NexBank Capital Inc. is a financial services company located in Dallas, Texas. They recently made an announcement about privately placing $54 million worth of subordinated notes. These were bought by high net worth individuals and institutional investors. The company plans to use the money the raised for general operations. In the past year they have now raised $283 million in both debt and equity.
The terms state that the notes cannot be called for five years and will not mature until September 30, 2027. For the first five years, they will pay a fixed rate of 6.375%. After that they will have a floating rate according to the terms of the deals. These notes were rated by Kroll Bond Rating Agency. They rated these notes as BBB- and they projected a stable outlook.
Thee notes were placed by Sandler O’Neill & Partners, L.P. The notes have not been registered under the Securities Act. Due to this, they cannot be sold in the United States to anyone else unless they are registered or they are exempted from the owner having to do so.
NexBank Capital offers commercial banking, personal banking, mortgage banking, and institutional services. They have clients across the United States. Their services are primarily used by large corporations, mid-sized business, and large real estate investors. As of the end of the third quarter of 2017 they had $7.6 billion in assets under management.
The personal banking accounts have been offered by NexBank Capital for over 100 years. They offer both deposit and cash management services. The types of personal accounts they offer are checking savings, certificates of deposit, and home mortgages. Their 12 month CD’s currently have an APY of 1.25%, their 24 months CD’s are 1.45%, and the 18 month CD’s are 1.35%.
John Holt is the president and chief executive officer of this company and Matt Siekielski is the chief operating officer. The chairman of the board is James Dondero who co-founded another Dallas-based financial company, Highland Capital Management, L.P.