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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

July 6, 2017, Florence, S.C. – First Reliance Bank was recently named as one of the Best Places to Work in South Carolina. This twelfth annual program was created by SC Biz News in partnership with the South Carolina Chamber of Commerce and Best Companies Group.

First Reliance is one of three companies throughout South Carolina who have received the award all twelve years since the program began.

This survey-and-awards program was designed to identify, recognize, and honor the best employers in the state of South Carolina, benefiting the state's economy, workforce, and businesses. The list is made up of 70 companies. First Reliance has been named one of this year’s Best Places to Work in South Carolina.

Companies from across the state entered the two-part survey process to determine the Best Places to Work in South Carolina. The first part consisted of evaluating each nominated company's workplace policies, practices, ...

March 20, 2017, Florence, S.C.  – First Reliance Bank has announced the appointment of  J. Munford Scott, Jr. as Chairman of the Board.  Judge Scott has served as a Director of First Reliance Bank since January 2007 and as Chairman of the Compensation Committee. Scott is currently serving as Florence County Probate Judge. Before his election Judge Scott was an attorney employed with Turner, Padget, Graham, & Laney P.A. Mr. Scott practiced tax, probate and estate law in Florence and surrounding counties for over 40 years. He also served in the South Carolina House of Representatives 1978- 1979. “We are excited to have Munford Scott as our Board Chairman as he is an exceptional leader in the community and has been a very active director throughout his ten years on the board. Munford has been a great mentor to me both while on the board and prior to being on ...

First Reliance Bank, a local Florence icon, was just named among the top 1 percent most extraordinary banks in the United States by The Institute for Extraordinary Banking™.

First Reliance Bank was recognized with the Institute’s Banky® Award for their commitment to strong community banking. This recognition is given to the top 60 out of 6,000 community banks across the country.

“We set out to make First Reliance Bank an exemplary community bank which doesn’t just exist to make money.  We are proud to come to work every day with a purpose, “to make the lives of our customers better,” said Rick Saunders, First Reliance Bank CEO.   “If you’ve been in banking long, you quickly understand that product and price do not differentiate you from the competition.  The only differentiator is the customer experience which is the core of what we do. Our associates are driven by our purpose and ...

Article written BY JOE PERRY Morning News, Sep 21, 2016