Raises More Money For General Corporate Purposes

NexBank Capital Inc. recently sold fixed-to-floating rate subordinated notes to the tune of $54 million. This is money that this Dallas, Texas-based company used to fund general corporate purposes. Including this money they have now raised $283 through offerings of debt and equity since 2016.

The notes that Nexbank Capital issued cannot be called for five years. They will fully mature on 9-30-27. They will pay the holder 6.375% on a fixed rate basis for the first five years. After these notes will become based on floating rates. When they start paying floating rates it will be at the three-month LIBOR of 458.5 basis points.

These notes have been rated by the Kroll Bond Rating Agency as BBB- investment grade. The rating agency said that they had a stable outlook on these notes. The placement agent for these notes was Sandler O’Neill & Partners, L.P. The offering of these notes closed on 9-19-2017 and they are not registered under the Securities Act.

NexBank Capital offers three main banking functions. These are institutional services, mortgage banking, and commercial banking. As of the end of September 2017 they had $7.6 billion in assets under management. Their clients are primarily mid-sized companies, investors in the field of real estate, and large corporations. they also offer personal banking services at their locations including checking, saving, and mortgages. They also offer CDs such as a 24 month CD that pays 1.45% APY.

It was in 1934 that NexBank Capital was first established. They now employ 87 people and have two locations. The first location, which is also their corporate headquarters, is at 2515 Mckinney Ave, Suite 1700. Their other location in Dallas is at 6121 Luther Lane in the Preston neighborhood.

NexBank is the 11th largest bank in Texas and the 161st biggest in the United States. It has 87 employees including those at the branches and those at its headquarters. They offer unbiased information to their customers and a comprehensive approach to dealing with their finances. After the financial crisis of 2008 banks are now ranked according to their financial health. NexBank achieved a rating of A on its last checkup.

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