On Tuesday, NexBank SSB which is based in Dallas announced that they had acquired a college savings of Princeton in New Jersey. Up to its acquisition, the bank was dealing with the 529college savings plan. The particular details about the acquisition are still yet to come.
According to the deal, the college bank gets to keep its name and will maintain their operations as a division within NexBank. The bank was founded in 1987 and has been specializing in college savings for the past 30 years. The college bank also acts as program manager for the Arizona Family College Savings Program bank and the Indiana College Choice CD 529Savings plan.
NexBank SSB is a part of the bigger unit, NexBank Capital, Inc. This bank is a company that serves customers from all over the country through the three major businesses:
• Commercial banking
• Investment banking
• Mortgage banking
Nexbank offers services such as warehouse lending and investment banking. Through these plans, the customers are able to fund and close their loans in a more effective manner. They have professionals whose aim is creating products that empower the businesses of their customers. They also offer lending services to financial institutions, management of treasury and agency services.
Nexbank has also established an online banking platform. This is meant to allow customers to check their balances, look at the progress of their loans or investments and related services without having to leave the comfort of their homes.
By the year that ended on June 30th, the company was worth $3.5 billion in assets. Nexbank is led by James Dondero and a host of other executives that have years of experience in all the different facets of banking. Their aim is the development of products that suit the needs of the customers by providing leading services to private customers, institutions and corporations.