From Illinois Business Journal news services
ST. LOUIS — Thomas H. Brouster Sr., chairman of the Board of Reliance Bank, the wholly owned subsidiary of Reliance Bancshares, Inc. has announced a reorganization of the bank and holding company’s leadership structure and established an Office of the Chairman.
Effective immediately, Brouster, as chairman, will assume the role of chief executive officer of Reliance Bank. Brouster assumes this role following the resignation of Rick Sems, who served as president and CEO of the bank since June 2013 and who has accepted another position.
As part of the management realignment, the bank has established the Office of the Chairman whose responsibilities will include managing the day-to-day operations of the bank. Members are comprised of executive management from each of the bank’s operating departments and include the following:
Gaines S. Dittrich (vice chairman)
Tod W. Stafford (president, chief risk officer, and chief financial officer)
Allan D. Ivie, IV (president community banking, chief executive officer of Reliance Bancshares, Inc.)
Norm Toon (executive vice president senior lending officer)
Wendy Erhart (executive vice president retail banking)
Brian Hintz (executive vice president deposit strategy)
Courtney Stotler (executive vice president human resources)
The bank has also promoted Norm Toon to executive vice president and senior lending officer. Toon will lead the bank’s commercial lending operations. He formerly served as senior vice president commercial lending for the bank.
“These changes will continue to align our customers with the entrepreneurial culture we have established at the bank. We remain focused on meeting the needs of small to medium-sized commercial and retail customers,” said Brouster. “I have the greatest respect and admiration for Rick Sems and for the contributions he made to our organization. I wish him the best in all his future endeavors.”
Reliance Bank recently reported record pre-tax income for the first quarter of $3.4 million. This represents a 40 percent increase from the first quarter of 2015 and comes as a result of increased loans, a reduction in cost of deposits, increased non-interest income, and the realization of expense controls. The increased earnings also reflect the benefits of actions designed to improved future profitability that were taken in the fourth quarter of 2015.