MBNA Closes on Nexstar Acquisition

WILMINGTON, DE – MBNA Corporation today announced that it has closed on the acquisition of Nexstar Financial Corporation, of St. Charles, MO. Nexstar provides mortgage outsourcing solutions to many of the nation’s leading banks, credit unions, and other financial institutions. Financial terms were not disclosed.

Nexstar’s highly scaleable platform for originating and processing home finance products will enable MBNA to offer private label and co-branded home equity loans through its more than 5,000 affinity partners. The purchase of Nexstar supports MBNA’s strategy of expanding into non-credit card consumer finance businesses.

MBNA has acquired all of Nexstar’s assets, including “Powered by Nexstar,” the company’s proprietary home loan origination and processing platform. The Nexstar management team and all of Nexstar’s existing employees have joined MBNA, and Nexstar’s existing facilities in Missouri and Evergreen, CO and Westport, CT, are now operated by MBNA. Nexstar will operate as a subsidiary of MBNA using the Nexstar name and will continue to serve existing clients.