NexBank Capital Inc. is a financial company located in Dallas. The institution has announced the successful completion of $54 million private placement of its fixed-to-floating rate subordinated notes to high net worth investors and to certain institutions.
The proceeds of the offering are intended for general corporate purposes. NexBank Capital Inc. has raised $283 million of equity and debt since 2016 in this closing. The notes have a stated maturity of 30th, September 2017 and are non-called for five years.
The notes bear interest at 6.375% fixed rate for five years followed by a float rate based on the spread above the current three months LIBOR of 485.8 basis points. The offering closed on 18th September with Sandler O’Neill and Partners, LP acting as the sole placement agent for the private offering of the note. Investment grading of BBB- has been assigned to the notes with the stable outlook by Kroll Bond Rating qualifying as Tier 2 capital. The notes may not be sold or offered in the United States because they are not registered under the Securities Act.
NexBank is the 12th largest bank in Texas and 179th in the nation with its headquarters in Dallas. It was established in 1934 and has grown to three locations with 87 employees, as at June 2017. It has an A health rating with its money rates being 3 times the national average. As of June 2017, NexBank had $6.4 billion in assets. It offers mortgage banking, commercial banking, and institutional services to financial institutions and institutional clients. It also serves real estate investors, middle-market companies, and large corporations. Its mission is to deliver unique value at any opportunity.
NexBank National Ratings
NexBank was named the best-performing US community bank by S&P Global Market intelligence in 2016 with assets between $1 billion and $10 billion. Independent Banker Magazine awarded NexBank the Best of the Best in 2016 for Subchapter S Banks with more than $1billion of assets. It was ranked top 25 Residential Real Estate Lenders by the Bank Director Magazine focusing on strategy ranking in the 2nd quarter of 2016. NexBank scored 300 perfect scores at Super Bank Quality Rating.