Texas-based Nexbank SSB has recently announced that it has acquired Princeton, New Jersey-based College Savings Bank, which specializes in 529 college-savings programs (original article found here). According to John Holt, Nexbank’s CEO, although no terms of the deal were released, the New Jersey bank will maintain its name, branding, and operate in its current location. Nexbank said that the New Jersey bank has concentrated on college savings program since its establishment in 1987. Over the years, it has served as the program manager for Arizona Family College Savings Programs and Indiana College 529 savings plan.
Nexbank SSB is a subsidiary of Nexbank Capital, which offers a spectrum of banking services to its customers across the globe through:
- Investment banking
- Mortgage banking
- Commercial banking.
Nexbank provides custom-tailored banking and financial services to high-net-worth investors, corporations, and institutional clients across the US. As a market leader, Nexbank strives to deliver highly-valued services to its customers at every opportunity. Nexbank’s customers can access personalized and sophisticated financial solutions through the company’s dedicated and experienced professionals with proven track records of accountability. Nexbank has been in the banking sector with a charter dating back to 1992. The bank is committed to providing high-performance solutions to meet diverse, complex customer financial needs.
Nexbank’s 2015 financial report
For the fourth quarter and full year of 2015, Nexbank reported a strong consolidated financial result, which is a fourth consecutive year it has reached its projected levels of assets, profitability, and loans and deposits. Nexbank’s net income increased from 23 % in 2014 to 35 % in 2015. Furthermore, its total assets reported a 48 % growth reaching $2.72 billion compared to the previous year. Additionally, Nexbank’s lending increased by 42% in 2015 while total deposits recorded a 32 % growth. According to John Holt, acquisition of College Savings Bank diversifies Nexbank’s balance sheet through the additional deposit.