Question 1

What is Reliance Bank?

Accepted Answer

Reliance Bank is a community-focused commercial bank serving the Faribault, Minnesota area. As a state-chartered, FDIC-insured institution, the bank specializes in small business relationships and offers a comprehensive range of personal and business banking products. With approximately $316 million in total assets and a single office location, Reliance Bank emphasizes personalized service and local decision-making.

The bank is held by RELIANCE BCORP INC and operates with a mission to "Redefine Service" in the local banking sector. Reliance Bank focuses on commercial lending specialization while maintaining strong ties to the Faribault community.

Question 2

When was Reliance Bank founded?

Accepted Answer

Reliance Bank opened its doors to the Faribault community on August 13, 2007. The bank was established as a state-chartered, FDIC-insured, full-service bank, initially staffed with nine experienced banking professionals.

The founding team set out with a mission to become the best community bank in the area. After its first full year of operation, Reliance Bank received recognition for its success when it was awarded the coveted Faribault Area Chamber of Commerce "New Business Spotlight" award. Since its founding, the bank has experienced steady growth, expanding its staff to meet the increasing banking needs of its customer base.

Question 3

Where is Reliance Bank headquartered?

Accepted Answer

Reliance Bank is headquartered in Faribault, Minnesota, located at 2300 30th Street NW. The bank serves Rice County and operates within the Faribault-Northfield metropolitan statistical area.

Faribault is a community in south-central Minnesota, positioned conveniently near Interstate 35.

Question 4

Where does Reliance Bank operate?

Accepted Answer

Reliance Bank operates exclusively from its single office location in Faribault, Minnesota. The bank serves the local Faribault community and the surrounding areas within Rice County.

While the bank maintains a focused geographic footprint with one physical branch, it extends its reach through digital banking platforms that allow customers throughout the region to access banking services online and via mobile devices.

Question 5

What services does Reliance Bank offer?

Accepted Answer

Reliance Bank provides a full range of personal and business banking services designed to meet the needs of individuals, businesses, and non-profit organizations.

Personal Banking Services include checking and savings accounts, certificates of deposit (CDs), money market accounts, mortgage loans, consumer loans, and retirement planning options. The bank offers competitive rates and focuses on helping customers achieve their financial goals from their first paycheck to retirement.

Business Banking Services feature commercial lending products including commercial loans and lines of credit, Small Business Administration (SBA) loans, Small Business Express loans, and agriculture loans. The bank emphasizes building strong small business relationships with flexible terms and competitive rates.

Digital Banking Services include comprehensive online banking with bill pay functionality, mobile banking with mobile deposit capabilities, 24-hour ATM access through Money Pass, eStatements, and Apple Pay integration. These digital tools provide customers with 24/7 account access, fund transfers, balance checking, and secure transaction capabilities from their smartphones, tablets, or computers.

Question 6

What makes Reliance Bank unique?

Accepted Answer

Reliance Bank distinguishes itself through its commitment to "Redefining Service" in community banking. Despite being a smaller institution with a single office, the bank has built a reputation for personalized customer service and local decision-making that larger regional banks often cannot match.

The bank's strong focus on small business relationships sets it apart in the market. With commercial lending specialization, Reliance Bank positions itself as a partner for entrepreneurs and growing businesses, offering products from startup loans to expansion financing.

Community involvement is deeply embedded in the bank's culture. Staff members actively participate in local initiatives including the Faribault Future leadership program, and the bank supports numerous community organizations such as the Faribault Chamber of Commerce, United Way, Big Brothers Big Sisters, Ruth's House, River Bend Nature Center, Paradise Center for the Arts, Rotary, and Sertoma. The bank also initiated the Basic Blessings Program in 2010 to help children who rely on school meal programs, demonstrating its commitment to addressing community needs beyond traditional banking services.

Question 7

What type of financial institution is Reliance Bank?

Accepted Answer

Reliance Bank is a Commercial Bank with a state charter and is supervised by the Federal Deposit Insurance Corporation (FDIC). As a state-chartered bank that is not a member of the Federal Reserve System (Fed non-member), it operates under FDIC oversight and regulation.

More specifically, Reliance Bank functions as a Community Bank, emphasizing local market presence and relationship-based banking. This classification reflects its deep commitment to serving the specific needs of its local community, maintaining personal relationships with customers, and supporting local economic development. The bank's commercial lending specialization further defines its focus on serving business clients while maintaining full-service capabilities for retail banking customers.

Question 8

What are Reliance Bank's financial highlights?

Accepted Answer

As of mid-2024, Reliance Bank maintains a solid financial position with approximately $316 million in total assets and $253 million in deposits. The bank operates with about 40 employees serving the Faribault community.

The bank demonstrates healthy profitability metrics with a Return on Assets (ROA) of 0.68% and Return on Equity (ROE) of 8.26%. Net income for the reporting period was approximately $1.5 million. These financial indicators reflect a well-managed community bank focused on sustainable growth and profitability while serving its local market effectively.

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