The principal trust subsidiary of Atlanta-based Reliance Financial Corp. has acquired similar operations from Grand Bank and Trust of Florida in West Palm Beach.
Reliance Trust Co. will become the agent for trust and asset management business relationships currently administered by Grand Bank and the two will create a marketing and sales partnership to expand their business services in south Florida. Financial terms of the deal were not disclosed.
Grand Bank has been a back-office trust processing client of Reliance Trust since 2001, according to Reliance Financial Chairman and CEO James Maxwell.
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