Home » Nexbank
Category Archives: Nexbank
Good news has continued to flow in for the Dallas-based NexBank Capital, which enjoyed an upgrade by Kroll in its credit rating from BBB- to BBB. This has allowed NexBank to raise more capital. As a result of these fortunate developments, NexBank has increased senior unsecured notes up to $75 million.
“Private Senior Unsecured Notes”
On September 9, 2016, NexBank announced that it would increase its private senior unsecured notes from $50 million to $75 million. The previous offering had been announced on March 18, 2016.
Sandler O’Neill & Partners was the sole placement agent for this September private offering. NexBank plans on using the capital for continued growth. The investment grade notes cannot be called for five years; they have a stated maturity date of March 16, 2026. For the first five years, the fixed rate of 5.50% will be paid and thereafter, a variable rate will be determined using the three-month LIBOR.
NexBank CEO & President John Holt said that the “senior notes offering and recent Kroll rating upgrades reflect the financial community’s support of NexBank’s strength and continued growth.” The total for capital raised from March to September 2016 has been $100 million. NexBank is a member of the FDIC.
“Strong Full Year 2015 Financial Results”
On March 14, 2016, NexBank reported healthy financial results with a net income increase of $53.2 million with total assets of $2.72 billion at year-end. CEO & President John Holt stated that we, at NexBank “have significantly increased earnings year-over-year and improved our asset and deposit channels, while prudently managing our risk and expenses.” On November 30, 2015, NexBank acquired the College Savings Bank.