Reliance Bank, a subsidiary of Reliance Bancshares, Inc., recently celebrated the grand opening of a new loan production office in the Justine Petersen building at 1021 North Grand Blvd.
Justine Petersen is a nonprofit organization that assists low-wealth individuals and families to develop, maintain and increase financial assets.
“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,” said St. Louis NAACP President Adolphus Pruitt.
“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.”
The office will be led 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.
“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,” said Allan D. Ivie, CEO of Reliance Bancshares, which is headquartered in St. Louis County.
The grand opening and ribbon cutting event had over 150 in attendance including 19th Ward Alderwoman Marlene Davis.
“We welcome Reliance Bank to our community and to the city of St. Louis,” Davis said. “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.”
Robert Boyle, CEO of Justine Petersen, said the partnership marks a cultural exchange between the nonprofit lending institution and Reliance Bank. “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.
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. Reliance Bancshares, Inc.’s total assets as of December 31, 2013 were approximately $1.02 billion.
Also in attendance were Tom Brouster, chairman of Reliance Bancshares, Michael McMillan, president of the Urban League or Metropolitan St. Louis and a Reliance Bank board member; Leonard Johnson, chief of staff for St. Louis Treasurer O. Jones; Mattie Moore, deputy director of U.S. Senator Claire McCaskill’s St. Louis office; Elisabeth Risch, St. Louis Equal Housing Community Reinvestment Alliance; Jennifer Tidwell, regional administrator for HUD; and James Hurd, St. Louis HUD Director.