Nexbank is continuing its recent pattern of growth and diversification with their recent acquisition of College Savings Bank of Princeton, New Jersey. The purchase adds to their diversified portfolio of products and services. Nexbank adds to their arsenal a niche specialty consisting of 529 plan college savings programs. The college bank will keep its name and become a division of Nexbank.
College Savings Bank has focused on helping parents provide college tuition for their children since it first opened its doors in 1987. It is the program manager for two state-run college savings plans. Both Indiana and Arizona utilize their services.
Nexbank recently completed a capital raise from shareholders of $24 million. It is an indication of ongoing strength in their operations. The money will go to support general corporate purposes. With recent statistics revealing a return on average equity (ROAE) of 37.6 percent, Nexbank continues to pursue growth opportunities. Last year total assets exceeded $3.5 billion and total deposits grew to a total of $2.6 billion. These substantial increases total 61 percent and 49 percent respectively, year over year.
Nexbank is a powerhouse amidst the thriving business culture in Dallas, Tx. They have three core businesses, Commercial Banking, Mortgage Banking and Investment Banking. Nexbank has a charter dating back to 1922.