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No. 9 Small/Medium Company: First Reliance Bank |
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Photo / Jeff Smith
Associates at First Reliance Bank enjoy an unusually broad range of benefits including reimbursement toward the cost of adoption, childcare, fitness and tuition, discounted loan rates, free safe deposit boxes and a birthday lunch with the bank president, just to name a few.
Founded in 1999, the bank has assets of about $510 million and employs more than 170 associates. First Reliance Bank is the only company to be named to the Top 25 Fastest Growing Companies in South Carolina four times. In June 2007, the bank was added to the Palmetto 25, a list of South Carolina’s largest publicly held companies.
The bank’s reimbursement policy is generous. Associates are eligible for tuition reimbursement of up to $5,000 per calendar year, up to $5,000 a year toward expenses for families who are adopting, and up to $500 a year for membership at an approved fitness facility.
First Reliance offers 50% matching contributions to associates’ 401(k) plans (up to 6% of the associate’s salary). The bank’s matching contributions are made in First Reliance Bank stock.
To promote regular savings habits among its employees, First Reliance offers its associates the opportunity to enroll in a Benefit Savings Plan, which earns 12% annually with all the benefits of a regular savings account.
Annually, the company’s top six salespeople are rewarded with a CEO-hosted trip with a guest of their choice. In 2007, President’s Club members were awarded a trip to Cabo San Lucas, Mexico. Other benefits include an Employee Stock Ownership Program and company social events.
The bank makes efforts to listen to employees’ suggestions. Its Ideas For Improvement program provides employees with a way to share their ideas on how to improve bank operations. Associates receive $10 for each idea implemented and their name is entered into a drawing for a chance to win an additional $150.
Under another program, Your Opinion Counts, employees may directly e-mail Rick Saunders, president and CEO of First Reliance Bank, with ideas about how to improve the bank or their job. The e-mail will receive a response within seven days of its submission.
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