NASHVILLE, Tenn., July 30,
2024 /PRNewswire/ -- In preparation for growing
through the $1 billion asset
threshold, INSBANK has made strategic investments in its finance
and accounting department to navigate the complexities of FDICIA
compliance and applicable regulations.
Since December 2023, INSBANK has
strengthened its finance and accounting leadership team through a
series of key additions to its team. Peyton
N. Green, the newly appointed Chief Financial Officer (CFO),
brings his extensive experience in financial management and
strategic planning to lead INSBANK's overall financial strategy,
including liquidity management, interest rate risk, financial
reporting, and capital management.
In March, INSBANK hired Maya
Demonbreum as Vice President, Controller. She oversees
accounting operations and financial reporting. Most recently,
Keith McCullar joined INSBANK in May
as Senior Vice President, Chief Accounting Officer (CAO). Keith
will provide leadership and expertise in accounting policies,
procedures, and internal controls.
"Keith and Maya bring excellent experience and skillsets that
will shape our financial reporting and compliance to enhanced
levels. Their experience at growth-oriented, publicly traded
financial institutions with multi-billion-dollar balance sheets
will be an asset to us as we look to enhance our returns and growth
for years to come," said Green.
This strategic expansion of the finance and accounting
department demonstrates INSBANK's commitment to maintaining robust
financial controls, delivering accurate and transparent financial
reporting, and supporting informed decision-making for sustainable
growth over the long term.
"It's not uncommon to observe banks pausing their growth right
below the $1 billion threshold,
ostensibly reacting to escalating accounting and regulatory
standards," said Jim Rieniets,
INSBANK President and CEO. "We prefer a proactive approach to that
growing pain, so that we don't find ourselves distracted from
serving our growth markets in Nashville and our nationwide healthcare
banking business."
INSBANK is confident that this team will provide the financial
leadership and expertise necessary to navigate the exciting
opportunities that lie ahead for the company in its existing
markets. INSBANK remains committed to transparency and looks
forward to sharing its financial progress with existing and
prospective investors alike. Investors should expect the press
release highlighting results from the second quarter of 2024 in the
coming weeks.
About INSBANK
Since 2000, INSBANK has offered its clients highly personalized
services 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 in 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.
InsCorp, Inc., a Tennessee bank holding company, owns
INSBANK. 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