By Scott Miller
Published Feb. 11, 2013
Independence Bancshares Inc. revealed in a regulatory filing that it intends to name former American International Group CEO Robert B. Willumstad as its next chairman.
Willumstad served briefly as AIG’s CEO when the insurance giant was taken over by the Federal Reserve in September 2008. He had been named CEO in June of that year and had served as AIG chairman since 2006. As part of the federal bailout, Willumstad was replaced by former Allstate chief executive Edward M. Lilly.
His appointment to the board of Greenville-based Independence Bancshares and as the company’s chairman would require regulatory approval. The bank has not yet formalized the appointment.
Independence Bancshares said in January it raised $14.1 million through a private placement of 17.6 million shares of its common stock priced at 80 cents a share. According to a regulatory filing, Willumstad acquired 1.25 million shares. Independence Bancshares is the holding company for Independence National Bank.
In connection with that private placement, the company now is offering up to 2.35 million common shares at 80 cents a share to existing shareholders as of Dec. 31, according to a regulatory filing made with the Securities and Exchange Commission Wednesday.
Independence National Bank CEO Larry Miller said he could not comment on information contained in the regulatory filing, which included the company’s plans to name to the board Willumstad and Alvin G. Hageman.
Willumstad presently serves as a partner with Brysam Global Partners, a private equity firm he co-founded in 2007. In addition to serving at AIG, he once was president, COO and a director at Citigroup.
Hageman, also a former Citigroup executive, is currently co-chief investment officer of a firm called MPIB, according to Independence Bancshares.