Dallas Neighborhood Homes is a nonprofit mortgage service provider that works with Dallas Area Habitat for Humanity. In September 2016, the firm announced that it would provide an Affordable Housing Loan Program for residents of southern Dallas. NexBank, a regional bank based in Dallas accepted to offer a loan of up to $50 million to support the program for a period of five years. The bank has $3.5 billion worth of assets and a 1922 charter. It provides institutional services, mortgage banking, and commercial banking countrywide.
Dallas Neighborhood Homes will use the money to lend to low-income homebuyers who have limited access to a mortgage. The nonprofit firm will also prepare these homebuyers by counseling them on financial matters and home ownership. Besides providing capital to Dallas Neighbourhood Homes, NexBank will also cater for all title fees and closing cost of up to $2000 per loan. The nonprofit mortgage service provider’s mission is to assist less fortunate homebuyers with everything they need to secure affordable mortgages. By doing this, they seek to create a more diversified neighborhood.
In December 2015, NexBank acquired College Savings Bank, which is based in Princeton, New Jersey. The bank mainly focuses on 529 college-saving programs. The bank has been in operation since 1987 and has helped parents prepare for their children’s higher education. College Savings Bank offers multiple FCID-insured CD investment alternatives, and viable savings account with no additional fees. The company has over the years been of great help to families as they get to enjoy the security of their investment and the possible tax benefits linked to 529s.
The acquisition would let College Savings Bank retain its branding, name, and operations but as a branch of NexBank. During his speech, the president and CEO of NexBank mentioned how the partnership would be of great benefit to both parties in the general funding strategy. Matt Siekielski, Nexbank’s COO suggested that the initiative was a unique opportunity for short and long-term growth. The firm manages programs for the Arizona Family College Savings Program-Bank Plan and Indiana CollegeChoice CD 529 Savings Plan. The acquisition will allow customers to access online banking tools to help them manage their accounts.