NexBank SSB is a financial firm based in Dallas, Texas. They manage about $3.5 billion in assets under management and provide mortgage banking, commercial banking, and institutional services. They also provide checking, savings, and certificate of deposit to individuals. In order to provide assistance to low-income families, they partnered with Dallas Neighborhood Homes and Habitat for Humanity in September 2016.
This partnership’s goal is to provide low-income families with affordable housing loans. From 2016 to 2021 they will provide 100 or more of these loans each year to families who live in Southern Dallas. This program is targeting specific zip codes where there are affordable homes that low-income families will be able to afford. Over the five years of this partnership, NexBank will offer up to $50 million in home loans. The families that are helped not only receive favorable loan terms but they also receive financial counseling services through Habitat for Humanity. Additionally, NexBank is covering 100% of the title fees as well as up to $2,000 in closing costs on each of these loans.
Three years ago NexBank moved into the college loan space. They bought College Savings Bank which is a financial firm located in Princeton, New Jersey. This company focuses on 529 college-savings programs. Talking about this acquisition, NexBank’s President and Chief Executive Officer John Holt said that College Savings Bank would continue to operate as they had before the purchase was completed. This meant they kept their own brand, location, and operations.
By acquiring College Savings Bank, NexBank was able to broaden the financial services that they provide to their own clients. It will also add to their bottom line in both the short and long term. College Savings Bank has been helping parents save for their children’s college educations since 1987. The two 529 programs it operates are the Arizona Family College Program-Bank Plan and the Indiana CollegeChoice CD 529 Savings Plan.