Florence-based First Reliance Bank announced Monday that it has entered into an agreement to acquire Independence National Bank, which is headquartered in Greenville.
The acquisition, which is currently valued at about $11 million, is expected to close in the first quarter of 2018, according to a press release. Independence has $90 million in assets, $76.1 million in deposits, and three branch locations.
The combined company is expected to have about $532.9 million in assets, $369.3 million in gross loans, $432.4 million in deposits, and 11 banking offices in South Carolina. It also plans to open a loan production office in Winston Salem, N.C. in October.
“We welcome our new customers and associates created by this merger and look forward to serving them with excellent customer service our brand of banking,” said Rick Saunders, president and CEO of First Reliance, in a statement. “First Reliance has always been a strong community partner in all our markets and we are excited to support the communities in Greenville.”