NexBank SSB is one of the leading regional banks in Dallas, Texas. It recently announced that it had acquired College Savings Bank of Princeton, New Jersey. This bank specialises in over five hundred and twenty-nine college saving programs. The terms of the arrangement were unfortunately not disclosed to the general public.
John Holt, who is the President and CEO of NexBank Capital, Inc said that the College Savings Bank would not change its name or branding, it will maintain its current operations as a branch of NexBank. The transaction was termed as a win-win for both parties and a significant move in the banks overall funding strategy.
Matt Siekielski, the Chief Operating Officer and Executive Vice President of NexBank Capital, Inc declared that the acquisition enables them to serve their large clients better and aid families to save for their children’s college.
Since its founding in mid-1987, College Savings Bank’s main business has been focused on college savings. The bank is a program manager for Arizona Family College and Indiana College Choice and has been helping parents who are preparing their kids for higher education by being their partners.
NexBank SSB is a diversified financial services company that operates nationwide by offering mortgage banking, commercial banking and investment banking. It was founded as early as 1922 and serves a wide variety of clients like financial institutions, corporations, institutional clients and individuals.
College Savings Bank is program administrator for the unique Arizona Family College Savings Program–Bank Plan (FDIC-insured) and Indiana’s College Choice Savings Plan. These two are both offered nationwide. They provide high-yield savings account and provides multiple FDIC-insured CD investment options without charging any asset-management fees. The associated families benefit from the potential tax benefits and the peace of mind knowing that their investment is principally protected.