, drive new profitable accounts, provide digital consumer and business lending platforms, generate new non-interest income, and address regulatory scrutiny. For more information, please visit www.myvelocity.com.