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Click here for Financial Information |
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First Reliance Bank has experienced record-setting growth since its inception. Here are just a few of the benchmarks we’ve set along the way. Applied for FDIC insurance Established a full service Mortgage Division. Released the First Reliance Bank corporate Internet website. Earned first profit after only 5 months of operations. Established a full service Credit Administration & Review Division. Grand Opening of Main Branch office (one of the most highly attended Chamber After Hours events for the Florence Chamber of Commerce). Surpassed benchmark of $50 million in assets. Recovered “pre-opening” cost within the first 18 months of operation. Opened a 2nd Florence branch office in June 2001. Surpassed benchmark of $75 million in assets. Granted shareholders a 2 for 1 Stock Split. Formed separate Holding Company, First Reliance BancShares. Surpassed benchmark of $100 million in assets. Released the First Reliance Bank corporate intranet. The corporate intranet is used for internal communications, employee clock-in and out and frequently used forms. It also allows the bank to store its product manual and various other manuals, policies and procedures electronically. Successfully raised over $8 million in capital during First Reliance Bank’s Secondary Stock Offering. Surpassed benchmark of $150 million in assets. Released completely revised and enhanced corporate Internet website (making the First Reliance Bank website one of the most advanced websites in the S.C. banking market). Received regulatory approval to begin trading its stock on the OTCBB (Over-The-Counter Bulletin Board) under the trading symbol FSRL.
April 2004
Surpassed $200 million dollars in assets. Recognized by the S.C. Psychological Association with one of only four “Psychologically Healthy Workplace Awards” presented to businesses statewide. Customer care center established and branded as ACCESSLive. Recognized as one of the Top 25 Fastest-Growing Companies in South Carolina for 2004. Awarded "Small Lender of the Year" for 2004 Recognized as one of the Top 25 Fastest Growing Companies in South Carolina for 2005 Acquired greater than $400 million in total assets Formed partnership with Delmae Elementary School Rick Saunders, CEO and President named to the State Board of Financial Institutions Named Top 15 Best Places to Work in SC
July 2006
Announced Pre-Tax Income of $1.2 million Announced Pre-Tax Income of $1.3 million Recognized as on of the fastest growing companies in South Carolina for 2006
November 2006
Florence Board of Advisors established Announced 1st Quarter Net Income of $707, 207
March 2007
Florence Market achieves #1 Market Share for Mortgage Recordings for First Quarter of 2007 Opened First Reliance Learning Center
April 2007
Florence branches extend hours to 8-8 Mon-Sat
April 2007
Opened Loan Production Office in Myrtle Beach, SC FRB introduces Not For Profit Checking account Achieved initial capitalization of $7.2 million with 950 shareholders in only 60 days (making it the most successful de novo bank ever chartered in Florence County).
August 1999
Opened 235 accounts first 2 days of business.
August 1999
Opened for business in a mobile branch site located adjacent to the Main Branch office construction site. Started First Reliance Financial Services, a full service investment and insurance division. Surpassed after tax profit benchmark of $500,000 by achieving $617,000 in after tax profits for the 2001 calendar year. Ranked 4th in total Market Share (after only 3 years) among the 25 banks in Florence County.
June 2002
Voted “Friendliest Bank” in the Best of the Pee Dee Awards sponsored by the Morning News. Initiated expansion plans by purchasing and starting renovation activities of Technology Center in Florence.
November 2002
Recognized as one of the Top 25 Fastest-Growing Companies in South Carolina for 2002. Surpassed $1.375 million in pre-tax earnings for the year 2002. Completed construction of a new multi-million dollar Technology Center (bringing First Reliance Bank’s capital investment in the Florence community to over $8 million). Completed installation of an “in-house” bank core-processing system. Surpassed $1.419 million in pre-tax earnings and $1.016 in after-tax earnings for the year 2003.
December 2003
Received regulatory approval to open expansion branch in Lexington, S.C. Ribbon Cutting ceremony held for opening of Lexington branch. 5th Anniversary of First Reliance Bank.
August 2004
Surpassed $250 million dollars in assets within five years of operation. Opened Charleston Regional office. Opened Mt. Pleasant office Announced pre-tax income of $2.7 million for year ended December 31, 2005 Broke ground on a $4 million regional office in Lexington
March 2006
Announced expansion plans of building a corporate headquarters in Florence, SC
March 2006
Introduced NO FEE ATM initiative Nationwide 7th Anniversary of First Reliance Bank
August 2006
Awarded the Essential Piece Award Announced Year End Pre-Tax Income of $4.4 million Opened Loan Production Offices in Greenville and Rock Hill, SC First Reliance Added to the Palmetto 25
June 2007
Rick Saunders, President and CEO, named Ernst & Young Entrepreneur of the Year®
June 2007
Surpassed benchmark of $500 million in assets First Reliance Named Top 20 Best Places to Work in SC
August 2007
8th Anniversary of First Reliance Bank  |
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