NexBank Provides $10 Million Credit Facility to Uplift Education

- Loan will support school expansion in the Dallas area -

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Sep 25, 2014, 02:03 ET

DALLAS, Sept. 25, 2014 /PRNewswire/ -- NexBank SSB, a leading regional bank based in Dallas, Texas, has provided a $10 million credit facility to Uplift Education, North Texas' largest public charter school network, to support its expansion in the Dallas area.

Uplift Education develops public school programs that empower students to reach their highest potential for success in college and beyond. 100% of the class of 2014, 388 students, received college acceptance letters and more than $67 million in scholarships and grants. The organization offers education to underserved communities throughout North Texas, and 60% of their students qualify for Free and Reduced Lunch programs.

Uplift Education operates 32 schools in the Dallas and Fort Worth regions that enrolled nearly 12,000 primary, middle school and high school students in the 2014-2015 school year. The organization plans to increase enrollment to 13,000 students by 2016. The financing will support the opening of three school facilities in Oak Cliff, southeast Dallas and southwest Dallas, as well as projects related to the construction of instructional-use facilities on the three properties.

"Uplift Education is a strong borrower that has a proven record of academic success as well as cost-effective operations in their school programs," said Grant Smith, Senior Vice President and Chief Lending Officer of NexBank SSB. "We are pleased to partner with Uplift Education, providing them with the opportunity to expand student enrollment and improve educational opportunities for all students in the Dallas area."

"With this loan, NexBank becomes an important partner in our effort to make a high quality college preparatory education available to more students in North Texas. They've stepped into the gap between our 2014 and 2015 bond issues and are helping us keep our growth on track as we pave the way for three more Uplift campuses," said Bill Mays, CFO of Uplift Education.

NexBank partners with local and national organizations dedicated to making a difference in their communities. The company has supported a number of non-profit causes through volunteer efforts, sponsorships and direct contributions.

About NexBank SSB
NexBank SSB is a leading regional bank with assets of $1.5 billion and a charter that dates to 1922. The Bank provides commercial banking, mortgage banking and institutional services to meet the needs of its clients, which include large corporations, real estate investors, middle-market companies, small businesses and banks as well as some of the largest institutional clients in the capital markets. NexBank SSB is part of NexBank Capital, Inc., a fully-integrated financial services organization that includes a commercial and investment bank. www.NexBank.com

About Uplift Education
Uplift Education is a is a 501(c)(3) nonprofit organization operating a network of 32 tuition-free, college preparatory, public charter schools in Dallas, Fort Worth, Arlington and Irving on 14 campuses. Uplift Education schools provide a rigorous, multidisciplinary curriculum, with an emphasis on college preparation – 100% of graduates are accepted to college. Uplift Education educates nearly 12,000 students, with the majority being low-income and minority students who will be the first in their family to attend college. Uplift schools are public schools -- students are selected by a blind lottery with no information collected on their past academic performance. For more information, visit uplifteducation.org or facebook.com/uplifteducation.

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SOURCE NexBank