M&A Deal Summary

First Reliance Bancshares Acquires Independence Bancshares

On September 25, 2017, First Reliance Bancshares acquired financial services company Independence Bancshares from Aequitas Capital Management for 11M USD

Acquisition Highlights
  • This is First Reliance Bancshares’ 1st transaction in the Financial Services sector.
  • This is First Reliance Bancshares’ largest (disclosed) transaction.
  • This is First Reliance Bancshares’ 1st transaction in the United States.
  • This is First Reliance Bancshares’ 1st transaction in South Carolina.

M&A Deal Summary

Date 2017-09-25
Target Independence Bancshares
Sector Financial Services
Buyer(s) First Reliance Bancshares
Sellers(s) Aequitas Capital Management
Deal Type Add-on Acquisition
Deal Value 11M USD
Advisor(s) Hovde Group LLC (Financial)
Haynsworth Sinkler Boyd (Legal)

Target

Independence Bancshares

Greenville, South Carolina, United States
website
Independence Bancshares, Inc. (dba nD bancgroup) is a provider of business and personal financial products and services. Independence Bancshares was founded in 2004 and is based in Greenville, South Carolina.

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Buyer(S) 1

Buyer

First Reliance Bancshares

Florence, South Carolina, United States

website


Category Company
Founded 1999
Sector Financial Services
DESCRIPTION

First Reliance Bancshares, Inc. is the holding company for First Reliance Bank. The Bank was founded in 1999, employs approximately 141 highly-talented associates and serves the Columbia, Lexington, Charleston, Mount Pleasant, Summerville, Loris, North Myrtle Beach, and Florence markets in South Carolina. First Reliance Bank offers several unique customer programs which include a Hometown Heroes package of benefits for those who are serving our communities, Check 'N Save, a community outreach program for the unbanked or under-banked, a Moms First program, and an iMatter program targeted to young people.


DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (South Carolina) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

DESCRIPTION

Aequitas Capital was a diversified financial services company that creates alternative investments including private equity, private credit and specialty finance. The Firm looked for opportunities in underserved sectors including healthcare, education, and financial services. In 2016, Aequitas entered receivership for allegations of securities fraud. The Firm was originally formed in 1993.


DEAL STATS #
Overall 4 of 4
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 2 of 2
State (South Carolina) 1 of 1
Country (United States) 4 of 4
Year (2017) 2 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-13 CarePayment Technologies

Beaverton, Oregon, United States

CarePayment Technologies is a patient financial engagement company that accelerates providers’ transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. CarePayment Technologies is based in Beaverton, Oregon.

Sell -