Founded in 1922, NextBank Capital has proven to be a preeminent financial services company; headquartered in Dallas, TX, the company serves customers through an array of banking platforms, including commercial, investment, and mortgage banking. And as of June 2016, their net income exceeded $38 million along with 37.6 percent return on their average equity. In total, the Dallas-based financial services company has assets totaling over $3.5 billion, and this number is sure to climb. NextBank has reportedly seen an uptick in deposits, according to PR News Wire, a Cision company and distributor of press releases headquartered in New York City. By NextBank’s own admission, the bank’s total deposits surpassed $2.6 billion in 2016, marking a 49% increase over bank deposits made in 2015.
NextBank is ranked as the 13th largest bank in Texas and the 200th largest in the United States. What is the key to their success? Well, they are an institution that wholeheartedly believes in giving back to the community they serve. To contextualize this statement, we needn’t only look to NextBank’s generous donation to the “Assist the Officer Foundation.” If you’re not familiar with the organization, it is one that aims to provide short-term assistance to the families of fallen Dallas law enforcement officers.
Beyond their humanitarian efforts, NextBank also works diligently at broadening their business portfolio; in fact, they recently acquired College Savings Bank of Princeton, and although the terms of the acquisition have not been disclosed, this latest business venture will likely spur new opportunities in the student loan market. As a result of acquiring College Savings Bank of Princeton, NextBank will be able to lay claim to their existing 529 college-savings programs.
As you’re reading this, you may be wondering why NextBank would be interested in acquiring a bank whose primary line of business revolves around student loans. If so, you’re encouraged to continue reading; NextBank is a financial institution that prides themselves on offering a wide range of financial products to their customers, essentially being a one-stop-shop. This business philosophy has guided them since the 1920s and will likely play a pivotal role in all business decisions going forward.