First Reliance Bancshares, Inc. is one of the Southeast’s fastest-growing banks. The bank’s origin began in the late 1990’s when brothers Rick and Paul Saunders, along with longtime work associate Dale Porter, recognized the need for a community bank that would provide superior customer service and viable products to its customers. Based on this need, First Reliance Bank was formed. The bank opened its doors to the public in August of 1999, and remains today as one of the only locally owned and operated banks in Florence, South Carolina.
The impeccable reputations of the founders, coupled with their more than 50 years of combined banking experience helped them to quickly rally the community support needed to turn their dream into reality. With the support of 950 stockholders securely behind them, the bank was capitalized with $7.2 million dollars within the first 60 days. This achievement made First Reliance Bank the most successful de novo bank ever started in Florence County. That support, coupled with the bank’s aggressive growth strategy, resulted in the bank becoming profitable after only their fifth month of operation.
In order to fuel the banks continued growth, First Reliance held a second stock offering in February of 2002. Again highly successful within a short period of time, the bank raised over $8 million dollars in new capital. Most recently, an excess of $8 million dollars in additional new capital was raised through a private stock offering held in late 2004.
Today, First Reliance Bank enjoys having the third largest market share in the Pee Dee region. Their main campus is home to the Palmetto St. branch, Learning Center, and Technology Center. Florence’s second office, located on Second Loop Road, opened in 2001. The bank’s success coupled with their aggressive growth strategy, part of their overall strategic plan, has resulted in the expansion of First Reliance into several new markets. Their first expansion outside the Pee Dee area was into the Midlands Region of SC where the bank opened their Lexington regional office in June of 2004. The permanent regional office will be completed in the summer of 2007.
The Low Country region which includes Charleston and the surrounding areas was targeted as First Reliance’s second area of expansion. Opened in March of 2005, this region’s first office is located in historic downtown Charleston. Residents of the Mt. Pleasant community will enjoy the convenience of the regions second office, which is located in the heart of Mt. Pleasant. Mt. Pleasant’s permanent office is scheduled to be completed in the summer of 2007.
Never forgetting their original commitment of providing superior customer service to their customers, First Reliance opened their Customer Care Center in July of 2004. Established to assist both customers and fellow First Reliance Bank associates, the call center now handles an average of 10,000 calls per month.
Other initiatives designed to continue the bank’s commitment to excellence in both service and quality products include their Totally FREE Checking program, their easy to use FREE coin machines available at all locations, a nationwide NO FEE ATM Network, and a 5 Way Mortgage Service Promise. Extended banking hours of 8-8 Mon.-Sat., designed to provide additional convenience to existing customers while attracting new customers, are now available at all Florence locations. These hours will be the standard operating hours with any new branch that is built.
In addition to the bank’s ongoing commitment to their customers, they have also worked to attract and retain the best of the best in regards to the associates who make up First Reliance. Many associate related programs such as tuition, child care, and wellness reimbursement programs have allowed First Reliance to receive recognition by several organizations for their commitment to excellence in this area, and in 2006 earned the bank recognition as one of the Top 15 Best Places to Work in South Carolina (SC Chamber of Commerce).
Placing a high priority on giving back to the communities who have supported them, First Reliance and their associates contribute both their time and financial resources to the effort of improving the quality of life within those communities where they are located.
As First Reliance looks towards the future, they remain committed to the principals on which the bank was founded. The enthusiasm and vision that began the company will ensure its continued growth and prosperity long into the future.
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As of February 9, 2010
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First Reliance Bancshares, Inc.
2170 West Palmetto Street
Florence, SC 29501
(843) 656-5000Investor Relations Contact
Mr. Jeffrey A. Paolucci
(843) 674-3250
info@firstreliance.com Transfer Agent
Registrar and Transfer Company
10 Commerce Drive
Cranford, NJ 07016
(800) 368-5948
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