SALT LAKE CITY (WKRC) – Nissan has submitted an application to form a bank in the United States.
Nissan Motor Acceptance Company (NMAC), the financial services arm of Nissan North America, has applied to the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions to establish Nissan Bank U.S., LLC. The proposed industrial bank will be headquartered in Salt Lake City, Utah, and will focus on commercial financing for dealerships.
The new bank aims to enhance the services currently provided by NMAC, offering greater efficiency, competitive rates, and improved support for Nissan, INFINITI, and non-Nissan dealerships across the United States. The bank is also intended to bolster support for independent, locally owned dealerships, which play a crucial role as small businesses in communities nationwide.
“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 its relationships with over 1,200 dealerships. Its charter would allow for more flexible and cost-effective financing options, empowering dealers to better serve their customers. Additionally, the bank plans to uphold Nissan’s 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 collaborated with their advisors, Klaros Group, and counsel, Covington and Burling, in preparing the application.