In early 2006, a handful of Faribault businessmen met to discuss the creation of a new community bank in Faribault. In the subsequent 18 months, a core investor group of 13 local entrepreneurs designed a business plan for a de novo bank to open. 100 local shareholders agreed to invest the capital necessary to build a new bank building, hire management staff and make application for Reliance Bank to be located on the north end of this small Midwestern town.
On August 13, 2007 Reliance Bank opened its doors to the community of Faribault as a State Chartered, FDIC insured, full-service bank. Staffed with nine experienced bank employees, Reliance set off on a mission to become the best community bank in Faribault. After its first full year of operation, Reliance Bank was given the coveted Faribault Area Chamber of Commerce “New Business Spotlight” award.
We believe we are well on our way to accomplishing our mission through our efforts to “Redefine Service”. Reliance Bank’s success and pride is evident through growth and increased staffing to meet the banking needs of our customer base.
Today, Reliance Bank is a well established financial services leader providing a full service line of personal and business banking products with emphasis on technology and small business relationships. Visit us at our beautiful bank location in Faribault, browse our website or give us a call. It is our mission to make your banking experience efficient, profitable and enjoyable!