Independence Bancshares Inc. (fka IEBS)

[norweger1979]

First Reliance Bank Announces Merger

Posted on September 25, 2017


September 25, 2017, Florence, S.C. – First Reliance Bank recently announced they have entered into an agreement to acquire Independence National Bank a locally-owned community bank headquartered in Greenville, South Carolina which has approximately $90.0 million in assets, $76.1 million in deposits and three branch locations. The acquisition is expected to close early in the first quarter of 2018.

“We are a community bank buying a community bank with the goal to continue delivering the community banking model of developing strong relationships with our customers and providing an incredible experience. We are passionate about our purpose ‘to make the lives of our customers better’. We believe that if you achieve delivering your purpose and treat customers right, then financial results will follow.” said Rick Saunders, President and CEO. “We welcome our new customers and associates created by this merger and look forward to serving them with excellent customer service our brand of banking. First Reliance has always been a strong community partner in all our markets and we are excited to support the communities in Greenville.”

First Reliance has a clear business model which it delivers through a “hometown banking” brand, strong culture and core values of community banking. Customers seem to like this brand of banking as the bank has a high 95% Customer Satisfaction Score. Associates are passionate about delivering day in and day out on its tagline ‘There’s More to Banking than Money®’.

The bank plans to continue to grow organically and to look for expansion opportunities throughout the Southeast. It recently announced expansion into the Summerville, South Carolina market and has entered the Winston-Salem and Lexington North Carolina market with a Loan Production Office. As the bank grows, its operational areas primarily located in Florence, will continue to expand to support its business strategies.

https://www.firstreliance.com/press-releases/reliance-bank-announces-merger

[1center]

Call Report for the Bank 3/31/17... $IEBS
Independence National Bank
https://www5.fdic.gov/idasp/confirmation_outside.asp?inCert1=57951

[1center]

Call Report for the Bank 12/31/16... $IEBS
Independence National Bank
https://www5.fdic.gov/idasp/confirmation_outside.asp?inCert1=57951

[1center]

$IEBS 0.17c Independence Bancshares, Inc. #Investors Info...
Greenville SC

Corporate
http://www.snl.com/IRW/CorporateProfile/4097408
http://www.otcmarkets.com/stock/IEBS/profile

Bank Subsidiary
Independence National Bank

https://www.independencenb.com/

http://www.ibanknet.com/scripts/callreports/getbank.aspx?ibnid=usa_3324994

FDIC

https://www5.fdic.gov/idasp/confirmation_outside.asp?inCert1=57951

[1center]

Hopefully 2017 will be the year @.13 $IEBS Independence Bancshares, Inc.
http://www.otcmarkets.com/stock/IEBS/profile
https://finance.yahoo.com/quote/IEBS/key-statistics?p=IEBS
http://www.snl.com/IRW/CorporateProfile/4097408

Independence National Bank
https://www.independencenb.com/

Sleeping for now we shall see.

[1center]

$IEBS..Independence Bancshares, Inc. FDIC Call Report

Independence National Bank

09/30 2016
FFIEC Call Report..
https://www5.fdic.gov/idasp/confirmation_outside.asp?inCert1=57951



https://finance.yahoo.com/quote/IEBS/key-statistics?p=IEBS

[illegal_alias]

Proxies and annual meeting materials arrived via email.

Dear Fellow Shareholder:

We cordially invite you to attend the 2016 Annual Meeting of Shareholders of Independence Bancshares, Inc. (the “Company”),
the holding company for Independence National Bank (the “Bank”). At the meeting, we will report on our performance and answer
your questions. We hope that you can attend the meeting and reception and look forward to seeing you there.

This letter serves as your official notice that we will hold the meeting on November 16, 2016, at the office of our corporate
counsel, Nelson Mullins Riley & Scarborough LLP, 104 South Main Street, Suite 900, Greenville, South Carolina at 9:00 a.m. for the
following purposes:

Shareholders of record of our common stock or our convertible preferred stock, Series A at the close of business on September 27,
2016 are entitled to be present and to vote at the annual meeting. A complete list of these shareholders will be available at the
Company’s offices prior to the meeting. If your shares are held in “street name,” you will need to obtain a proxy form from the
institution that holds your shares in order to vote at the meeting.
Please use this opportunity to take part in the affairs of your Company by voting on the business to come before this meeting. Even
if you plan to attend the meeting, we encourage you to complete and return the enclosed proxy to us as promptly as possible.

1. To elect six nominees to serve on our board of directors;
2. To approve the compensation of our named executive officers (this is a non-binding advisory vote) (“say-on-pay”);
3. To ratify the appointment of Elliott Davis Decosimo, LLC as our independent registered public accounting firm for the year
ended December 31, 2016; and
4. To transact any other business that may properly come before the meeting or any adjournment of the meeting.

By order of the board of directors,

Robert B. Willumstad
Chairman of the Board

[1center]

$IEBS..Independence Bancshares, Inc. FDIC Call Report

Independence National Bank

FFIEC Call Report..
https://www5.fdic.gov/idasp/confirmation_outside.asp?inCert1=57951

[1center]

Getting a little interest down here $IEBS

[1center]

$IEBS 0.19c Independence Bancshares, Inc. Greenville SC currently doing business as Independence National Bank
#bankstock LOTTO..

http://www.snl.com/IRWebLinkX/corporateprofile.aspx?iid=4097408

http://www.otcmarkets.com/stock/IEBS/profile

http://banktracker.investigativereportingworkshop.org/banks/south-carolina/greenville/independence-national-bank/

FDIC Certificate#: 57951

https://research.fdic.gov/bankfind/detail.html?bank=57951&name=Independence National Bank&searchName=&searchFdic=&city=&state=&zip=&address=&tabId=2

http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001311828&action=getcompany

[Enterprising Investor]

OCC Terminates Consent Order (6/05/14)

On June 5, 2014, the Board of Directors of Independence National Bank, the subsidiary of Independence Bancshares, Inc., received an Order Terminating the Consent Order indicating that the bank’s Consent Order with the Office of the Comptroller of the Currency dated November 14, 2011 (the "Consent Order") was terminated by such agency effective June 4, 2014.

See the Company’s Current Report on Form 8-K filed on November 18, 2011 for more information regarding the Consent Order.

http://www.sec.gov/Archives/edgar/data/1311828/000114544314000849/0001145443-14-000849-index.htm

[jmurfk]

gee this is a winner

It sure is. Hit $2.75 today. We were buying this at .05 and under 2 years ago, lol.

[NORTH LAND]

IEBS wow! nice move!

[jmurfk]

Yep, been watching lately. It hit 2.75. My last few, from under .10, sold a couple of months back.

[Mark]

Geesh, just noticed this hit 2.50 today. Wow, I sold out way too early but still made nice bank on it....was buying .01-.05 area...

[triadtreats]

This company has come a long way. They brought in heavy hitters, and the e-payment thing applied to the market value of other companies in this space could make this H U G E. Moving forward.

[kranthikumar]

IEBS is already up by 100%.now it is ai 122%

[jmurfk]

You like it, huh? Caught this in the .04-.05 range a couple of years ago . Did well. You saw they recently did some PP at .80? Weeeeeeeeeeeee

[cpw13154]

gee this is a winner. Wonder if this is the one they were e fir ing to?

[triadtreats]

Anyone read the latest SEC S1 filing? Looks like management has some very ambitious plans. Very interesting.

[jmurfk]

$14 mil at .80 is massive.

[triadtreats]

New capital, new leadership and a buy in at way more than the bid. Shows a lot of confidence in their business plans. Be nice to see how they polish this gem :)

[jmurfk]

They're from a private placement. I wondered when they would do some equity fund raising from their AS increase last year. .80 per share is pretty darn good. Sold 18 million shares worth 14 million dollars.

Independence Bancshares Announces Closing of Private Placement Offering

GREENVILLE, S.C., Jan 07, 2013 (BUSINESS WIRE) -- Independence Bancshares, Inc. (OTC: IEBS) (the "Company"), the holding company for Independence National Bank (the "Bank"), announced the closing on December 31, 2012 of a private placement offering in which it issued 17,648,750 shares of common stock at a price of $0.80 per share for gross proceeds of $14.1 million. Hovde Securities, LLC was the exclusive placement agent for the offering.

Lawrence R. Miller, President and CEO of the Bank, noted, "We believe raising capital in this offering will help us to improve our capital levels in excess of regulatory requirements and better position the Bank to expand its business into higher growth opportunities that are designed to deliver more consistent earnings going forward."

In connection with the closing of the offering, the Board of Directors of the Company announced the appointment of Gordon A. Baird as the Company's President and Chief Executive Officer and as a director of the Company effective December 31, 2012. Mr. Baird has had an extensive career in banking and financial services, as well as in building new financial services businesses. Mr. Baird began his career at John Hancock Real Estate Finance in 1990, continuing with State Street Bank and Trust Company and Citigroup Global Markets, Inc. He has extensive experience in bank regulatory issues and payments, technology, consumer finance and capital markets.

Mr. Miller, who had served as the Company's President and Chief Executive Officer since the Company's formation, will step down from these roles but will continue as the President and Chief Executive Officer of the Bank. H. Neel Hipp, Jr., Chairman of the Board of the Company and the Bank, stated that "Mr. Miller has been instrumental in helping us to complete this capital raise and will continue to focus on strengthening a platform to provide full-service traditional community banking services in the Greenville, South Carolina and contiguous markets. We look forward to many more years together as Mr. Miller continues as President and Chief Executive Officer of the Bank."

About Independence Bancshares, Inc. and Independence National Bank

Independence Bancshares, Inc. is a bank holding company headquartered in Greenville, South Carolina. It owns and controls all of the capital stock of its sole subsidiary, Independence National Bank, a nationally chartered bank. Independence National Bank is proud to be a bank located in Greenville, South Carolina. Since opening for business in May, 2005, we have been providing a complete banking line of business including consumer finance, business banking and merchant services. Our goal is to continue to deliver services that provide exceptional value to the community we serve.

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on Independence Bancshares' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, without limitation, our ability to comply with our Consent Order, including the capital directive therein, and potential regulatory actions if we fail to comply; deterioration in credit quality; greater than expected losses in the sectors of our loan portfolio secured by real estate; the adequacy of the level of our allowance for loan losses and the amount of loan loss provisions required in future periods; the rate of loan growth and the lack of seasoning of our loan portfolio; our ability to attract and retain key personnel; significant increases in competitive pressure in the banking and financial services industries; and changes in the interest rate environment. Independence Bancshares does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K filed with the SEC on March 7, 2012 and other periodic reports filed with the Securities and Exchange Commission. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof. In addition, the Bank is currently under a consent order with the OCC and must obtain OCC approval to expand its business model. There can be no assurances that the Bank will receive OCC approval or be successful in implementing the steps necessary to expand its business model.

SOURCE: Independence Bancshares, Inc.

CONTACT:

The Byrum Innovation Group Reed B. Byrum, 864.567.7468 [e-mail] or RLM Finsbury David Millar, 646.805.2009 [e-mail]

[triadtreats]

Loads of SEC Form 4 filings today. Insiders bought at 80 cents!

[triadtreats]

Nice 15k block yesterday :)

[triadtreats]

Any comments on that last SEC filing? Looks like they are trying to raise some restricted capital, $15MM worth. My view is that it's a positive? Anyone know more?

[triadtreats]

Nice to see the 40 cents! Got the quarterly mailing from the company, it does look like progress is being made here. With such a small market cap, your dollar goes far in share ownership. Hope people haven't all given up.

[triadtreats]

Looks like liquidity is improving here, and progress being made? The tier ratios seem ok still, but the nice thing is seeing the cash on the balance sheets, or am I missing something?

[jmurfk]

Lol. That would be funny.

[Greenduck]

1.08 ask. I just might have to tap that for the hell of it, to see how great my account looks. This one's day may be coming any minute now.

[jmurfk]

That's okay. At some point its going again. I'll wait.

[Mark]

Guess I woke up the whackers....LOL

[jmurfk]

10Q will be out in a few weeks. Maybe some anticipation. They have been turning this around.

[Mark]

.25 x .40, thin

[jmurfk]

Nice bid too. Looks like someone wants $4500 worth.

[Mark]

IEBS, getting some hits this am....

[jmurfk]

Nice.

[bob10103]

IEBS 10-Q out - income 9 cents a share for the quarter!

IEBS 10-Q

[Immie]

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=8187512

[jmurfk]

Little $480 ask slap to start the morning.

[jmurfk]

Current market cap is $458k, and they have over 8 million in equity. Unreal.

[triadtreats]

Thanks for pointing that out. Hopefully they will continue their progress here and get this sad stock price behind them.

[jmurfk]

Investor Relations page was updated recently;

http://www.snl.com/IRWebLinkX/corporateprofile.aspx?iid=4097408

[jmurfk]

Ready to see that bid start pushing up again.

[Greenduck]

It certainly will not take much.

[jmurfk]

Bids have moved up a good bit too, 1 each at .20, .151, .15, and 2 at .12. It did this the last time prior to pushing up .89s.

[jmurfk]

Guess not, lol. Bunch of little taps, but slowly moving the PPS up.

[Greenduck]

More little taps here. Guess my lowball bid won't get filled lol.

[jmurfk]

From the 10K;

Shareholders' equity at December 31, 2011 was $8.4 million,

$8.4 mil div by the OS is $4.03 per share equity.

[jmurfk]

I think it's a matter of time.

From the 10K;

As of March 5, 2012, there were 2,085,010 shares of common stock outstanding held by approximately 540 shareholders of record. All of our currently issued and outstanding common stock was issued in our initial public offering which was completed in May 2005. The price per share in our initial public offering was $10.00.

I would say by the trading, that most of those 540 shareholders, are holding, lol.