Reliance Bancshares narrows loss in fourth quarter
Reliance Bancshares cut its losses in the fourth quarter by 51 percent as nonperforming loans and provisions for loan losses both declined.
Reliance Bancshares’ reported a loss of $16.4 million in the fourth quarter that ended Dec. 31, compared with a loss of $33.7 million a year ago.
The bank was able to reduce its troubled assets and cut overhead expenses as it seeks to return to profitability, said president and CEO Allan Ivie in a statement. For all of 2011, Reliance Bancshares lost $34 million, compared with $48.5 million in 2010.
Frontenac-based Reliance Bancshares is the holding company for Reliance Bank, which has 20 local branches.