INSBANK Bolsters Accounting and Finance Team for Strategic Growth

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Jul 30, 2024, 08:05 ET

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.

SOURCE INSBANK