Mechanics & Farmers Bank Using nCino’s Cloud Banking Platform to Effectively Deliver on its Mission to Empower Diverse Communities
February 06 2024 - 6:30AM
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the
global financial services industry, today announced that Mechanics
and Farmers Bank (M&F), the second-oldest African American
owned bank in the United States, is live on the nCino Cloud Banking
Platform. The technology upgrade is helping M&F process loans
more quickly and creating increased convenience and connectivity
for the underserved markets it intentionally serves.
For 116 years, M&F Bank has been focused on a critical
mission; providing access to capital to diverse communities. As a
Community Development Financial Institution (CDFI), M&F must
serve one or more target markets by designating at least 60 percent
of financing activities to one or more low- and moderate-income or
underserved communities. Through the partnership with nCino and
implementation of its Commercial Banking and Automated Spreading
Solutions, M&F can more quickly complete the loan process,
while driving a better experience for its customers and associates
via a cloud-based and mobile enabled single platform.
“Our pursuit at M&F is to reduce the wealth gap by providing
access to capital that helps our customers achieve their goals,”
said James Sills, President, CEO and Board Member at M&F Bank.
“We’re excited to be using nCino, one of the best platforms in the
industry, to foster this mission and empower our associates to meet
the needs of our customers with excellence. The partnership between
M&F and nCino has been terrific, and we look forward to
continuing working together to execute on our strategic plan.”
“Working with nCino has been more than implementing software,”
added Valerie Scruggs, SVP/CTO on loan from one of M&F’s big
bank partners. “nCino worked with us from the beginning, ensuring
our people were prepared for the transformation and had all the
resources and information they needed to succeed with these new
tools. True transformation takes a partnership, and that’s exactly
what we have with the team at nCino.”
“The partnership we have with M&F Bank is foundational to
the transformation the Bank is driving within their operations,”
said Will Cameron, SVP of U.S. Financial Institutions at nCino. “We
are proud to provide M&F with the technology platform they need
to provide faster and easier access to capital for the communities
they serve while strengthening its own performance and becoming
more efficient.”
About nCino nCino (NASDAQ:
NCNO) is the worldwide leader in cloud banking. Through its single
software-as-a-service (SaaS) platform, nCino helps financial
institutions serving corporate and commercial, small business,
consumer, and mortgage customers modernize and more effectively
onboard clients, make loans, manage the loan lifecycle, and open
accounts. Transforming how financial institutions operate through
innovation, reputation and speed, nCino is partnered with more than
1,800 financial services providers globally. For more information,
visit www.ncino.com.
About M&F BankFounded in 1907 in North
Carolina, M&F Bank is the second-oldest African American owned
bank in the United States. With $446 million in total assets,
M&F Bank is the eighth-largest African American owned financial
institution in the United States and is the only Community
Development Financial Institution (CDFI) and minority-owned bank in
North Carolina. The bank’s mission is to promote personal and
community development by providing capital to small- and
medium-sized businesses in its local communities. M&F Bank
serves thousands of customers and operates eight locations
throughout Durham, Raleigh, Greensboro, Winston-Salem and
Charlotte. To learn more, visit www.mfbonline.com.Media
Contacts Natalia Moosepress@ncino.com
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