Nissan Motor Acceptance Company (NMAC), the financial services arm of Nissan North America, has submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to form Nissan Bank U.S., an industrial bank headquartered in Salt Lake City.
The proposed bank will focus on commercial financing for dealerships. In addition to operational efficiencies, the bank is intended to strengthen support for independent, locally owned dealerships.
“For over 40 years, NMAC has supported our dealer network with stable, relationship-driven financing,” Kevin Cullum, president of NMAC, said. “Forming Nissan Bank U.S. gives us greater flexibility to serve dealers more efficiently and competitively—so they can better serve their customers. It also deepens our support for locally owned dealerships, many of which are small businesses that anchor their communities. From small towns to major markets, this bank will help dealers access the tools they need to grow—while reinforcing our long-term investment in the U.S. market.”
The bank will leverage NMAC’s commercial lending expertise and relationships with more than 1,200 dealerships. The formation of the bank is subject to regulatory approval. Nissan worked closely with its advisors, Klaros Group, and counsel, Covington and Burling, in preparing the application.
