FLORENCE, S.C. — First Reliance Tuesday announced that it completed the acquisition of Greenville, South Carolina-based Independence National Bank.
The combined company is expected to have approximately $550 million in assets, $370 million in gross loans, $440 million in deposits, 11 banking offices in South Carolina — including a branch in Myrtle Beach expected to open in February — and a loan production office in Winston Salem, N.C.
The acquisition of Independence National Bank expands First Reliance’s presence in the Greenville 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 closing of this transaction comes on the heels of several new significant developments for First Reliance over the past six months, including:
- Raising $25.1 million of additional capital in September 2017
- Jack McElveen joining the bank in September 2017 as Chief Credit Officer
- Kemper Kenan joining the bank as City Executive for Greenville, South Carolina in late 2017
- David Barksdale joining the bank as President of North Carolina in early 2018
- Ben Brazell being named as President of South Carolina in early 2018
- Ron Paige joining the bank as City Executive for Myrtle Beach, South Carolina in early 2018