Redden Named to First Reliance Bank Board

Rick Redden has been appointed to the Board of Directors at First Reliance Bank, enhancing the bank's strategic leadership.

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Rhea-AI Summary

Rick Redden has been appointed to the Board of Directors at First Reliance Bank, enhancing the bank's strategic leadership. With 20 years in the banking sector, he previously managed a $3 billion P&L and oversaw 2,000+ branches. Redden’s extensive experience includes mergers, acquisitions, and community engagement. First Reliance Bank, based in Florence, SC, has nearly $937 million in assets and is known for high customer satisfaction rates (93%). The bank has been recognized as one of the 'Best Places to Work' in South Carolina for 16 consecutive years. CEO Rick Saunders expresses optimism about Redden's contribution to the bank's mission of community service.

Positive

Rick Redden joins the Board, bringing 20 years of banking experience.
First Reliance Bank has a high customer satisfaction rating of 93%, above the industry average.
The bank has been recognized as a 'Best Place to Work' for 16 years, indicating strong employee engagement.

Negative

None.

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03/29/2023 - 03:59 PM EDT

FLORENCE, S.C., March 29, 2023 /PRNewswire/ -- Rick Redden has been named to the First Reliance Bank Board of Directors. Rick has extensive experience working with banks, public and private companies, non-profits, and higher educational institutions to establish or enhance strategic plans, navigate industry change, and accelerate execution. He has assisted clients with acquisitions, major investments, capital structure decisions, and succession strategies.

Rick Saunders, Chief Executive Officer of First Reliance Bank, shared, "When searching for a board member, I always look for talented professionals with similar values about life, leadership, and business success. I am fortunate to have known Rick for quite some time, and he certainly meets every standard to be found in a successful bank board member. I look forward to working closely with Rick as we pursue "changing lives" across the Carolinas."

Prior to consulting, Rick served as Commercial Executive, State President, Division Chief Risk Officer, and Division President for a top US bank. He was responsible for a $3 billion P&L, 2.5 million customers, 2,000+ branches/ATMs, and over 7,000 employees. In addition to leading several highly successful businesses, Rick has been instrumental in company-transforming initiatives, such as merger integration, customer segmentation, talent management, and business redesign efforts. Rick earned a B.S. in Business from Appalachian State University, an M.B.A. from Georgia Tech, and is a UNC-Chapel Hill Executive Leadership program graduate. He is an active community member and has served in roles with the Charleston Economic Leadership Council (Chair), Clemson University Board of Visitors, NC CEO Council, and the Kennedy Center National Symphony Orchestra.

About First Reliance

Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina, and has assets of approximately $937 million. The Company employs more than 180 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 has been awarded the "Best Places to Work in South Carolina" all 16 years since the program began. 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. We also offer a full suite of digital banking services, treasury services, a Customer Service Guaranty, and a Mortgage Service Guaranty. Additional information about the Company is available on the Company's website at www.firstreliance.com.

CONTACT: Gabrielle Caselnova, 864-672-1768