FLORENCE, S.C., Jan. 24, 2018 -- First Reliance Bancshares, Inc. (OTC Pink:  FSRL) ("First Reliance") today announced that it completed the acquisition of Greenville, South Carolina-based Independence Bancshares, Inc. (OTCQB:  IEBS) ("Independence") effective January 23, 2018.  Independence's bank subsidiary, Independence National Bank, was merged with First Reliance's bank subsidiary, First Reliance Bank, with First Reliance Bank continuing as the surviving bank.  The full conversion of the Independence National Bank systems is expected to be completed by March 5, 2018.

The acquisition of Independence National Bank expands First Reliance's presence in the dynamic Greenville, South Carolina market and is an integral part of the bank's broader strategy to expand its footprint in top-tier markets throughout North and South Carolina.  The acquisition gives the existing First Reliance team in Greenville additional resources to expand its presence in the market, and provides further momentum in executing the bank's targeted expansion strategy.  First Reliance ...

David Barksdale has joined First Reliance Bank as President of North Carolina. Barksdale is responsible for the strategic market expansion of First Reliance Bank’s footprint in North Carolina. He will oversee sales management and community development for all North Carolina markets. Mr. Barksdale has over 30 years experience in the banking industry. Most recently, he was President and Chief Executive Officer of Carolina Premier Bank/Premara Financial, Inc. Prior to that Barksdale served in various executive roles at NewBridge Bank with increased levels of responsibility the last being Senior Executive Vice President, Chief Strategy Officer, where he led the identification and implementation of bank acquisition opportunities. Barksdale is a graduate of Wake Forest University where he earned a Bachelor of Science in Mathematics. He is active in Boy Scouts of America, Community Investment Corporation of the Carolinas, and has held various board positions in the following organizations which include; North Carolina ...