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Partnership to Increase home Ownership and its acquisition of College Savings Bank.

Posted by PhotoPhil on November 1, 2018 in Financial Institution |

NexBank is a regional bank stationed in Dallas, and it provides mortgage, institutional services that comprise of institutional customers, and commercial banking. The bank has assets amounting to $ 3.5 billion. In September 2016, Dallas neighborhood announced the partnership deal with Dallas Area Habitat for Humanity. The partnership was made with the goal of increasing the number of housing loans by a hundred for five years after the deal to facilitate home owning. The deal will be brought to fruition by Nexbank who will prove the loan up to $50 million for the expected period of five years.

Low-income earners will be able to get counseling from Dallas Neighborhood Homes on how to be a homeowner. Additionally, Nexbank will cater to the title fees for the successful projects done by the affiliates together with an additional $20,000 per loan in the closing cost. The vice president of Dallas Area Habit for Humanity pointed out that they are very thankful to Nexbank for supporting the dream of low-income earners to own a house. Matt Siekielsk, the COO at Nexbank stated that the bank is very proud of the partnership.

In December 2015, Nexbank announced the acquisition of College Savings Bank based in Princeton, New Jersey that are specialties in saving programs for 529 colleges. However, the transaction details were not disclosed. According to John Holt, the CEO at Nexbank, College Savings Bank will maintain its branding and name as well as their operations but as a subsidiary of Nexbank. Speaking on the importance of the acquisition, the COO and Executive VP of Nexbank, Matt Siekielski stated that the deal is crucial in enabling families to save more to cater for college. The purchase was very appropriate in helping the company expand both in the short term and in the long run.

College Savings Bank had concentrated on college savings since its inception in 1987. The company has partnered with parents who were planning to take their children to college and other institutions of higher learning. It serves as the bank plan for the Arizona Family College Savings Program.

 

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