Atlanta-based Reliance Financial Corporation has acquired the trust and asset management business of Grand Bank and Trust of Florida, headquartered in West Palm Beach, Florida.
"Grand Bank has been a back-office trust processing client of Reliance Trust since 2001 and is well known to us," said James Maxwell, chairman, CEO and president of Reliance Financial Corporation. "This acquisition is progressive for both organizations. We are excited to expand our relationship with this transaction."
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Under the terms of the agreement, Reliance Trust will succeed Grand Bank as the agent of the trust and asset management relationships currently administered by Grand Bank.
The two institutions will also enter into a long-term marketing and sales partnership to support the continued growth of trust and asset management services in south Florida.
To ensure continuity of Grand Bank’s client relationships, Reliance Trust will retain Grand Bank’s present trust officers and staff including Joseph Covas, Jr., executive vice president and chief fiduciary officer of Grand Bank.
Covas will manage Reliance Trust’s activities as executive vice president and manager of wealth services in Florida.
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By GlobalData"This acquisition expands our presence in south Florida and Grand Bank’s experienced professionals are a great addition to the Reliance Trust team," said Anthony Guthrie, a founding principal of Reliance Financial Corporation.
"This transaction enables us to increase our focus on providing commercial banking services to the businesses and consumers in northern and central Palm Beach County. At the same time, clients will benefit by Reliance Trust’s broader depth of trust and investment resources," said J. Russell Greene, president and CEO of Grand Bank. "We look forward to a highly beneficial relationship with Reliance Trust."
