Independent Banker Magazine’s ranked NexBank SSB, as “Best of the Best” in the yearly ranking where community banks in America are categorized according to their performance. The financial institution is also listed at the 8th position among banks with over $1 billion in assets.
NaxBank has a charter that dates to 1922 and over $8.4 billion in assets. Besides, the bank has aimed at helping Dallas residents get excellent and affordable housing. The bank in partnership with other organizations strives to offer an affordable loan to families that live in southern Dallas. The nonprofit mortgage servicing provider and the NGO plan on issuing over 100 loans in an effort of uplifting southern Dallas residents who get minimum wage. NexBank offered $50 million to aid in the development of the Affordable Housing Loan Program.
The program is an excellent initiative as with the help of NexBank, families around Dallas will be able to get loans for decent housing in the next five years. The proceeds will be let to minimum wage earners who want to buy homes but don’t have easy access to mortgages. The home buyers will also get services like counseling pre the home buying exercise. The counseling is to help prepare them for home ownership. Dallas Area Habitat for Humanity offers such services together with financial counseling services. Nexbank will also pay for every title fee for closings done through its affiliate.
The initiative by NexBank, a move to have the program in place will help a lot of low-income earners who only dreamt of living in such homes. North Texas currently records the lowest number of homeowners countrywide. The Affordable Housing Loan Program will reduce the numbers in the next few years. Nexbank’s COO stated that the financial institution is grateful to be part of a program that will improve the lives of many.