First Reliance Bancshares Announces Executive Leadership Changes

Latest Moves Highlight Bank’s Focus on Future Growth Across the Region

FLORENCE, South Carolina – December 22, 2020 – First Reliance Bancshares has appointed Robert F. Dozier, Jr. to the dual roles of President of the holding company, First Reliance Bancshares Inc. and Chief Operating Officer (COO) of First Reliance Bank. In addition, the bank also promoted Charles H. Stuart to President of the Mortgage Division.


This is the latest stage of what CEO Rick Saunders describes as the creation of a “leadership team of unprecedented depth, insight and capability” in the bank’s two decades of business.

Previously serving as First Reliance Bank’s Chief Banking Officer since January 2020, Dozier has more than 31 years of financial services experience. He previously served as Executive Vice President and Chief Business Officer at Federal Home Loan Bank of Atlanta, and President and COO of Columbia, South Carolina-based Homeowners Mortgage.

“Robert has already made a remarkable impact on our business since joining the bank at the beginning of 2020. Both in thought leadership and strategic insight, his efforts have us better positioned for growth than ever before,” Saunders said. “His commitment to drive future growth while retaining the culture of excellence that our associates and customers expect is what we need to become a leading bank and regional presence across the Carolinas.”

Chuck Stuart brings over 20 years of banking experience. Having joined First Reliance over five years

ago, he has helped grow mortgage income to record levels across the Carolinas. Previously Stuart was Senior Vice President of Mortgage Banking at Harbor National Bank.

“The mortgage business has been the shining star of our already remarkable year, accounting for a large percentage of our non-interest income and overall net income, and I see that continuing,” Saunders said.

Saunders said these changes are the latest step in a broader holistic effort to position the bank for “transformational growth.” As it continues to attract industry-proven leadership, develop technological advancements and expand into new markets, he expects to see corresponding growth in income and other areas in fiscal 2021.

First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank, reported record net income and earnings in the 3rd Quarter 2020. “Our record performance this last year is based upon conservative fiscal strategy and a continued commitment to our customers,” Saunders added. “We will work to provide more offerings to our customers through unmatched customer service and across new markets. This is our recipe for success and growth across both South and North Carolina.”

About First Reliance: Founded in 1999, First Reliance Bancshares, Inc. (OTC: FSRL.OB), is based in Florence, South Carolina and has assets of approximately $781 million. The Company employs more than 170 professionals and has locations throughout South Carolina and central North Carolina. First Reliance has redefined community banking with a commitment to making customers lives better, its founding principle. In addition to offering a full range of personalized community banking products and services for individuals, small businesses, and corporations, First Reliance offers two unique community-customers programs: Hometown Heroes, a package of benefits for those serving our communities and Check N Save, an outreach program for the unbanked or under-banked. We also offer a full suite of digital banking services, a Customer Service Guaranty, a Mortgage Service Guaranty, and are open on most traditional holidays.

Additional information is available on the company’s website: www.firstreliance.com.

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