Reliance Bancshares Inc. has provided a range of banking services to individual and corporate customers, has raised $31.30 million in private offering. Deal status completed on March 29, 2013.

Reliance Bancshares Inc., Annual General Meeting, Dec 18, 2012.

Reliance Bancshares Inc. reported earnings results for the third quarter and nine months ended September 30, 2012. For the quarter, the company reported total interest income was $9,145 million as compared to $11,697 million for the same period last year. Net interest income was $6.892 million as compared to $8.162 million for the same period last year. Income before taxes was $0.274 million as compared to loss before tax of $4.208 million for the same period last year. Net income was $0.274 million as compared to net loss of $4.208 million for the same period last year. The improvement is primarily attributed to significant progress made in reducing the level of problem loans, allowing for a significant reduction in provision for loan losses, which declined by $5.1 million (99.8%) and $13.2 million (77.2%) for the quarter and year-to-date, respectively. For the nine months, the company reported total interest income was $28.409 million as compared to $38.249 million for the same period last year. Net interest income was $21.176 million as compared to $25.999 million for the same period last year. Loss before taxes was $0.550 million as compared to $17.585 million for the same period last year. Net loss was $0.550 million as compared to $17.585 million for the same period last year. The reduction in net interest income resulted from a shrinking balance sheet due to the company’s successful efforts in reducing its commercial real estate loans.