First Reliance Bancshares, Inc.
Other OTCCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Fredrick R. Saunders Jr.
- Full Time Employees
- 170
- Sector
- Financial Services
- Industry
- Banks - Regional
- Address
- 2170 West Palmetto Street Florence SC United States of America 29501
- IPO Date
- Mar 30, 2004
- CIK
- 0001172102
- Website
- firstreliance.com
- Similar Companies
- Business
- First Reliance Bancshares, Inc. operates as the bank holding company for First Reliance Bank, primarily providing banking products and services in South Carolina. The company offers a comprehensive suite of personal financial products including unsecured personal loans, auto loans, real estate loans, overdraft protection, home equity lines of credit, and other loan products. It also provides a range of business lending solutions such as business installment loans, commercial real estate loans, business overdraft protection loans, and business lines of credit. In addition, the company offers deposit products including checking, savings, money market accounts, Christmas and vacation club accounts, individual retirement accounts, and certificates of deposit. Other services include mortgage products, debit and credit card services, treasury services, online and mobile banking, business bill pay, and e-fraud prevention. Headquartered in Florence, South Carolina, First Reliance Bancshares was founded in 1999 and targets both retail and commercial customers within its regional market. Recent major changes include the strategic sale of two North Carolina bank branches to Carter Bank, completed in 2025, which generated a gain of $2.3 million and supports the company’s focus on core South Carolina markets. The company has experienced strong financial performance with notable growth in net income, net interest income, and asset quality. Metrics such as net interest margin improved to 3.53% by mid-2025, loans held for investment grew over 16% annualized to $784.5 million, and total deposits increased to nearly $979 million. Additionally, First Reliance Bancshares has implemented a $3 million stock repurchase program authorized through June 2026, reflecting confidence in its ongoing operational performance. The company continues to emphasize organic growth within South Carolina, enhance its digital banking capabilities, and maintain strong asset quality with nonperforming assets remaining very low. Overall, First Reliance Bancshares operates as a regional financial institution focusing on diversified loan and deposit products, mortgage services, and treasury management primarily in South Carolina. Its recent strategic divestiture of out-of-state branches and financial performance improvements underscore a concentrated effort to deepen market share and enhance shareholder value within its core operating area.
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