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First Reliance completes Independence acquisition

Staff Report //January 23, 2018//

First Reliance completes Independence acquisition

Staff Report //January 23, 2018//

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First Reliance Bancshares Inc.’s acquisition of Greenville-based Independence Bancshares Inc. is complete as of today.

The combined company — a merger of the parent companies of First Reliance Bank and Independence National Bank — is expected to have $550 million in assets, $370 million in loans and $440 million in deposits, according to a news release. It will have 11 offices in South Carolina and a loan office in Winston-Salem, N.C.

Rick Saunders, president and CEO of First Reliance, said, “This is a transaction about a true local community bank acquiring one of the finest banking franchises remaining in Greenville, South Carolina.”

The acquisition by the Florence-based banking company was announced in September. The full conversion is expected to be complete by March 5.

Hovde Group LLC assisted First Reliance in its recent $25.1 million capital raise and the acquisition.