12 hours ago
Nissan Motor Acceptance Company Submits Application to Form Nissan Bank U.S., LLC
FRANKLIN, Tenn.--(BUSINESS WIRE)--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., LLC, an industrial bank headquartered in Salt Lake City, Utah.
The proposed Bank will focus on commercial financing for dealerships—enhancing the services currently provided by NMAC while enabling greater efficiency, competitive rates, and a deeper ability to serve Nissan, INFINITI, and non-Nissan dealerships across the United States. In addition to operational efficiencies, the Bank is intended to strengthen support for independent, locally owned dealerships—many of which serve as vital small businesses in communities across the country.
'For over 40 years, NMAC has supported our dealer network with stable, relationship-driven financing,' said Kevin Cullum, president of NMAC. '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 long-standing relationships with more than 1,200 dealerships. Its charter would allow for more flexible and cost-effective financing options, empowering dealers to better serve their customers.
In addition, the Bank intends to uphold Nissan's strong legacy of community investment by supporting financial literacy, affordable housing, and economic development initiatives in Utah and beyond.
Consumer auto loans will continue to be offered directly by NMAC.
The formation of the Bank is subject to regulatory approval. Nissan worked closely with their advisors, Klaros Group, and counsel, Covington and Burling, in preparing the application.
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