Austin-based Banker’s Toolbox Inc., a company that provides compliance solutions for community financial institutions, announced on April 5 its acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry trendsetter in the loan risk management space, with its flagship Loan Loss Analyzer software platform and advisory services.
MST helps institutions in determining and documenting their allowance for loan losses and preparing for the new Current Expected Credit Loss (CECL) model accounting standard.
“We are focused on accelerating growth through the acquisition of new technologies and capabilities, with the express purpose of providing our customers with best-in-class compliance solutions,” says Wayne Roberts, CEO of Banker’s Toolbox. “MainStreet is a perfect fit for Banker’s Toolbox strategy. More accurate science in this arena can drive significant value to our customers’ balance sheets and bottom line.”
“While we are excited about the future for our team of dedicated professionals, our customers will realize the greatest benefit with the combination of two strong, innovative, industry-leading companies,” says Dalton Sirmans, founder of MainStreet Technologies.
Banker’s Toolbox Inc. helps organizations manage risk and streamline compliance. The company’s product suite consists of solutions for money-laundering detection and reporting, risk management through fraud prevention, secure wire processing automation and commercial real estate loan portfolio risk assessment.
MST is a leader and pioneer in allowance software solutions, advisory services and education. Financial institutions across the U.S. employ MST to address their allowance requirements, including the software and subject matter expertise to achieve and maintain compliance with U.S. GAAP and the impending CECL accounting standard.
Published in Bankers Digest, April 16, 2018