Saunders named to BDC board
F.R. “Rick” Saunders Jr., president and chief executive officer of First Reliance Bank in Florence, has joined the Board of Directors of Business Development Corporation.
Saunders founded First Reliance Bank in 1999. It has since grown to nearly $671 million in assets. First Reliance has 150 associates with branches in Florence, West Columbia, Lexington, Mount Pleasant, Charleston, Greenville, Taylors, Simpsonville and Myrtle Beach in South Carolina. The bank also has a branch in Winston-Salem, N.C., and a loan production office in Mooresville, N.C.
Saunders began his career in 1980 with Transouth Financial and Pee Dee State Bank. He has received numerous state and local honors, including the Order of the Palmetto in 2019 for his contributions to South Carolina and its communities. The Order of the Palmetto is the state’s highest honor.
“We are delighted to welcome Rick Saunders, said BDC President and CEO Peter Shand. “Rick’s extensive accomplishments and his background in commercial banking will allow him to be a valuable contributor toward BDC’s efforts in financing small businesses throughout our markets.”
BDC is a non-bank commercial lending company that specializes in U.S. Small Business Administration loan programs and the State Small Business Credit Initiative. The company is headquartered in Columbia and primarily serves the state of South Carolina and the Southeastern U.S.