NexBank in Dallas has bought College Savings Bank in Princeton, N.J.
The $2.3 billion-asset NexBank, a unit of NexBank Capital, did not disclose the price of the purchase. The $300 million-asset College Savings Bank specializes in 529 college-saving programs.
"College Savings Bank will keep its name and branding and maintain current operations as a division of NexBank," John Holt, NexBank Capital's president and chief executive, said in a press release Tuesday. "This is … an important move in our overall funding strategy."
College Savings Bank has focused on college savings since its creation in 1987. The bank is a program manager for the Indiana CollegeChoice CD 529 Savings Plan and Arizona Family College Savings Program–Bank Plan.