Nexbank Partnership and Acquisition as Parts of Strategic Approaches to Serve Broader Clients
Since 1922, Nexbank has defied all the odds in the banking sector and emerged as a leading regional bank for in Texas. As of 2018, the bank owns over 8 billion US dollars in asset value and has multiple services ranging from managing personal accounts to offering tips on commercial banking. The success of this Dallas-based bank lies in its partnerships with reputable firms with a common goal of expanding affordable ownership of homes. Notably, Nexbank partnered with the Dallas Neighborhood Homes, with the purpose of providing a minimum of 100 loans for low-earners in Southern Dallas.
The deal between Nexbank SSB and Dallas Neighborhood Homes will see Dallas residents get a maximum of 50 million US dollars until 2021. On the other hand, the latter banker will distribute these funds as well as offer counseling for prospective low-income homeowners. Amazingly, these residents will get a maximum of 2,000 dollars for title fees. This partnership is one in a chain of Nexbank partnerships tailored to low-earning families.
Apart from partnering with Dallas Neighborhood Homes, Nexbank acquired the College Savings Bank in 2015. College Savings Bank is based in Princeton NJ, and will maintain its name but operate as a subsidiary of Nexbank. While disclosing the deal, Nexbank’s President John Holt stated that the acquisition was a win-win deal and it would see both parties work towards a strategic funding goal. Further, the acquisition would help more clients save for college education through both short term and long term strategies.
College Savings Bank has been helping families save for college since its foundation in 1987. This is through partnerships with parents who have children preparing for higher education. Though based in New Jersey, the company serves nationwide clients. For instance, it manages a savings plan known as 529 for Indiana College and a program for Arizona Family College. Based on its acquisition by Nexbank, as a result, Nexbank is sending a strong message on its mission to expand and serve broader clients. As Mark Siekielski, Nexbank’s COO intimates, more families will be able to meet the needs for higher education – even low-income families.