SOURCE: nD bancgroup

May 27, 2015 09:00 ET

Independence Bancshares Raises Over Eight Million Dollars in Funding and Adds Two Members to Board of Directors

Funding to Fuel Corporate Growth and Expansion of Payments, Technology, and Digital Banking Services

GREENVILLE, SC--(Marketwired - May 27, 2015) - In a filing with the SEC on May 14, 2015, Independence Bancshares, Inc. (OTCQB: IEBS) -- d/b/a nD bancgroup -- the bank holding company for Independence National Bank, a South Carolina-based national bank, reported $8,425,000 raised in additional Tier-I capital. The net proceeds of the offering will be used to expand nD bancgroup's payments, technology, and digital banking business which may include expanding its operations in Greenville, South Carolina. The company also expects to expand operations, technology and personnel in New York City and upgrade in datacenter infrastructures.

"This most recent round of funding will enable nD bancgroup to continue its transition from a legacy banking company, to a new, more nimble digital first organization through investments in our technology, operations, and infrastructure," said Gordon Baird, Chief Executive Officer of nD bancgroup. "Today, many of the 6,400 banks in the U.S. run on legacy, high cost, and inflexible core operating systems. nD bancgroup is working to provide digital payment services that move the financial industry towards a more standardized infrastructure, better security, lower costs, and a more enhanced and enriched customer experience."

As part of its plans for growth, nD bancgroup has added two new members to its board of directors with the appointment of financial industry veterans Adam G. Hurwich and Russell Echlov. Mr. Hurwich joins the board having served as Director of First Security Group, Inc. and FSGBank, National Association since June 2013. He currently serves as a member of the Financial Accounting Standards Advisory Council, an advisory committee to the Financial Accounting Standards Board and is a portfolio manager at Ulysses Management LLC. He received his A.B. from Harvard College and his M.B.A. from Yale University.

Mr. Echlov joins nD bancgroup's board of directors from RMB Capital Management, LLC, an independent investment advisory firm. He has extensive banking and financial services experience with specific expertise in payment processing, technology, and financial markets. He is a graduate of Dartmouth College.

"Adam and Russell are a welcome addition to an already strong board and I look forward to incorporating their financial and technology industry expertise to further grow nD and enhance its services," said Mr. Baird.

About Independence Bancshares, Inc. d/b/a nD bancgroup:

Independence Bancshares, Inc. d/b/a nD bancgroup is a bank holding company located in Greenville, South Carolina and New York. Since opening for business in 2005, it has been providing banking and related services to its consumer and commercial customers. Website:


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