InsCorp Adds Financial Services Investor Russell Echlov to its Board of Directors

Nashville-based lender also defers decision on semi-annual dividend

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Jul 02, 2020, 13:30 ET

NASHVILLE, Tenn., July 2, 2020 /PRNewswire/ -- InsCorp, Inc. shareholders elected Russell Echlov to join the company's board of directors at its annual meeting. Echlov, a graduate of Dartmouth College, has more than 20 years' experience in analysis and investing in the financial services sector. Since 2016 he has represented one of the bank's larger investors, Mendon Capital. "Russell has been a great advocate and resource since becoming affiliated with INSBANK four years ago," said Mike Qualls, Chairman of InsCorp. "We expect his joining our company's board of directors to be complimentary to the diverse skill sets that are already represented." Mr. Echlov, who also serves on the board of MainStreet Bank in Fairfax, VA, was elected to serve a three-year term alongside three other existing directors.

InsCorp's board of directors also took action to defer a decision on its semi-annual dividend, based on uncertainty in the economy and banking industry in the face of the COVID19. "The pandemic's effect on the economy has manifest in historic rate cuts, business closures, and job losses; all of which affect our industry's level of profitability," said Jim Rieniets, President and CEO of INSBANK. "Until there is more clarity on the virus' impact on the economy, we feel the prudent decision is to hold-off on distributing operating earnings in favor of adding to our reserves." In recent years, the bank holding company had paid semi-annual dividends to shareholders in the months of June and December.

About INSBANK

Since 2000, INSBANK has offered its clients highly personal services provided by experienced relationship managers and has utilized technologies to deliver those services efficiently and conveniently. TMA Medical Banking is a division of INSBANK which provides banking services to members of the Tennessee Medical Association. INSBANK is owned by InsCorp, Inc., a Tennessee bank holding company. The bank has offices in Nashville at 2106 Crestmoor Road, and in Brentwood at 5614 Franklin Pike Circle. For more information, please visit www.insbanktn.com.

SOURCE INSBANK