Board Votes to Authorize Repurchase of Shares
NASHVILLE, Tenn., May 2, 2023 /PRNewswire/ -- INSCORP, Inc. (the "Company") (OTCQX: IBTN) announced today that its board of directors has declared a semi-annual dividend payment of $0.17 per share, which represents an increase of 13% over the most recent dividend. The dividend is payable on June 9, 2023, to shareholders of record as of May 19, 2023. Additionally, the Company's board of directors authorized the repurchase of shares of the company's outstanding common stock.
"Record earnings in 2022 and a healthy first quarter support the steady increase in dividends to our shareholders," said Jim Rieniets, President & CEO of INSBANK, the Company's wholly-owned subsidiary. "As the company continues to grow, we seek to optimize the allocation of earnings to support capital for balance sheet expansion, while enhancing shareholder returns with both dividends and share repurchases," Rieniets continued.
Repurchases of the Company's stock will be conducted in accordance with applicable laws and may be made from time to time in the open market, through privately negotiated transactions, or otherwise. The authorization to repurchase up to $3 million in common stock will be in effect until the earlier of April 25, 2024, or until such time as the maximum authorized dollar amount of shares has been repurchased. The Company intends to fund authorized repurchases from existing sources of cash as well as funds generated from continuing operations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The repurchase authorization does not obligate the Company to purchase any particular number of shares and there is no guarantee as to the exact number of shares that will be repurchased by the Company.
Shareholders also recently elected Rob Lowe to join the company's board of directors at its annual meeting. Mr. Lowe is an Executive Managing Director and Partner at Stream Realty, where he leads the strategic direction and operations of the Nashville office. He has been a Nashville Business Journal Real Estate Power Leader for the past eight years, and his developments have won awards from the Urban Land Institute, Nashville Chapter. "Rob's depth of experience in CRE and local market knowledge are a great compliment to the expertise of our lending team inside the bank," said Jim Rieniets. "Having a board of directors with skill sets that are both diverse and relevant is a critical element of success in our industry, and Rob's inclusion is a continuation of those objectives for our company," Rieniets continued.
A graduate of Vanderbilt University, Mr. Lowe has previously worked as a Senior Managing Director with Cushman & Wakefield, as well as serving as a principal and member of the board of directors of Cushman's predecessor firm, Cassidy Turley. Within the community he has held leadership roles with the Nashville Downtown Partnership and has been a longtime supporter of the Boys and Girls Clubs of Middle Tennessee. "I've worked with members of INSBANK's leadership for many years and have gained an appreciation for the role a community bank plays in serving the needs of businesses and investors," said Rob Lowe. "I know market knowledge is paramount for successful real estate lending, and I look forward to being a resource for the team as the bank continues to solidify its position as one of only a few, truly local banks in Nashville," Lowe continued.
About INSBANK
Since 2000, INSBANK has offered its clients highly personalized service provided by experienced relationship managers, while positioning itself as an innovator, utilizing technologies to deliver those services efficiently and conveniently. In addition to its commercial focused operation, INSBANK operates three divisions, Medquity, TMA Medical Banking and Finworth. Medquity offers healthcare banking solutions to physicians, partnerships, and practices nationwide, while TMA Medical Banking provides banking services specifically to members of the Tennessee Medical Association. Finworth offers nationally available virtual private client services for interest bearing deposits. INSBANK is owned by InsCorp, Inc., a Tennessee bank holding company. The bank is headquartered in Nashville at 2106 Crestmoor Road, and has an office in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbank.com.
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SOURCE INSBANK
