First Reliance Bancshares Announces Management Change

Rhea-AI Summary

On November 29, 2022, First Reliance Bancshares (OTC: FSRL) announced the resignation of Robert Dozier, COO, effective December 31, 2022. Dozier will become CEO of a non-bank financial services firm. The existing management team will assume his responsibilities without hiring a new COO. CEO Rick Saunders expressed confidence in the company's structure, while President Justin Strickland emphasized continuity in executing strategic plans. First Reliance, based in Florence, South Carolina, boasts assets of approximately $946 million and a significant customer satisfaction rating.

Positive

• Company maintains a strong management structure after COO's departure.
• High customer satisfaction rating at 93%, well above the industry average.

Negative

• Management change introduces uncertainty during a transitional period.

FLORENCE, S.C., Nov. 29, 2022 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced a change in the Bank's management team.  Robert Dozier, Senior Executive Vice-President and Chief Operating Officer ("COO") of First Reliance Bank, announced his departure from the organization to become the CEO of a non-bank financial services company, effective December 31, 2022.

The existing management team will perform duties previously performed by the COO, and the Bank does not anticipate hiring a new COO at this time.

"I wish Robert well as he pursues new career opportunities. As COO of First Reliance Bank, he has helped position the Bank to be a leader in the markets we serve. We have a strong structure and foundation in place.  I am confident that our President, Justin Strickland will continue this positive trajectory," stated Rick Saunders, Chief Executive Officer.

"Robert has helped build a strong management team here at First Reliance Bank and I am excited about continuing to lead our Company and executing our strategic plan," stated Justin Strickland, President of First Reliance Bank.

ABOUT FIRST RELIANCE

Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina and has assets of approximately $946 million. The company employs more than 179 professionals and has locations throughout South Carolina and central North Carolina. First Reliance has redefined community banking with a commitment to making customers' lives better, its founding principle. Customers of the company have given it a 93% customer satisfaction rating well above the bank industry average of 81%. First Reliance is also one of two companies throughout South Carolina to receive the Best Places to Work in South Carolina award all 17 years since the program began. We believe that this recognition confirms that our associates are engaged and committed to our brand and the communities we serve. In addition to offering a full range of personalized community banking products and services for individuals, small businesses and corporations, First Reliance offers two unique community-customers programs, which include: Hometown Heroes, a package of benefits for those serving our communities and Check N Save, an outreach program for the unbanked or under-banked. The company also offers a full suite of digital banking services, Treasury Services, a Customer Service Guaranty, a Mortgage Service Guaranty, and First Reliance Wealth Strategies.

FORWARD-LOOKING STATEMENTS

Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective.  Such forward-looking statements include, but are not limited to, statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions.  Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.  Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.  Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized.  The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan loss, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in the U.S. legal and regulatory framework including, but not limited to, the Dodd-Frank Act and regulations adopted thereunder; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company, including the value of its MSR asset; (7) the business related to acquisitions may not be integrated successfully or such integration may take longer to accomplish than expected; (8) the expected cost savings and any revenue synergies from acquisitions may not be fully realized within expected timeframes; and (9) disruption from acquisitions may make it more difficult to maintain relationships with clients, associates or suppliers.  Moreover, a trade war or other governmental action related to tariffs or international trade agreements or policies, as well as Covid-19 or other potential epidemics or pandemics, have the potential to negatively impact ours and/or our customers' costs, demand for our customers' products, and/or the U.S. economy or certain sectors thereof and, thus, adversely affect our business, financial condition, and results of operations.  All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.  We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

Contact:
Robert Haile
SEVP & Chief Financial Officer
(843) 656-5000
rhaile@firstreliance.com

 

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SOURCE First Reliance Bancshares

FAQ

What management change occurred at First Reliance Bancshares on November 29, 2022?

Robert Dozier, the COO, announced his departure to become CEO of a non-bank financial services company, effective December 31, 2022.

How will First Reliance Bancshares manage after the COO's departure?

The existing management team will assume the COO's responsibilities, and the company does not plan to hire a new COO at this time.

What is the asset size of First Reliance Bancshares?

First Reliance Bancshares has approximately $946 million in assets.

What is the customer satisfaction rating for First Reliance Bancshares?

The bank has a customer satisfaction rating of 93%, significantly higher than the industry average of 81%.

What is the ticker symbol for First Reliance Bancshares?

The ticker symbol for First Reliance Bancshares is OTC:FSRL.