ST. LOUIS, MO, March 06, 2014 /24-7PressRelease/ -- Reliance Bank, a subsidiary of Reliance Bancshares, Inc. (OTCPK: RLBS), recently celebrated the grand opening of their new loan production office, located within the Justine PETERSEN building at 1021 North Grand Boulevard, on February 13.
The announcement comes on the heels of Reliance Bank announcing a record profit of $6.57 million in 2013 after aggressively turning around the bank in 2012.
The new loan production office will be headed by Community Development Officer Alonzo Shaw and will offer a complete range of lending products including small business loans, consumer loans and mortgage loans. The location also houses a full- service ATM on the east side of the building facing Grand Boulevard.
Allan D. Ivie, CEO of Reliance Bancshares, said the bank is particularly excited about its partnership with Justine PETERSEN, a nonprofit organization that assists low- wealth individuals and families to develop, maintain and increase financial assets. "I have long admired Rob Boyle and the work that Justine PETERSEN has done throughout the community," said Ivie. "This is our first facility located in the city of St. Louis and we are excited to partner with Justine PETERSEN to serve the midtown community."
The grand opening and ribbon cutting event had over 150 in attendance including Chairman of Reliance Bancshares, Tom Brouster. "Justine PETERSEN has done fine work throughout our community and we are proud to partner with them," said Brouster. "We look forward to helping revitalize the community and this is the first step of many for Reliance Bank in St. Louis."
Robert Boyle, CEO of Justine PETERSEN, said the event marks more than a partnership; it marks a cultural exchange as the nonprofit lending institution takes on the good things of Reliance Bank and concurrently Reliance Bank takes on the positive attributes of the nonprofit in exchange.
"In its relatively short cultural exchange period, a mere six quarters, Reliance Bank and Justine PETERSEN have significantly increased our respective double bottom lines with products and services that are impacting neighborhoods with investments in St. Louis City, St. Louis County and in Madison and St. Clair Counties in Illinois." said Boyle.
Also in attendance was Alderwoman Marlene Davis, who went on to say, "We welcome Reliance Bank to our community and to the City of St. Louis. It is so important to have as much access to banking resources that are needed to give residents and businesses options to banking and lending. This Grand Avenue location is in the heart of Midtown Grand Center area and in the Justine PETERSEN facility."
St. Louis NAACP President Adolphus Pruitt said, "As a bank that has emerged from the collapse of commercial real estate, it is important to note that Reliance Bank has shared this positive impact with the community by opening a loan production office north of Delmar in the City of St. Louis. This co-location and partnership with Justine PETERSEN will have a critical impact on the African-American community with respect to accessing capital and credit."
In addition to numerous individuals, families and small businesses served by Justine PETERSEN in attendance at the event, several civic and governmental leaders attended as well including Michael McMillan, President of Metropolitan St Louis Urban League and a Reliance Bank board member; Sable Campbell-Jones, St. Louis City Mayor Francis Slay's Office; Gregory F.X. Daly, Collector of Revenue City of St. Louis; Leonard Johnson, Chief of Staff of City of St. Louis Treasurer's Office; Mattie Moore, Deputy Director of U.S. Senator Claire McCaskill's St. Louis office; John Scates, Community Liaison for U.S. Senator Roy Blount; Adolphus Pruitt, President of St. Louis City NAACP; Will Jordan, President of St. Louis Equal Housing Opportunity Council (EHOC); Elisabeth Risch, St. Louis Equal Housing Community Reinvestment Alliance (SLEHCRA); Flint Fowler, President of St. Louis Girls and Boys Club; Jennifer Tidwell, Regional Administrator for HUD, James Hurd; St Louis HUD Director and John Kennedy, EVP and CFO of St Louis Equity Fund.
Food for the event was provided by The Local Dish, a Justine PETERSEN micro loan client and desserts were baked by Reliance Bank employees for those attending to enjoy. Pianist Julie Heck provided the entertainment on a piano provided by Jackson Pianos, another Justine PETERSEN small business client.
Chairman Brouster remarked, "We couldn't have asked for a more beautiful day in February for our celebration. Having so many civic and governmental leaders attend and care about this project is just one of the many reasons that the St. Louis community is a great place to do business."
About Reliance Bancshares, Inc.
Reliance Bancshares, Inc., headquartered in St. Louis, MO, is a Missouri bank holding company that provides a full range of banking services to individual and corporate customers. The Company's common stock is quoted on the Pink Sheets (www.pinksheets.com) under the symbol "RLBS." It currently operates twenty branches and one loan production office (LPO) in the St. Louis metropolitan area and two branches in Fort Myers, Florida under the name of Reliance Bank. The company's total assets as of December 31, 2013 were approximately $1.02 billion. Reliance Bank's website can be found at http://www.reliancebankstl.com.
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