Reliance Integrated Solutions LLC to Acquire Savings Institute Bank and Trust Company's Trust Operations Outsourcing Division

ATLANTA, Feb. 14, 2012 /PRNewswire/ -- Reliance Integrated Solutions LLC (RIS), a wholly-owned institutional wealth management services subsidiary of Reliance Financial Corporation, and Savings Institute Bank and Trust Company (SIBT) announced today that they have entered into a definitive agreement in which RIS will acquire the assets of SI Trust Servicing (SITS), the trust operations outsourcing division of SIBT. The terms of the agreement were not disclosed.

The acquisition of SITS represents a continuation of the strong growth RIS has experienced over the last seven years. The transaction is expected to close on March 31, 2012.

"Our clients are increasingly looking for more sophisticated servicing solutions that add value to their organizations," said Rheo Broulliard, CEO of SIBT. "We specifically sought out a firm that could deliver just that, and feel like we have done so with Reliance. We are confident that Reliance will continue the long tradition of high quality service SITS customers have come to expect, while at the same time bringing new products and services that will benefit the client banks."

Broulliard continued, "We are very pleased that an acknowledged leader in outsourced trust processing has recognized the outstanding work that SI Trust Servicing (SITS) has done to serve the needs of their bank trust clients." 

"This transaction represents a unique opportunity to grow our outsourcing business in a way that is a natural extension for Reliance," said James T. Maxwell, chairman, CEO and president of Reliance Financial Corporation. "Use of a similar software platform coupled with the consistent client-centric service culture of the SITS team makes this an exciting opportunity for us."

"Reliance has long been known as a leader in delivering open-architecture outsourcing solutions as well as sophisticated technology and operational services," added Trey Carter, president of RIS. "We are excited to have the opportunity to continue the SITS tradition of providing quality services while sharing innovative ideas and solutions with our newest clients."

About RIS

RIS, a wholly-owned subsidiary of Reliance Financial Corporation, has been dedicated to providing a high-touch trust and wealth management operations outsourcing solution since 1993. RIS specializes in tailoring solutions for trust companies and wealth managers serving the high net worth and institutional marketplace by providing turn-key investment and trust accounting, securities processing and client reporting and the technology platform needed to support a complete range of trust and investment services.

About Reliance Financial Corporation

Reliance Financial Corporation is a privately held, Atlanta-based, diversified financial services and wealth management company with more than $88 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust company (one of the largest independent trust companies in the country), 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 Financial Corporation

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