By Jackie Stewart, American Banker magazine Published September 26 2017, 2∶29pm EDT First Reliance Bancshares in Florence, S.C., has agreed to buy Independence Bancshares in Greenville, S.C. The $435 million-asset First Reliance said in a press release Monday that it will pay about $11 million in cash for the $90 million-asset Independence. The deal is expected to close in the first quarter. First Reliance also announced that it had raised $25.1 million from a private placement of common and nonvoting preferred stock to various investors. The funds will help pay for the acquisition. First Reliance, led by CEO Rick Saunders, is set to expand into Greenville, S.C., with its latest acquisition. "The capital raise will support the bank's simultaneously announced acquisition of Independence and expand the company's footprint into the highly attractive” Greenville, S.C., market, Rick Saunders, First Reliance’s president and CEO, said in the release. “Independence is one of ...
First Reliance Bank Capital Raise
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