Nexbank Multimillion Million Deal Provides Capital For Texas Business

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After a $54 million deal between NexBank and private and institutional investors, the company has a considerable amount of capital to use for business purposes. The deal was completed by the sole placement agency of the offering, Sandler O’Neill & Partners. The notes which are fixed to floating rate subordinated cannot be sold or offered unless they have received an exemption from registration or if they are registered. This is because they were not registered according to the Securities Act.

 

Since NexBank was founded in 2016, they have raised equity and debt worth approximately $283 million as of late September of 2017. The rate of the notes for the first 5 years is 6.375%. After this time frame, the rate will be floating. According to the Kroll Bond Rating Agency, the investment was given a stable outlook and a rating of BBB-. The transaction that was completed over the notes was a private placement.

 

The Dallas based NexBank is always working to try to make sustainable improvements in their community. Philanthropy is an important aspect for the company that performs many different community services along with supporting the veterans of their region. They want to make their surrounding communities and the city of Dallas stronger through their efforts. Through education and loan programs, they are able to contribute to the financial development of the area in significant ways.

 

Financial literacy is something that is important to all communities but especially in low-income areas. This is why NexBank supports the computer program MoneyWorks. Through the use of this program, NexBank has been able to help students throughout 13 schools in the Dallas area learn more about financial literacy. Employees of NexBank also work with the FDIC to teach their Money Works program to Dallas area school children. Along with those programs, the volunteers also help students build their resumes, prepare for interviews, and plan for their future careers. The efforts of the financial services were recognized with the Financial Capability Innovation Award by EverFi. The reach and scale of the initiatives offered by NexBank were one of the main factors in the choice.

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