Completion of the $54 million private offering
On the 29th of September 2017, NexBank Capital finally saw the ultimate conclusion of the placement of $54 million company’s subordinate notes to various institutions and investors. All these are part of the bank’s fixed-to-floating unsecured notes. The corporate has purposed to spend the final proceeds fetched from the placements for its general uses.
For the first five years, these notes cannot be redeemed by the holders, and during this time they grow at a fixed interest rate of 6.375%. After that, they bear interest at a floating rate based on the spread above its current three month LIBOR of 458.5 points. This is stated to be mature before 30th September 2027.
Only one agent, Sandler O’Neill & partners, was available for the private offering and this marked its closure on the 19th of September.
Instituted in 1934, NexBank has risen over the years to become the 11th largest financial services lender in Texas. It bears its headquarters in Dallas. The company uses three main business services.
- Commercial banking
Many businesses are compounded with the economic signs that show promises of financial recovery. Different enterprises are thus looking for fund lenders, and as such, NexBank is aiming to be a locally available aider. Its quick, reliable and quality services give the bank its national recognition.
- Mortgage banking
There was a steady growth of the bank in 2010, partly due to the establishment of a mortgage platform. Real estate entrepreneurs partner with NexBank and are provided with finances for the construction, renovation, and acquisition of houses.
- Institutional services
Working closely with institutional clients enables the bank’s professionals to understand their objectives. With a vision to aid its clients, NexBank offers property management and depository services, all of which are highly tailored.
Corporation’s general growth
The company is currently introducing more value-added products. This will undoubtedly increase clients thus fetch more profits. Moreover, it has come to the point where increment in offered capital enables the company to continue capitalizing while still developing. All the acquired proceeds are put into expanding the company.