Rick Saunders didn’t originally plan to start a bank. As he tells it, the idea came not from ambition, but from observation. During a time when larger banks were undergoing mergers and consolidations, Saunders began to notice a troubling trend that customers were losing the personal touch, and employees were becoming disconnected from the mission of the institutions they worked for.
“I never had any ambition to start a bank,” Saunders admits. But he saw a real need. Customers were losing that personal connection, and employees were being lost in the shuffle. Along with his brother Paul Saunders and colleague Dale Porter, he envisioned a different kind of bank, one that would focus on improving people’s lives, not just handling their money. In 1999, that vision became a reality with the founding of First Reliance Bank in Florence, South Carolina.
Meet Rick Saunders
Rick Saunders is the Chief Executive Officer and Founder of First Reliance Bank and First Reliance Bancshares. Before founding First Reliance, he served as a Senior Vice President and City Executive for Pee Dee State Bank and later as a Senior Market Executive for Centura Bank following a merger.
He is a graduate of the South Carolina Bankers School (University of South Carolina) and the Southeastern School of Agriculture Lending (Clemson University).
Culture Over Transactions
From the start, Saunders prioritized culture. His belief was simple that if you create a workplace where people feel engaged, supported, and empowered, they will, in turn, create exceptional experiences for customers. “We are in the experience business, not the banking business,” Saunders says, “I’m a firm believer that if you build a culture that engages people more than a financial transaction, people will want to work.” Saunders attributes this success to surrounding himself with individuals who are not only talented but also share a desire to make a positive difference in the lives of others.
Service Beyond the Branch
Saunders’ leadership extends far beyond traditional banking. He is deeply committed to community involvement and philanthropy, particularly in the area of adoption advocacy. Under his leadership, First Reliance Bank established Regan’s Promise as its signature philanthropic initiative, supporting adoptive families through donations, workplace policies, and awareness.
In 2019, Saunders received the Order of the Palmetto, the highest civilian honor awarded by the Governor of South Carolina, in recognition of his significant contributions to the state and its communities. For Saunders, community engagement is simply a part of doing business the right way. “In the early days, we set the tone that any stakeholder in our company should be better because we exist, including the community,” says Saunders. “I am proud that our team naturally gravitates towards charitable causes they are passionate about.”
In a continued commitment to community service, First Reliance donates hundreds of volunteer hours and income to local charities, further reinforcing its role as a community-first institution.
Rooted in Local Values
One of Saunders’ guiding principles is the importance of staying local. While the banking industry is often dominated by large, impersonal institutions, Saunders believes that community banks like First Reliance play a vital role in supporting local economies and families.
“We’re just as local as your neighborhood convenience store or local hardware store,” he says. “Deposits and loans in our company stay in the community. Our associates we employ are from the community. They shop, eat, and buy things from local businesses in the community.”
By keeping operations, employees, and financial resources within the community, First Reliance fosters a cycle of support that benefits everyone, from local entrepreneurs and families to civic organizations and small businesses.
A Lasting Legacy of Leadership
After more than four decades in banking, Saunders still brings the same energy and passion to his work. He’s as committed as ever to creating a workplace where people thrive and ensuring First Reliance continues to be a positive force in the lives of its customers and community.
“I get excited every day to come to work, and I’ve been doing it for 45 years,” says Saunders. “I would love for this brand, this business, and the things that we do to last beyond my leadership.”
With his values deeply embedded in every aspect of the organization, it’s clear that Rick Saunders’ legacy is not just in the institution he built, but in the lives he’s helped improve along the way.
Learn more about Rick Saunders’ vision and experience better banking. Visit one of our local branches.