If you’re unfamiliar with NextBank Capital, it is a leading financial services company, founded in 1922 and headquartered in Dallas, TX. NextBank is comprised of three operating platforms, which includes commercial banking, mortgage banking, and investment banking. As of June 2016, NexBank Capital, Inc. accumulated $38.1 million in net income, and an impressive 37.6% return on average equity. Combined, Nextbank boasts assets that exceed $3.5 billion. In addition, NextBank has also seen an increase in deposits; according to an article in PR News Wire, NextBank’s total deposits reached $2.6 billion as of June 30, 2016, denoting a 49% increase when compared to 2015 bank deposits.
According to depositaccounts.com, an unbiased major bank account comparison site, NextBank ranks as the 13th largest bank in Texas, and the 200th largest bank in the nation. In addition to providing excellent financial services to their clients, NextBank also gives back to the community. In the wake of a sniper attack in downtown Dallas, NextBank donated funds to the “Assist the Officer Foundation,” a non-profit organization that provides short-term assistance to the families of fallen and wounded, Dallas police officers.
In an effort to further broaden its business portfolio, NextBank SSB, a division of NexBank Capital, recently acquired the New Jersey-based, College Savings Bank of Princeton. Although the terms were not disclosed, the acquisition will create new business opportunities for the Dallas based bank, most notably in college-savings programs; according to collegesavings.com, NextBank will gain access to 529 college saving programs previously handled by College Savings Bank of Princeton.
Why would NextBank acquire College Savings Bank of Princeton? It’s actually quite simple, NextBank is a financial institution predicated on providing diversified financial services, and the acquisition aligns with their vision of providing a one-stop-shop for their clients. NextBank is setting a new standard in the financial services industry by listening to their clients, and periodically reshaping their business model to meet their needs.