SAINT LOUIS, June 21, 2013 – Thomas H. Brouster, Sr., Chairman of Reliance Bank, a subsidiary of Reliance Bancshares, Inc. (OTCPK: RLBS) today announced the appointment of two well-known banking executives to the Reliance leadership team.
Rick Sems is joining the bank as President and CEO of Reliance Bank and President of Reliance Bancshares. Mr. Sems will be responsible for the implementation and execution of all aspects of the Bank’s operations.
Tim Fogerty has been appointed Executive Vice President and Senior Lending Officer of Reliance Bank and will lead the Bank’s commercial lending operations.
Both Mr. Sems and Mr. Fogerty come to Reliance Bank from PNC Bank. Mr. Sems previously served as President and CEO of Missouri Banking for PNC Bank and its predecessor National City Bank. He is currently Regional President for PNC Bank. Mr. Fogerty was most recently Executive Vice President for PNC Bank.
Announcing these appointments, Mr. Brouster said, “I first became aware of Rick’s talents during my tenure as Chairman of Missouri Banking for PNC Bank. Rick is a seasoned executive, who thoroughly understands community banking and what it takes to successfully grow franchise value. Both Rick and Tim bring to Reliance a wealth of experience having successfully managed PNC’s growth in the Missouri market.”
“I was attracted to this position because of the entrepreneurial spirit Tom Brouster has brought to Reliance,” said Mr. Sems. “The opportunity to lead the day-to-day operations of the entire bank, make decisions locally and share in the growth and future profits underscore my decision to join Reliance. I look forward to helping the Reliance team realize their full potential as a locally owned, community centered bank.”
Allan Ivie, the current President and CEO of Reliance Bank will continue to serve the Company as President and CEO Reliance Bancshares, the Bank’s Holding Company. Mr. Ivie will assist in developing new business opportunities as well as taking direct responsibility for the Bank’s Community Reinvestment Act (CRA) and fair lending activities, the resolution of the Company’s TARP obligations and potential acquisitions.
Mr. Sems and Mr. Ivie will report directly to Mr. Brouster.
These management changes follow the successful $31 million recapitalization of Reliance by Mr. Brouster and a group of local investors representing one of the most significant bank recapitalizations in the State of Missouri during the current economic cycle.
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 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, 2012 were approximately $1 Billion. Reliance Bank’s website can be found at www.reliancebankstl.com