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Products July 16, 2013
Reliance Trust Acquires Florida Bank and Trust
Reliance Trust Company acquired the trust and asset management business of Grand Bank and Trust of Florida, headquartered in West Palm Beach, Florida, effective July 31.
Reported by PLANADVISER Staff
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.
“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.”