NexBank Capital Incorporated announced a 54 million dollar private placement to it subordinated notes to investors. As reported on Cisco the offering will be used for corporate purposes. With this transaction, NexBank has raised over 280 million dollars of equity since 2016. The notes will reach maturity in 2027 and they bear a fixed rate of interest at 6.375% over 5 years and then they will bear a floating rate based on LIBOR.
With a BBB rating, the notes are considered stable by Kroll Bond Rating Agency and fall under capital regulations. The offering closed on September 19th of 2017 and Sandler O’Neill & Partners LP acted as the sole agent. Because the notes do not fall under the Securities Act they can’t be sold in the United States.
As of September 2017, NexBank holds over 7.6 billion dollars in assets and NexBank specializes in commercial, mortgage, and institutional banking services to its clients. NexBank clients consist of middle market companies, large corporations, financial institutions, and real estate investors. On the board of directors, Mr. James Dondero presides as chairman and brings over 30 years of experience to the bank.
The services offered by NexBank are comprehensive and its commercial services include lending, credit services, treasury management, and more. It offers lending programs for warehouses, wholesale, corporate, commericial and real estate advisory to commercial investors.
Personal and online banking are also offered and NexBank brings over a hundred years of experience to its clients. Traditional and non-traditional investments are offered and NexBank is committed to the diversity of its business and personal client investments. NexBank is FDIC-Insured to a maximum of $250,000.
NexBank offers its clients interest bearing saving accounts, money market accounts, certificates of deposit, and college funds and it offers high-interest Platinum One Checking. Platinum One comes with a Visa check card, ATM access, online banking, travelers and cashier’s checks and a dedicated personal banker. For those who want a simplified checking account fee-free, E Free Checking is available and it offers a Visa check card, ATM access, online banking, bill pay and e-statements and notifications.