FLORENCE, S.C., Jan. 24, 2018 -- First Reliance Bancshares, Inc. (OTC Pink: FSRL) ("First Reliance") today announced that it completed the acquisition of Greenville, South Carolina-based Independence Bancshares, Inc. (OTCQB: IEBS) ("Independence") effective January 23, 2018. Independence's bank subsidiary, Independence National Bank, was merged with First Reliance's bank subsidiary, First Reliance Bank, with First Reliance Bank continuing as the surviving bank. The full conversion of the Independence National Bank systems is expected to be completed by March 5, 2018.
The acquisition of Independence National Bank expands First Reliance's presence in the dynamic Greenville, South Carolina market and is an integral part of the bank's broader strategy to expand its footprint in top-tier markets throughout North and South Carolina. The acquisition gives the existing First Reliance team in Greenville additional resources to expand its presence in the market, and provides further momentum in executing the bank's targeted expansion strategy. First Reliance is a strong partner in all of the communities it serves, and is excited to expand its role in the Greenville community.
"This is a transaction about a true local community bank acquiring one of the finest banking franchises remaining in Greenville, South Carolina. We are thrilled to welcome all the associates at
David Barksdale has joined First Reliance Bank as President of North Carolina. Barksdale is responsible for the strategic market expansion of First Reliance Bank’s footprint in North Carolina. He will oversee sales management and community development for all North Carolina markets.
Mr. Barksdale has over 30 years experience in the banking industry. Most recently, he was President and Chief Executive Officer of Carolina Premier Bank/Premara Financial, Inc. Prior to that Barksdale served in various executive roles at NewBridge Bank with increased levels of responsibility the last being Senior Executive Vice President, Chief Strategy Officer, where he led the identification and implementation of bank acquisition opportunities.
Barksdale is a graduate of Wake Forest University where he earned a Bachelor of Science in Mathematics. He is active in Boy Scouts of America, Community Investment Corporation of the Carolinas, and has held various board positions in the following organizations which include; North Carolina A&T State University Board of Visitors, Leadership North Carolina Class of XIX, Leadership Winston-Salem, Forsyth Tech Foundation, and the Piedmont Triad Leadership Institute.
“David is a strong addition to our First Reliance executive management team,” said Rick
Saunders, President and Chief Executive Officer of First Reliance Bank. “He brings a
By Jackie Stewart
This article reprinted from American Banker magazine. Published October 19 2017, 11:00am EDT
First Reliance Bancshares in Florence, S.C., has finally gotten involved in the consolidation wave sweeping the Carolinas.
The $435 million-asset company recently announced the first acquisition in its 20-year history, agreeing to buy Independence Bancshares in Greenville, S.C.
The deal and the company's recent entry into a North Carolina market are designed to help the company stake a claim to independence. While some risk is involved, the strategies are good ones if they are well executed, industry experts said.
Rick Saunders, First Reliance’s president and CEO, is convinced the company will succeed due to a culture that places a high value on employees.
“We’re big believers that associates come first, customers are second and shareholders are third,” Saunders said. “We believe engaged associates equal loyal customers. With those two working well, then the shareholder wins.”
The Carolinas, like much of the country, suffered a steep decline in banks after the financial crisis. Since 2007, the number of bank holding companies based in South Carolina has fallen by 24%, to 42 institutions. In North Carolina, the number of state-chartered banks has been roughly cut in half, with less than 50 remaining.
October 16, 2017, Florence, S.C. — Jack McElveen has joined First Reliance Bank as Chief Credit Officer. As Chief Credit Officer, McElveen is responsible for the management and oversight of the bank’s loan portfolio. He will oversee all credit administration functions and will provide direct supervision and accountability for Credit Administration, Loan Operations, Special Assets and Loss Mitigation & Recovery.
Mr. McElveen has over 30 years experience in credit administration in the banking industry. He began his career in the financial services industry with Bankers Trust of SC/NCNB. Over the following years McElveen served in various credit administration roles with increased levels of responsibility with the last being Chief Credit Officer, EVP, of Horry County State Bank where he was responsible for management and oversight of the bank’s Credit Administration function.
McElveen is a graduate of Clemson University where he earned a Bachelor of Science in Financial Management.
“Jack is a strong addition to our First Reliance executive management team,” said Rick Saunders, president and chief executive officer of First Reliance Bank. “He brings a depth of proven credit administration experience onto our lending team. We look forward to working with him as Chief Credit Officer and know he’ll provide guidance and leadership