NexBank Completes $24 Million Capital Raise

NexBank Completes $24 Million Capital Raise
16.08.2016 10:45 am

NexBank Completes $24 Million Capital Raise

Fund Management , Investment Management

 NexBank Capital successfully completed a $24 million common equity capital raise in June 2016. The proceeds from the capital raising effort will be used for general corporate purposes.

"We are pleased with the success of the capital raise and appreciate the positive response from our shareholders. The capital raise will provide additional support for NexBank's continued growth and development opportunities," said John Holt, President and CEO of NexBank Capital, Inc.

For the first six months of 2016, NexBank Capital, Inc. reported net income of $38.1 million and return on average equity (ROAE) of 37.6 percent. Total assets exceeded $3.5 billion and total deposits reached $2.6 billion at June 30, 2016, a year-over-year increase of 61 percent and 49 percent, respectively. 

NexBank SSB, a regional bank, reported total gross loans of $2.5 billion at the end of the second quarter, which constitute 72 percent of the Bank's total assets. NexBank SSB maintained its well-capitalized status with a Tier 1 leverage ratio of 9.44 percent and a total risk-based capital ratio of 12.98 percent.

"With this capital raise we are well positioned to continue the growth of our scalable businesses across NexBank," said Matt Siekielski, Executive Vice President and Chief Operating Officer of NexBank Capital, Inc.

As a reflection of its strong capital levels, liquidity profile and earnings, NexBank Capital, Inc. and NexBank SSB recently received upgraded ratings with a stable outlook from Kroll Bond Rating Agency. NexBank Capital, Inc. received an upgrade of its senior unsecured debt rating from BBB- to BBB and NexBank SSB received an upgrade of its deposit and senior unsecured debt rating from BBB to BBB+.  

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