The Dallas Business Journal reports that NexBank SSB has added the College Savings Bank of New Jersey to its holdings. The move comes in the wake of NexBank’s recent announcement of its third straight year of record profits, which have fueled rapid company growth.
Founded in 1987, College Savings Bank is a specialized provider of 529 college savings plans. It is also the program manager for the Arizona Family College Savings Program and the Indiana CollegeChoice CD 529 Savings Plan. According to NexBank Capital CEO and president John Hold, College Savings Bank will keep its present operation and name. Holt did not disclose the terms of the acquisition.
NexBank SSB is headquartered in Dallas, Texas, and serves commercial and retail customers in the northern region of the state. It is a member institution of the Federal Deposit Insurance Corporation. NexBank SSB was chartered in 1922, and is known for its support of the Dallas community. For example, the firm recently committed $50 million to fund a low income housing program sponsored by Habitat for Humanity.
NexBank Capital, Inc. owns NexBank SSB. College Savings Bank will be the newest division of this diversified financial services firm that markets to a national client base of commercial banks, financial institutions and individuals. NexBank Capital operates mainly in three “core” areas. These are investment banking, mortgage banking and commercial banking.