Nelnet Receives Approval to Establish Nelnet Bank
Nelnet, Inc. (NNI)
US:NYSE Investor Relations:
nelnet.com/investors
Company Research
Source: PR Newswire
LINCOLN, Neb., March 18, 2020 /PRNewswire/ -- Nelnet (NYSE: NNI) announced that Nelnet Bank received notification of approval from the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish a Utah-charted industrial bank. Nelnet Bank will operate as an internet bank franchise with a home office in Salt Lake City and will leverage Nelnet's experience and expertise helping students and families plan and pay for their education. Nelnet's roots go back more than 40 years as a federal student loan servicer and more than 30 years as a private education loan originator and servicer. The company's bank subsidiary will offer a financially secure, experienced, and FDIC-insured lender to the private education loan marketplace. With diversified sources of funding that include deposits and securitizations, Nelnet Bank will act as a reliable and affordable source of funding for creditworthy, education-seeking consumers throughout all credi
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