First National Bank of Eagle Lake Joins The BHB Banking as a Service (BaaS) Association
FOR IMMEDIATE RELEASE – Jauary 18, 2023
EAGLE LAKE, TX – Today, First National Bank of Eagle Lake has announced that it has joined the Bankers Helping Bankers (BHB) Banking-as-a-Service (BaaS) Association trailblazing the way for setting the standards in BaaS.
By joining The BHB BaaS Association, The First National Bank of Eagle Lake is helping other innovative banks put forth the standards in a rapidly evolving landscape that better enhances the fintech and banking relationship. “Relationship Banking is our business model. Anything we can do to further enhance our relationships, is essential for First National Bank,” said Sam Kana, President & CEO at First National Bank of Eagle Lake.
The BHB BaaS Association’s goal is to teach and guide through education, collaboration, and find new ways for community banks to make money. BaaS is a highly specialized niche and one that is seeing a tremendous increase in bank participants. Fueled by rapid expansion in fintech funding and a constant supply of new startups, there simply aren’t enough BaaS sponsor banks to meet the growing demand from hundreds of fintech applicants.
“These elite bankers are the top 1% in both profitability and innovation” Tanner Mayo, co-founder of BHB, said. “It is essential that banks getting into this space do so in a safe, sound and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS while proactively identifying and mitigating risks.”
The BaaS Association was created to:
- Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by Federally insured depository institutions.
- Promote best practices and standards for the delivery of BaaS products to non-banks.
- Build a community of like-minded bankers and other industry participants to share experiences, insights, and learnings.
- Connect Federally insured financial institutions to the technology partners who will help them facilitate a successful BaaS program.
About The First National Bank of Eagle Lake
The First National Bank of Eagle Lake is quickly becoming the premier community financial institution in the area by creating and delivering quality financial products and services to our customers at exceptional values. For more information on The First National Bank of Eagle Lake, visit https://www.fnbeaglelake.bank.
About The BHB BaaS Association
The BHB BaaS Association was formed with the purpose of promoting, creating, and supporting Banking-as-a-Service (BaaS) in a safe and compliant way. Our goal is to teach and guide bankers through education, collaboration, and find new ways for community banks to make money. BaaS is a highly specialized niche and one that is seeing a tremendous increase in bank participants. Bankers are enabling financial services across the country, there simply aren’t enough BaaS Sponsor banks to meet the growing demand from hundreds of FinTech applicants. The BaaS Association aims to serve the unique needs of BaaS Sponsor banks. For more information, visit www.baasassociation.com
Source: FI FinTech Newsroom
Director of Marketing, FedFis