Small S.C. Bank Hires Mobile-Banking Execs from Verizon

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Independence Bancshares (IEBS) in Greenville, S.C., has hired two former Verizon executives to broaden its mobile-banking services.

Aditya Khurjekar and Humphrey Chen have joined the $115 million-asset company's executive team to lead its mobile-technology efforts, the company announced Tuesday. Khurjekar will focus on software and mobile technology, and Chen will focus on business development and emerging technologies.

Before joining Independence, Khurjekar was responsible for leading several of Verizon's mobile-payments projects, including ISIS, a joint venture between Verizon, AT&T and T-Mobile. Earlier, he held positions with CGS Systems, Lucent Technologies and Bell Laboratories.

Chen was Verizon's executive director of new product technology, and led the company's 4G Venture Forum. Previously, he has held roles at Avaya and Microsoft.

Independence plans to expand its mobile-banking offerings through the development of new software applications, it said in its latest quarterly report.

"As the global banking landscape moves to more real-time processing and service-oriented architectures, 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," Independence Chief Executive Gordon Baird said in its news release Tuesday. The new hires "bring years of experience in mobile technology that materially strengthen our in-house knowledge and relationships."

In May, Independence's shareholders approved two new directors. Robert Willumstad, a former CEO of AIG and former president and chief operating officer of Citigroup (NYSE:C), was elected chairman and Keith Stock, a former president of MasterCard Advisors, was elected a director. In April, regulators approved the company's appointment of Alvin Hageman, former co-head of Citigroup's securitization products group, to its board.

Independence completed a recapitalization and named Baird CEO in January. It raised a further $1.8 million in July.

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