This paper describes an approach of using dynamic Structural Equation Modeling (SEM) analysis to estimate the connectivity networks from resting-state fMRI data measured by a multiband EPI sequence. Two structural equation models were estimated at each voxel with respect to the sensory-motor network and default-mode network. The resulting connectivity maps indicate that supplementary motor area has significant connections to left/right primary motor areas, and medial prefrontal cortex link significantly with posterior cingulate cortex and inferior parietal lobules. The results imply that high temporal resolution images obtained with multiband fMRI data can provide dynamic and directional information on the neural connectivity.