Relyance Bank is doing just what President and Chief Executive Officer Chuck Morgan said a May name change would allow — expanding into other markets.
Morgan announced Friday that Relyance has completed acquisition of Hot Springs Bank and Trust, thus marking Relyance’s arrival in Hot Springs (Garland County) and Hot Springs Village (Saline County).
A dollar figure on the transaction wasn’t immediately available.
“This is a positive move for our bank,” Morgan said. He noted that the acquisition lifts Relyance to nearly $473 million in assets and $404 million in deposits.
“We’ve been planning on this for quite a while, and put the plan into action in the middle of the summer,” Morgan said. “I think this expansion is reflective of our continuing growth here. Now we can put some capital to work outside of this market.
“It’s a great development,” he added.
Morgan said the four former HSBT locations — two each in Hot Springs and Hot Springs Village — “will simply change their services to ours” as they become Relyance branches.
“We will also offer a host of new services and products to our Hot Springs and Hot Springs Village customers that will enhance their banking experience,” Morgan said. “We are also pleased to welcome all of the Hot Springs and Hot Springs Village associates to our organization. Customers can be assured they will see the same familiar faces where they bank.”
He also pledged that Relyance would be a good partner with its new customers.
“Relyance Bank is committed to our communities and encourages our associates to be leaders and work to improve the quality of life within the communities we serve,” Morgan said.
HSBT opened in 2006.
Relyance has been in business since 1965. It changed its name from Pine Bluff National Bank this year at a cost of about $400,000.
“The rebranding was done with growth into other markets in mind,” Morgan said. “We’re interested in possibly entering additional markets, but we’re also focused on making this one successful.”