Dallas Bank Continues to Grow

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.

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Improving Growth Prospects through Offering New Senior Unsecured Notes

Even after reaching new levels of earnings, loans, deposits and assets in the previous financial year NexBank is still pushing to achieve more in this financial year. Last year’s 48 percent growth is undoubtedly not enough to make the company settle and has thus released new senior unsecured notes offerings.

NexBank Increases Senior Unsecured Notes Offering to $75 Million

About NexBank

NexBank Capital Inc. provides financial services such as mortgage banking, Institutional Services and Commercial Banking. The company providesits clients with personalized banking and financial services. Their clientele includes financial institutions, corporations, and institutional clients.

The New Senior Unsecured Notes Offering

NexBank has increased the offering of senior unsecured notes to about $ 75 million. This accounts for about a $ 25 million increments from the offering that it had previously announced on March 18, 2016. This increase in the offering portrays the strong demand that NexBank enjoys from the existing and new investors.

NexBank aims to use the proceeds of this offering to grow the capital for its banking subsidiaries and other general corporate purposes. The offered notes are non-callable for the next five years and will be mature on March 16, 2026.

Projections

Besides, the notes will also attract interest at the fixed rate of 5.5 percent for five years. After that, the notes will attract interest at a floating rate of a spread above the three months LIBOR of about 435.5 basis points. The Kroll Bond Agency has assigned the notes an investment grade rating of BBB, with a robust outlook. This rating helps to demonstrate the support that the financial community has extended to NexBank continued growth and strength.

With NexBank continued focus on its customer base and the development of businesses, NexBank is set to capture opportunities regarding strengthening and expanding its product offerings. The company’s prudent management of the risk and expenses of their customers significantly consolidates its position as a leading regional bank and also helps it to maintain its well-capitalized portfolio.

Continue reading about Nexbank:

https://www.collegesavings.com/csbcms/LinkClick.aspx?fileticket=2c0q9isp2aM%3D&tabid=57&portalid=0&mid=620

http://www.dallasnews.com/news/crime/headlines/20160709-community-events-to-help-victims-of-the-dallas-shootings.ece