-Reliance Bank to expand services.
Global Banking News-November 30, 2011--Reliance Bank to expand services(C)2011 ENPublishing - http://www.enpublishing.co.uk
Global Banking News - 30 November 2011
Reliance Bank, a subsidiary of Frontenac-based Reliance Bancshares (NASDAQ: FSRL), has said that it will expand its financial services and products to low- and moderate-income and minority individuals and businesses by at least USD2m, following a complaint of unfair practices.
In a joint statement by Reliance and the St. Louis Equal Housing and Community Reinvestment Alliance, Reliance said that it will broaden its products for low- and moderate individuals and minority-owned businesses with a new small business lending programme, expanded mortgage products and new checking and savings accounts. Reliance has committed USD2m in mortgage loans as part of the agreement, and USD60,000.00 on financial literacy programmes. The bank also said that it will increase its marketing to include African-American and Hispanic media outlets.
The move comes as the St. Louis Equal Housing Opportunity Council (EHOC) filed a complaint with the US Department of Housing and Urban Development, alleging that Reliance violated federal fair housing laws in its lending practices. A study by the Federal Deposit Insurance Corporation study in 2009 has found that the St. Louis metro area has the highest percentage of un-banked black households in the country, at 31 percent.
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