InsCorp Inc., which is based out of Nashville, Tennessee, went public today by joining the OTC Markets. The company is a bank holding company for InsBank, which provides banking products and services to residents of Nashville, TN. InsCorp Inc. shares started trading today on the OTCQX Best Market. The shares can be found under the IBTN ticker. InsBank president and CEO, Jim Rieniets, insists “having access to the OTCQX market is a significant development for our company and its investors”.
The company sees the move as a growth opportunity. In June, InsBank managed to raise $13 million capital. The company intends to buy back a quantity of preferred shares from the United States Treasury. The bank also plans on expanding in the near future and is currently in the process of constructing their second location. The new InsBank will be located in Brentwood, Tennessee at 5614 Franklin Pike Circle.
At the end of 2015, InsCorp addressed their shareholders and spoke about their earnings. According to the shareholder letter, the company’s EPS, earnings per share, increased from $1.10 to $1.35. The letter also concluded that the company increased consolidated earnings after taxes by a total of 23%. Finally, InsCorp elevated their dividend 28% from 14 cents to 18 cents per share.
Finally, the letter noted the bank’s new brick and mortar location in Brentwood. Construction is underway and the new facility is expected to open sometime near the end of the 3rd quarter of 2016. For additional information, be sure to check out the NashvillePost.com.