June 5, 2003 (Florence, SC) – First Reliance Bank and its holding company, First Reliance BancShares, Inc., recently closed its secondary stock offering. With an initial goal of $5 million that would provide the necessary funding to continue the current growth rate, the secondary offering successfully closed with a total of 1,007,430 new shares sold, raising additional capital of $8,059,440.
“This was an incredible opportunity for many people in the Florence community, including customers and current stockholders. And the success of the offering was quite impressive, once again solidifying the community’s support of the First Reliance brand and our vision,” said Rick Saunders, President and CEO.
Local Bank Announces Successful Stock Offering / ADD 2
In November of 2002, First Reliance was recognized by the South Carolina Chamber of Commerce as one of the state’s Top 25 Fastest-Growing Companies for 2002.
Based on a service-oriented strategy of providing big-bank products with hometown service, First Reliance was founded in 1999 by Rick Saunders, Paul Saunders, and Dale Porter. First Reliance is the only locally owned community bank in Florence.
For more Information: Van Rowell Rick Saunders Marketing President & CEO First Reliance Bank First Reliance Bank 2170 W. Palmetto St. 2170 W. Palmetto St. Florence, SC 29501 Florence, SC 29501 (843) 269-0264 (843) 656-5000 vrowell@firstreliance.com rsaunders@firstreliance.com
