NexBank a financial institution based in Dallas Texas announced the completion of $54 million private placement of its fixed to float notes to high net worth investors and specific institutions. Some of its capital was used in offering general corporate purposes.
The notes had a maturity date of 30, September 2027 and were non-callable for five years. The interest rate on the notes was 6.375% for five years, and afterward a floating rate based on the spread above basis points. Note, the notes were assigned an investment grade rating of BBB by the Kroll Bond Rating Agency.
Some of the financial services NexBank serves its customers with include commercial banking, institutional services, and mortgage banking. The bank offers banking services and customized financial services to institutional clients, corporations, and financial institutions.
Recently, records of loans, consolidated assets, and deposits of NexBank were announced. By the end of June 2017 total assets were $6.4 billion while that of 2016 same period was $3.5 billion. Deposit totaled to $5.8 billion which was an increase compared to that of 2016 which was $2.6 billion. Total loans of the bank were $3.9 billion.
The total income reported in the first six months of 2017 was $46 billion. The return on average assets(ROAA) was 1.7% while the return on average equity(ROAE) was 31%. NexBank SSB a regional bank contributes a lot to NexBank capital growth. On June 30, 2017, the average ratio of NexBank SSB to total risk-based ratio was 8.20% and 13.23% respectively.
NexBank has partnered with a technology company known as EverFi to provide financial literacy in schools. NexBank is well known for sponsoring instructor-led courses at Molina High School that uses FDIC Money Smart financial curriculum. Some of the topics covered in the curriculum include essential banking services, credit history, budgeting, and credit cards.
NexBank also offers internships opportunities to senior students. For the year 2017-2018, the bank has planned to expand the digital learning program in classrooms to reach students in Dallas County.
In April 2017 NexBank was ranked number five nationally on pretax return on equity and number ten amongst the best performing community bank. Along with other services, NexBank also offers conforming, government and jumbo loans.