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Acquisition of Reliance Financial Corporation Supports FIS Focus on Wealth Management - FIS™ announced that its subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation - Reliance-Trust.com / FISglobal.com
Acquisition of Reliance Financial Corporation Supports FIS Focus on Wealth Management

 

NewswireToday - /newswire/ - Jacksonville, FL, United States, 2014/05/05 - FIS™ announced that its subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation - Reliance-Trust.com / FISglobal.com. NYSE: FIS

   
 
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• FIS subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation (Reliance).
• The resulting combination enables FIS to deliver a full-service wealth management and retirement offering encompassing technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.
• The transaction is subject to regulatory approvals and contractual closing conditions and is expected to close during the third quarter.

FIS™, the world’s largest provider of banking and payments technology, announced that its subsidiary, FIS Wealth Management Services, Inc., has signed a definitive agreement to acquire Atlanta-based Reliance Financial Corporation including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC. The resulting combination will bring together two industry leaders with deep domain expertise and create a full-service wealth management and retirement offering encompassing technology, selective operational functions, full back-office operations outsourcing, and retirement trust and fiduciary services.

“Wealth management remains a strategic growth and investment area for FIS, and this acquisition demonstrates our commitment to delivering the most flexible outsourcing solution set in the trust, wealth management and retirement industry,” noted Anthony Jabbour, executive vice president, North American Financial Institutions, FIS. “Our goal is to continually provide direct benefits to our clients. After the closing of this transaction, we believe our clients would greatly benefit from efficiencies driven by new BPO offerings as well as new business servicing capabilities in the retirement and trust markets.”

Founded in 1975, Reliance has more than $138 billion in assets under management and administration. The company is one of the fastest-growing independent trust companies in the U.S. servicing roughly 5 percent of all 401(k) plans in the United States, with more than 24,000 retirement plan clients to date.

Commenting on the transaction, Jim Maxwell, Reliance chairman, CEO and president stated,“There is continued growth in market demand for a full-service trust operations BPO solution, and this resulting combination will be uniquely qualified to capitalize on these opportunities.”

Upon closing, FIS will pay approximately $110 million in cash to acquire 100 percent ownership interest in Reliance, including its subsidiaries Reliance Trust Company, Reliance Trust Company of Delaware and Reliance Integrated Solutions LLC. The transaction is subject to regulatory approvals and contractual closing conditions. FIS expects the transaction to close during the third quarter.

About FIS
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.

About Reliance Financial Corporation
Reliance Financial Corporation (reliance-trust.com) is a privately held, Atlanta-based diversified financial services and wealth management company with more than $138 billion in assets under management and administration. Reliance conducts business throughout the United States through its trust companies, Reliance Trust Company based in Georgia (one of the largest independent trust companies in the country) and Reliance Trust Company of Delaware, and its other subsidiaries and affiliated offices. Reliance offers a full array of trust and wealth management, investment, retirement plan and outsourcing services to individuals, corporations and institutions, as well as to other banks, brokerage firms and insurance companies.

Forward-looking Statements
Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of federal securities laws. Any statements that refer to beliefs, expectations, projections or other characterizations of future events or circumstances and other statements that are not historical facts are forward-looking statements. Because such statements are based on future economic performance and are not statements of fact, actual results may differ materially from those projected. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to changes in general economic, business and political conditions, developmental and conversion delays inherent with new products and technology, impacts of new regulatory review or failure to obtain necessary regulatory approvals, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, trust company, retail and financial services industries, changes in the growth rates of the markets for our solutions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: Nancy Murphy, Senior Vice President
FIS Investor Relations
P: +1 904-438-6192 - E: nancy.murphy[.]fisglobal.com.

 
 
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Acquisition of Reliance Financial Corporation Supports FIS Focus on Wealth Management

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FIS Global | Reliance Financial Corp.
Publisher Contact: Kim Snider - FISglobal.com 
904-438-6278 kim.snider[.]fisglobal.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any FIS securities in any jurisdiction including any other companies listed or named in this release.

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