Reliance Financial Corp. in Atlanta has agreed to buy the trust and asset management business of Grand Bank and Trust of Florida in West Palm Beach.
Reliance plans to assume Grand Street's trust and asset management relationships on July 31, it announced Tuesday. The companies will also enter a long-term marketing and sales relationship. No details on the financial terms of the agreement or the size of Grand Street's trust business were disclosed.
The privately held, $131 billion-asset Reliance expects to retain the current Grand Street management team.
"Grand Bank has been a back-office trust processing client of Reliance Trust since 2001 and is well known to us," James Maxwell, the chairman and chief executive of Reliance, said in a news release. "This acquisition is progressive for both organizations. We are excited to expand our relationship with this transaction."
This is the second expansion of Reliance's trust business this year. In January it agreed to purchase a Citigroup (NYSE: C) trust bank with approximately $1.7 billion under administration.
Grand Street has $230 million in assets and three locations in Palm Beach County