CORRECTING and REPLACING Independence Bancshares Expands Senior Executive Team

  CORRECTING and REPLACING Independence Bancshares Expands Senior Executive
  Team

Industry Experts Join from Verizon Wireless, Bring Deep Experience in Wireless
              Telecommunications and Mobile Payments Technology

Business Wire

GREENVILLE, S.C. -- September 24, 2013

Reissuing release dated September 16, 2013 to add exchange in front of ticker
symbol for searching purposes.

The corrected release reads:

            INDEPENDENCE BANCSHARES EXPANDS SENIOR EXECUTIVE TEAM

Industry Experts Join from Verizon Wireless, Bring Deep Experience in Wireless
              Telecommunications and Mobile Payments Technology

Independence Bancshares, Inc. (OTC:IEBS) (“Independence Bancshares” or the
“Company”), the holding company for Independence National Bank (the "Bank"),
is pleased to announce that former Verizon Wireless executives Aditya
Khurjekar and Humphrey Chen have joined the Company to help build out its
mobile technology and banking capabilities.

Previously, Mr. Khurjekar was responsible for leading a number of mobile
payments and commerce initiatives at Verizon, including elements of ISIS, the
NFC joint venture between AT&T, T-Mobile and Verizon Wireless. He established
pioneering partnerships in mobile money involving mobile operators, financial
institutions and technology innovators. Mr. Khurjekar is also involved with
cross-industry working groups such as the Mobile Payments Industry Workgroup,
which was formed by the Federal Reserve Banks of Boston and Atlanta to
facilitate the evolution of a more effective, secure, and ubiquitous mobile
payments system. He has extensive engineering knowledge and experience with
mobile device and NFC chip and software technologies. Before joining Verizon,
Mr. Khurjekar held product engineering and strategy positions at CSG Systems,
Lucent Technologies, and Bell Laboratories.

Prior to joining Independence Bancshares, Mr. Chen founded and led Verizon’s
4G Venture Forum and was an Executive Director of New Product Technologies
responsible for the intersection of innovation and capital investments in
emerging technologies. Mr. Chen’s deep knowledge of mobile market trends,
combined with his extensive technology background, provides a solid foundation
especially when combined with creative high-tech consumer and enterprise
insights. Previously, Mr. Chen was Director of Portfolio Strategy & Business
Development at Avaya, Senior Product Manager in the Real-Time Collaboration
(RTC) group at Microsoft, and Senior Business Analyst Policy Advisor at the
U.S. Federal Communications Commission Wireless Bureau. Mr. Chen will be
focused on business development and emerging technologies and platforms such
as Bluetooth Low Energy (BLE) and iOS7.

“Following the recapitalization of the Bank in December 2012, we have been
increasingly focused on emerging trends in consumer banking and finance," said
Gordon A. Baird, Chief Executive Officer of Independence Bancshares. "We
believe that many elements of the U.S. core bank processing and payment
technology backbones can be improved to produce better banking and payment
experiences for consumers. We are excited about delivering more robust, secure
and ubiquitous capabilities to our bank’s customers. As the global banking
landscape moves to more real-time processing and service-oriented
architectures (SOA), we plan to be one of the leaders enabling consumers and
our corporate and banking relationships to succeed in an increasingly
competitive and innovative world. Aditya and Humphrey bring years of
experience in mobile technology that materially strengthen our in-house
knowledge and relationships with telecommunication, consumer technology and
wireless innovators that will augment our ability to provide contemporary
features to traditional and emerging banking and payment channels.”

These new hires follow additions in April and May to Independence Bancshares’
Board of Directors geared toward strengthening and broadening the Company’s
leadership. New members included: Robert B. Willumstad, the former President
and COO of Citigroup; Alvin Hageman, the former co-head of Citigroup’s
Securitization Products Group and Senior Credit Officer; and Keith Stock,
former President of MasterCard Advisors, LLC, member of the MasterCard
Worldwide Operating Committee and Management Council, and Senior Partner at
A.T. Kearney, Capgemini, Ernst & Young, and McKinsey & Company. Willumstad,
Hageman and Stock joined existing Board members Neel Hipp, former Vice
President of Liberty Corporation, and Sandy McLean, CEO of World Acceptance
Corporation, both of whom also serve on the Independence National Bank Board
of Directors.

Independence National Bank, Independence Bancshares’ banking subsidiary,
continues to focus on providing superior banking products and services to the
Greenville and upstate South Carolina markets. Independence National Bank
offers a complete banking line of business including commercial loans,
consumer finance, retail banking, business banking, and merchant services. It
is led by CEO Larry Miller and supported by a board of industry leaders --
including Chairman Emeritus, Charlie Walters, and board members including
Robert Austell, John Burnett, Billy Coleman, William Mathis, Sudhirkumar
Patel, Donald Rex Jr., Roger Walters, and Vivian Wong.

About Independence Bancshares, Inc.

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 headquartered in Greenville, South Carolina.
Since opening for business in 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.

Contact:

Media:
RLM Finsbury
Anne Christine Kempton, 646-805-2080
annechristine.kempton@rlmfinsbury.com
 
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