Higher Education at colleges and universities is rising yearly, which makes it difficult for parents to provide a quality education for their children. College Savings Bank, Program Manager of 529 college savings programs has the solution for families to save for college regardless of their income. As Program Manager, the institution administers Arizona Family College Savings Program Bank Plan and Indiana College Choice CD 529 Savings Plan. The programs are offered to individuals in all 50 states in the United States with a high yield savings accounts and different CD investment options. College Savings Bank was founded in 1987 and acquired by NexBank SSB, a financial & banking institution in Dallas, Texas the end of 2015.
College savings program plans provide college students with funds to cover tuition, room & board, books, supplies, computers, and other university expenses. Students are required to select an accredited two-year or four-year college, propriety, university or vocational school in the U.S. The funds may also be used to enter graduate schools to pursue MA and PhD degrees. College Savings 529 Programs come with benefits, including federal tax deductions, state tax deductions, and security protection of principle. The institution will continue to conduct business with its original name, brand and operations after the acquisition by NexBank SSB.
Historical banking institution, NexBank was founded in 1922 as Heritage Bank SSB. The name was changed to NexBank SSB in 2005, and was co-founded by James Dondero who serves as Chairman. At the end of the second quarter of 2016, the banking institution reported its total gross loans of $2.5 billion and received an increased in its Kroll Bond rating. The rating of its deposit and senior unsecured debt went from BBB to BBB+, according to PR Newswire (August 15th, 2016). John Holt presently serves as the President and CEO of NexBank and continues to seek growth and development opportunities, like the acquisition of College Savings Bank.