First Reliance Bank recently announced expansion into the Loris, Conway and North Myrtle Beach market areas with the opening of a loan production office. The bank is waiting on regulatory approval for a branch allowing the loan production office to become a full service location. The office is located at 348 Hwy 701 N. in Loris, South Carolina and is scheduled to open July 11th. with open hours of 8:30am -5pm Monday – Thursday and 8:30am – 6pm on Fridays.
Jimmy Clarkson, previously CEO of Horry County State Bank, has joined the First Reliance Bank team as Market President for the Loris, Conway and North Myrtle Beach markets. Mr. Clarkson has an extensive background in banking, during which he worked for several community banks throughout Horry County where he held numerous management and executive leadership positions. His primary responsibilities include growing the bank's market share and locations within the Loris, Tabor City, Conway and North Myrtle Beach market areas, while acquiring and developing business and personal banking relationships.
“Our Purpose has always been to make a difference in every life we touch. We look forward to making a difference in the Loris, Conway and N. Myrtle Beach communities,” said Rick Saunders. “We
First Reliance Bank has a strategic focus on growing loan volume through 1-4 family homes and an indirect auto finance business line now in it's second year. One of the first things the bank did was hire auto-finance veteran David Hall as SVP for Dealer Services who put together a business model to work with local dealerships.
Hall knew using Dealertrack would be critical to the success of the program and most of the dealer partners prefer to use Dealertrack.
Read more about David Hall and the Dealer Services program growth through the use of Dealertrack here: David Hall - Dealertrack
SHE Magazine, June 2016 issue, ran a feature article on Paul Saunders who was the 2015 He Behind The She award recipient at the SHE Inspires Extraordinary Women event. Paul's name was submitted by several woman owned businesses in Florence that he helped start and expand their business by providing banking support.
The full article can be read here: Paul and Freddie Saunders
First Reliance Makes Partial Redemption of TARP Preferred And Notices Intent to Redeem All Remaining Shares Outstanding
FLORENCE, South Carolina – June 3, 2016 – First Reliance Bancshares, Inc. (OTC: FSRL),
the holding company (the “Company”) for First Reliance Bank (the “Bank”), announced that it made a partial redemption of 4,000 shares, or 26.1 % of its 15,349 shares of outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred Stock”) that were originally issued to the United States Department of the Treasury (“U.S. Treasury”) under the Troubled Asset Relief Program Capital Purchase Program (“TARP”). In March 2013, the U.S. Treasury sold all 15,349 shares of Series A Preferred Stock and Fixed Rate Cumulative Perpetual Preferred Stock, Series B (“Series B Preferred Stock”) previously held by it to private investors. The redemption price for the shares of Series A Preferred Stock was $1,000 per share, plus accrued and unpaid dividends. The total aggregate redemption prices of the shares of Series A Preferred Stock was $4 million.
The Company also announced today that it has sent required thirty day notice letters to owners informing them of redemption of the remaining 11,349 shares of Series A Preferred Stock and 767 shares of