By Jackie Stewart, American Banker magazine
Published September 26 2017, 2∶29pm EDT
First Reliance Bancshares in Florence, S.C., has agreed to buy Independence Bancshares in Greenville, S.C. The $435 million-asset First Reliance said in a press release Monday that it will pay about $11 million in cash for the $90 million-asset Independence. The deal is expected to close in the first quarter. First Reliance also announced that it had raised $25.1 million from a private placement of common and nonvoting preferred stock to various investors. The funds will help pay for the acquisition.
First Reliance, led by CEO Rick Saunders, is set to expand into Greenville, S.C., with its latest acquisition. "The capital raise will support the bank's simultaneously announced acquisition of Independence and expand the company's footprint into the highly attractive” Greenville, S.C., market, Rick Saunders, First Reliance’s president and CEO, said in the release. “Independence is one of the last locally owned community banks in Greenville … and a franchise with excellent core deposits and tremendous scarcity value.”
First Reliance will have $533 million in assets, $369 million in gross loans, $432 million in deposits and 11 branches in South Carolina when it completes the acquisition. The company also plans to open
September 25, 2017, Florence, S.C. –
First Reliance Bank recently announced they have entered into an agreement to acquire Independence National Bank a locally-owned community bank headquartered in Greenville, South Carolina which has approximately $90.0 million in assets, $76.1 million in deposits and three branch locations. The acquisition is expected to close early in the first quarter of 2018.
“We are a community bank buying a community bank with the goal to continue delivering the community banking model of developing strong relationships with our customers and providing an incredible experience. We are passionate about our purpose ‘to make the lives of our customers better’. We believe that if you achieve delivering your purpose and treat customers right, then financial results will follow.” said Rick Saunders, President and CEO. “We welcome our new customers and associates created by this merger and look forward to serving them with excellent customer service our brand of banking. First Reliance has always been a strong community partner in all our markets and we are excited to support the communities in Greenville.”
First Reliance has a clear business model which it delivers through a “hometown banking” brand, strong culture and core values of community banking. Customers seem to
// // // // ATLANTA, Sept. 7, 2017
Article reprinted from SCNOW.com STAFF REPORTS, Aug 23, 2017
[caption id="attachment_9208" align="alignleft" width="300"] A ribbon cutting ceremony for First Reliance Bank's newest branch was held Thursday, July 27 by the members of the Summerville Chamber of Commerce. The office is located at 133 E. 1st North St. and is open Monday through Friday.[/caption]
First Reliance Bank has created a number of new jobs throughout the branch, including within their operational team in Florence, after expanding into the Summerville market area.
According to Pamela Rhoads, vice president of customer experience at First Reliance Bank, the company has added approximately 25 positions to support their growth initiatives for both branch growth, their dealer finance business line and their expanded mortgage business line.
"Not all the positions are in Florence but our operational area resides here which support these initiatives," Rhoads said.
Rick Saunders, president and CEO of First Reliance, said the bank will continue to look for additional expansion opportunities throughout the Southeast and bring their brand of banking to new markets.
"We are a Florence-based bank," Saunders said. "As we grow and expand our footprint throughout the Southeast it creates more opportunity for additional jobs in Florence, especially in our operational and support areas of the bank."