FLORENCE, SC (WMBF) - First Reliance Bancshares, Inc, parent of First Reliance Bank, announced Monday the entry into a definitive agreement to acquire Independence Bancshares, Inc. and its wholly-owned bank subsidiary, Independence National Bank, of Greenville, South Carolina.
According to a press release, Independence Bancshares has approximately $90.0 million in assets and $76.1 million in deposits.
The combined company is expected to have approximately $532.9 million in assets, $369.3 million in gross loans, $432.4 million in deposits, 11 banking offices in South Carolina, and plans to open a loan production office in Winston Salem, North Carolina in October, the release stated.
"We welcome the opportunity for the bank to be able to expand into the Greenville area," said John Jebaily, founder of the Florence-based First Reliance Bank. "We have locations at the Charleston, Columbia, North Myrtle Beach and now we are in the Greenville market. As the brand continues to spread throughout the state, this is very exciting times."
For more on the acquisition, click here.