ATLANTA and WEST PALM BEACH, Fla., July 16, 2013 /PRNewswire/ — Reliance Trust Company, the principal trust subsidiary of Atlanta-based Reliance Financial Corporation, announced that it acquired the trust and asset management business of Grand Bank and Trust of Florida, headquartered in West Palm Beach, Fla., effective July 31, 2013.

“Grand Bank has been a back-office trust processing client of Reliance Trust since 2001 and is well known to us,” said James T. 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.”

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 L. 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. In addition, Reliance Trust will occupy the offices presently occupied by Grand Bank’s trust division adjacent to its Palm Beach Gardens bank branch at 3601 PGA Boulevard, Palm Beach Gardens, Fla.

“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 A. 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.”

About Grand Bank and Trust

Grand Bank and Trust of Florida was founded in 1999. Locally owned and managed, Grand Bank and Trust has three locations in Palm Beach County with assets in excess of $230 million. For more information, visit them online at www.grandbankflorida.com.

About Reliance Financial Corporation

Reliance Financial Corporation is a privately held, Atlanta-based, diversified financial services and wealth management company with more than $121 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust companies, Reliance Trust Company based in Georgia (one of the largest independent trust companies in the country) and Reliance Trust Company of Delaware, and its other subsidiaries and affiliated offices. Reliance offers a full array of trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies. Please visit www.reliance-trust.com for information on all of the company’s programs and services.

SOURCE Reliance Trust Company