Extraco Banks is a community bank which first started life as the Exporters and Traders Compress and Warehouse Company in Waco on July 12, 1902. Today, it has evolved into the largest and most comprehensive independent financial institution headquartered in central Texas.
With assets exceeding $1 billion, Extraco has 135,000 customers, 15 branches and, to date, a network of 27 ATMs (11 of which are Intelligent Deposit machines).
It offers a wide variety of traditional consumer and commercial banking services including trust, insurance, mortgage, financial services and technology across 13 central Texas communities. A highly respected and valued community institution, it employs 400 staff and participates in hundreds of volunteer leadership roles.
Now in its third generation of family management, Extraco has developed a complete one-stop financial center vision that offers a superior experience to its customers, a strategy further enhanced by its core company mission statement: to touch lives by building secure financial futures and long-term profitable relationships.
After nearly a 30-year partnership with one of NCR’s leading competitors, Extraco realized that in order to meet its selfservice strategy, it would have to evaluate all options available in the industry.
A key part of Extraco’s self-service strategy is to deliver to customers the opportunity to bank where, when and how they wish—which reinforces the company’s corporate value of “Simple, Fast and Fun.”
Previously only offering cash dispensing through its ATM network, Extraco knew it needed the advanced functionality of Intelligent Deposit machines in order to successfully fulfill this strategy. Additionally, Extraco was in the process of restructuring its branch model, which included the reduction of branch hours to create staff and cost savings efficiencies. The transition to Intelligent Deposit self-service ATMs therefore needed to support this new model without sacrificing brand image and the hard-earned, valued relationships already established with its customer.