The cost of college education has been on the rise in the past few decades. Most parents are opting to get their children out of the trap that is college loans because of the long-term impact they have on the credit ratings of the child and also their financial well-being after they get their first job. Well, for parents who have been saving with the College Savings Bank of New Jersey, there is a reason to smile all the way to the bank, literally, because Nexbank just assimilated the bank.
Nexbank is a financial institution that was established more than a century ago and has been serving the locals in Texas and around the country with different solutions for their financial situations. The latest move by the bank to assimilate the college savings bank is in line with their strategy to do more to give back to the community in which they operate. According to the deal that was struck between the two companies, the College Bank will retain their name and brand logo, but they will be performing their operations as a subsidiary of the larger bank. The benefits that are in the deal for them include a larger customer base and more resources to support their activities. The CEO of Nexbank, John Holt, is the one that released the news about the merger.
Nexbank is a subsidiary of the Highlands Capital Management Group, which was founded by James Dondero and Mark Okada. The bank’s current capital base is $3.5 million, and they are still expanding. The management of the bank hopes that this and other moves they are making will help them in achieving the growth they want. Initiatives that give back to the community that has invested with them over the years are their priority.