FIG Has Now Completed 90 M&A Transactions Totaling More Than
$3.8 Billion In Transaction Value Since Inception
ATLANTA, September 26, 2017 — First Reliance Bancshares, Inc. (OTC: FSRL) has announced a definitive agreement to acquire Independence Bancshares, Inc. (OTCQB: IEBS) and its wholly-owned bank subsidiary, Independence National Bank.
Under terms of the agreement, total consideration will be paid in cash. The transaction is currently valued at approximately $11.0 million based on a purchase price of $0.125 for each outstanding common share of IEBS and the redemption of $8.425 million of Independence’s preferred stock at the redemption price of $1,000 per share.
Larry Miller, Interim Chief Executive Officer of Independence said, “The Boards of Directors of Independence Bancshares and Independence National Bank, together with their executive officers, believe this merger provides us with an excellent opportunity to partner with a franchise that has significant momentum in the State of South Carolina and embodies the culture and core values of community banking that will enable us to continue delivering best in class products and service to our customers. This is a merger of two community banks that focus solely on community banking.”
Since 2003, FIG has been the trusted advisor to community banks and investors. Year to date, FIG has advised on 15 M&A transactions totaling more than $635 million in transaction value.
To learn more about FIG’s investment banking services, please visit www.figpartners.com.