Reliance Financial Corporation Completes Citigroup Trust-Delaware, N.A. Transaction
Opens Five New Office Locations as a Result of the Deal
ATLANTA, June 3, 2013 /PRNewswire/ -- Reliance Financial Corporation, a privately held diversified financial services and wealth management company, announced that it closed its previously announced agreement to acquire 100 percent of the stock of Citigroup Trust-Delaware, N.A., (a subsidiary of Citibank, N.A.) merging Citigroup Trust-Delaware, N. A., into Reliance Trust Company of Delaware and opening five new office locations across the United States.
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"We could not be more pleased with the transaction and are excited to serve our new clients," said Michael Roberts, executive vice president of Reliance Trust and president of Reliance Trust Company of Delaware. "Our five new locations are open for business today and we are thrilled to have all 30 of the Citi employees join Reliance and continue to service these clients."
The transaction consisted of approximately 2,500 accounts and $1.5 billion in assets under administration and firmly positions Reliance as a premier national provider in the advisor-based fiduciary services market. Reliance Trust Company of Delaware's new locations include: Los Angeles, Calif.; Irving, Texas; Phoenix, Ariz.; Palm Beach Gardens, Fla.; and Jersey City, N.J. Additional locations include Wilmington, Del. (main office), Atlanta, Ga. and Charlotte, N.C.
"This acquisition allows us to continue our focus on the institutional marketplace and will strengthen our competitive position as a leading national trustee," added James T. Maxwell, chairman, CEO and president of Reliance Financial Corporation. "It also increases our market share and reflects Reliance's standing as a leading provider of advisor-based fiduciary services in the Delaware market and nationally."
"Our personal trust delivery platform is built to provide our clients with a high level of personalized service and we look forward to rolling out our platform to our new clients," said Anthony Guthrie a founding partner of Reliance Financial Corporation.
About Reliance Financial Corporation
Reliance Financial Corporation is a privately held, Atlanta-based, diversified financial services and wealth management company with more than $118 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 Trust Company of Delaware offers trust services that preserve the advisor/client relationship allowing advisors to continue to manage the client relationship. 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 Financial Corporation
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