With assets in excess of $230m, Grand Bank as an agent is presently managing the trust and asset management relationships, which will be replaced by the acquirer on completion of the transaction.
Both firms have also inked a multi-year marketing and sales partnership to support the continual growth of trust and asset management services in south Florida.
Grand Bank executive vice president and chief fiduciary officer L Joseph Covas will assume the post of Reliance Trust’s executive vice president and manager of wealth services in Florida.
Reliance Financial founding principal Anthony Guthrie said, "This acquisition expands our presence in south Florida and Grand Bank’s experienced professionals are a great addition to the Reliance Trust team."
Operating as a diversified financial services and wealth management company, Reliance Financial manages over $121bn in assets under management and administration, and caters trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions.
