INSCORP, Inc. Announces Share Repurchase Authorization and Semi-Annual Dividend Payment

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Nov 04, 2019, 13:19 ET

NASHVILLE, Tenn., Nov. 4, 2019 /PRNewswire/ -- INSCORP, Inc. (the "Company") (OTCQX: IBTN) announced today that its board of directors has authorized the repurchase of up to $2 million of the company's outstanding shares of common stock. Additionally, the Company's board of directors declared a semi-annual dividend of $0.10 per share. The dividend is payable on December 13, 2019, to shareholders of record as of November 22, 2019.

"We seek to optimize shareholder value with the capital created by our earnings stream," said Jim Rieniets, President & CEO of INSBANK (the Company's wholly-owned subsidiary). "While the majority of our earnings are utilized to support continued growth, dividends and a share repurchase program both enhance shareholder value," 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 stock will be in effect until the earlier of December 31, 2020, 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.

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