May 15, 2014, Florence, S.C. – As part of its growth strategy, First Reliance Bank has expanded its delivery channels to include indirect auto finance. The business line was launched at the beginning of April after several months of planning and development and is expected to be a major strategy to increase loan income.
Indirect Auto Finance allows the bank to extend its branch footprint and reach more people in the communities it serves. Obtaining your loan right at the dealership is convenient to anyone purchasing a new or used automobile because it’s one stop shopping. First Reliance will continue its level of service and commitment to excellence to new and existing customers who finance their vehicles through this program.
The dealer base initially will be in the Florence, West Columbia, Lexington, Charleston and Mount Pleasant markets but will extend past the branch footprint as the program grows. The bank already has several dealership partners in each of its markets and will continue to expand and grow the dealership base.
The success of the program is based on fast funding, great service and competitive pricing. “I’m excited about building this line of business and working at First Reliance Bank.,” said David Hall, Senior Vice President of Indirect Finance. “We’ve had a strong first month start with the program and we anticipate growing our loan volume at a steady pace throughout 2014.” Hall has 21 years of experience in financial services, credit operations and sales Management with 19 years specifically in indirect finance management. In addition to, Hall, Donna Smith has been hired as Vice President of Consumer Finance and is working out of the Columbia – Lexington market area. Smith has over 20 years of experience in consumer lending, and indirect financ
“First Reliance Bank’s financial strength has prevailed since the bank opened in 1999. First Reliance Bank has benefited from being part of the community banking system, where confidence has remained high. Many people have discovered that a community bank is often the best source of business and personal services in communities it serves. First Reliance is safe, secure and it is capitalized well above FDIC required levels. Our focus on superior customer service delivered by a highly skilled, personable work force is an ideal platform upon which to build trust and bring customers to our branches. We are taking this same approach with our new indirect finance line of business and are excited to offer this program in our markets,” said Rick Saunders, CEO.