Posts in Category: Financial Institution

Peter Briger Sees Bitcoin Changing the Future of Banking

Bitcoin keeps gaining traction as an investment vehicle and has even made its way into the portfolios of Wall Street professionals. In 2013, Wells Fargo executives made their way to Fortress Investment Group’s headquarters in New York to discuss their desire to create a Bitcoin exchange that would be the first to be regulated. This project was seen as controversial, but Peter Briger, the co-chairman of the Fortress, believes in the enormous potential it may bring. Executives of several divisions of Wells Fargo made appearances at the meeting in Manhattan. The team that Fortress brought included many of the Silicon Valley experts that had gotten behind the technology and great investment opportunity early on.

Peter Briger pitched his plan to the group of a dozen people that were there in the conference room waiting to hear his ideas with a mix of excitement and hesitation. The Fortress team showed an immense interest in Bitcoin because it is not just a new form of currency it is also a low cost and quick way to transfer money anywhere around the globe without worrying about exchange rates or other issues that affect traditional currency. Peter Briger suggested to the team at Wells Fargo that they should be keeping a close eye on Bitcoin as it may rival or even replace other financial services in the near future. Some of these services may include the payment network that Wells Fargo provides to their clients.

Peter Briger first became interested in Bitcoin in early 2016 during a ski trip. Among the people on the trip were other financial experts who shared with Peter Briger how the technology worked. While many people only associated Bitcoin with shady online exchanges like the Silk Road, others knew that it had the potential to be much more than that in upcoming years. It didn’t make sense to Briger that technology allowed people to connect instantly by video to someone in another country, but did not allow them to send money easily. He saw Bitcoin as a solution to this that could possibly change the way the financial world operated.

Finance services in Dallas

Nexbank is a financial institution offering many financial services. It is located in Dallas. It has invested 54 million dollars with certain institutions and well ranked investors. Nexbank purposes to use the returns of this investment for its corporate growth.

From 2016, it has collected 283 million dollars from its debtors. September 30,2027 is the maturity date for the non-redeemable notes. The notes are to acquire interest at 6.375% fixed rate for the initial five years and floating rate thereafter. There is also a LIBOR for three months with an initial basic points of 458.5.

Kroll Bond Rating Agency approved the rating of BBB which was apportioned to the notes. The finance rules make the notes suitable as Tier 2 capital. The notes were offered secretly with Sandler O’Neil and Partners, L.P taking the sole placement agent role. The issuing of notes terminated on September 19, 2017.

The notes cannot be freely marketed in United states. For the notes to become eligible for selling, they are to be registered through the securities act. It is a nationwide financial entity. It serves individual clients as well corporate organizations.

The main functions of Nexbank are;

  • Commercial banking which deals with large entrepreneurial organizations. It involves giving investment loans to its clients. It includes also creating partnerships with large business owners.
  • Mortgage banking which involves giving financial assistance to help purchase a house. It is mostly in the real estate projects.
  • Institutional banking which deals with offering financial services to institutions. Institutions include schools, colleges, hospitals, churches and other banks.

Nexbank operates different types of accounts. The three main popular accounts are

  • 12-month CD with a rate of 2.10 percent.
  • 24-month CD with a rate of 2.25 percent.
  • 18-month CD with a rate of 2.15 percent.

Nexbank is ranked as the 11th bank among the largest banks in Texas State. Nationwide, it stands at the 150th position from the top. It came into being in the year 1934. In its three locations, it has offered employment to 88 people. It has also been rated health wise.

It has three branches;

  • Nexbank, SSB
  • Preston center branch
  • Mckinney branch