Press Releases

LOS ANGELES--(BUSINESS WIRE)--

Hollywood heartthrob Antonio Banderas visited Hydra Properties Island at the Cityscape Dubai as a special guest of Dr. Sulaiman Al Fahim, CEO of Hydra Properties.

Banderas was the cynosure of all eyes at the exhibition and the actor admired the dynamic leadership of Dr. Al Fahim who has transformed Hydra Properties into a global player in real estate market. Banderas said: "I'm very happy to be with Hydra Properties on this prestigious occasion. I should admit that Dr. Al Fahim's pioneering efforts have emerged as talking points in Hollywood and his success story has enough ingredients to be a blockbuster movie," reports Sheeraz Hasan, founder of DUBAI.TV.

Dr. Al Fahim welcomed Banderas to the UAE and thanked the star for his special appearance at Cityscape. "I'm lucky to count Mr. Banderas as a special friend. It has been very thoughtful of him to visit Hydra Properties Island. I hope Mr. Banderas will have enough time to have a closer look at Hydra Properties' various ongoing projects in the UAE."

According to DUBAI.TV, Cityscape Dubai attracts the world's top regional and international institutional investors, real estate developers, governmental and development authorities, leading architects, designers, consultants and other senior professionals involved in the real estate industry.

Hydra Properties is using the Cityscape Dubai platform to open registrations for its prestigious Al-Aqeeq Marina project in Khiran, Kuwait; Lahore Times Square in Pakistan and Hydra Tripoli Tower in Libya. Hydra Properties is located at Stand ZR40 at Zabeel Hall at Cityscape Dubai.

Hydra Properties has captured the hearts and minds of real estate investors through its innovative and iconic projects across the continents, stretching from Hydra Waves in Mexico to Al-Aqeeq Marina in Kuwait. Hydra Properties is foremost mantra is eco-friendly projects and Hydra Village in Abu Dhabi is a case in point for a successful Green Building initiative. Hydra Properties' premier projects in the UAE include Hydra Avenue Towers, Hydra 55, Marina Spirit, Abu Dhabi Golf Walk, Hydra Corporate Towers, Hydra Heights, Hydra Downtown Towers Dubai, Hydra Towers Business Bay Dubai and Hydra Twin Towers, Jumeirah Village, Dubai.

On the web: www.hydraproperties.com.

Source: DUBAI.TV

KONA, Hawaii, Oct. 11 /PRNewswire-USNewswire/ -- Six active duty U.S. Navy athletes today drew upon the strength, determination and commitment they have learned serving our nation to compete with the world's most elite athletes in the 30th annual Ford Ironman World Championship Triathlon in Kona, Hawaii.

"Today six Navy athletes took serving their country one step further by pushing themselves to their physical limits in a world class test of human endurance," said Captain Duncan Smith of Naval Special Warfare Command. "Navy is proud to celebrate our 30th year of participation in Ironman. Athletes of this caliber and the Ironman organization at large share many of the core values we hold dear in the Navy: pursuit of excellence, personal fitness and unwavering commitment."

Today's race will air at 2:30 p.m. ET on Dec. 13 on NBC.

Two Navy SEALs and four members of the U.S. Navy athletic team were among an elite group of only 1,800 athletes who participated in the most prestigious world championship race the sport has to offer: 2.4 miles of swimming, 112 miles of biking and a 26.2 mile marathon run through ocean waves and challenging lava-covered terrain. This year's Navy triathletes represent a diverse mix of Navy careers:

-- Commander Kristan Barnes is a U.S. Naval Academy graduate and a Naval flight officer currently serving as Officer in Charge, Afloat Planning System, Pacific Operational Support Division, Pearl Harbor. A native of Vermillion, Ohio, she is an avid triathlete, completing six full marathons and Ironman Arizona this year.

-- Commander Keith Davids, a native of Miami, is a decorated U.S. Navy SEAL and commanding officer of SEAL Team ONE. He completed his first marathon at the age of 11 and is joined in Kona by his wife, Commander Yvette Davids, commanding officer of the USS Curts.

-- Lieutenant Commander Damon Dixon, a Naval Academy graduate and Navy oceanography officer, is executive officer of the Naval Oceanography Special Warfare Center. A native of the San Francisco Bay area, Dixon began competing in triathlons in 2004. To prepare for Ironman he spent between 16 and 22 hours training each week.

-- Lieutenant Commander John Marinovitch grew up in Davis, Calif., and graduated from the U.S. Naval Academy. He is a surface warfare officer on USS Independence. Ranked a three-time all-American in swimming, he has competed in triathlons for the past 18 months.

-- Lieutenant Jeff Tomazewski grew up in Pittsburgh and is an aviation maintenance duty officer at the Naval Post-Graduate School in Monterey, Calif. He is a seasoned triathlete; today's race was his sixth Ironman triathlon and his third Ironman World Championship.

-- Petty Officer 1st Class David Goggins grew up in Indianapolis, Ind., and is assigned to the Naval Special Warfare Center in Coronado, Calif. As a Navy SEAL, he has served in Afghanistan and Iraq. As an Ultra Athlete, Goggins has completed 14, 100-plus-mile races, finishing in the top five in most of them. Goggins finished second at the Ultraman World Championships on his first attempt. This is his first Ironman Triathlon.

SOURCE U.S. Navy

FLORENCE, S.C., Oct. 11 /PRNewswire-FirstCall/ -- First Reliance Bancshares, Inc., (OTC Bulletin Board: FSRL), the holding company for First Reliance Bank, today announced 3rd quarter 2008 unaudited net income of $765,178, an increase of 31%.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041022/CLF051LOGO )

Unaudited net income for the three months ended September 30, 2008 was $765,178, compared to $584,877 reported in the prior-year period. Earnings benefited from growth in net interest income and reduction in non interest expense. Net interest income increased to $4.9 million in the third quarter of 2008 over $4.7 million reported the prior year period. Non interest expense decreased 3%, to $4.5 million in the third quarter of 2008. Diluted earnings per share were $0.21, compared to the $0.17 reported in the prior year period.

Unaudited net income for the nine months ended September 30, 2008 was $2.3 million, an increase of 3%, or $0.63 per diluted share, compared to $2.2 million, or $0.62 per diluted share, for the nine months ended September 30, 2007. Net interest income increased to $14.7 million in the nine months ended September 30, 2008, over $13.8 million reported the prior year period, while non-interest income was $3.9 million for both periods.

As of September 30, 2008, total assets were $573.7 million, an increase of $48.9 million or 9%, over the $524.8 million reported for September 30, 2007. Loans increased 6% to $459.7 million, while deposits increased to $447.6 million, up 2% from $440.8 million reported for the prior year period.

"In this difficult economic environment, we are not without our challenges; our nonperforming assets to total asset ratio has increased from 0.90 to 1.70 as September 30, 2008," commented Jeff Paolucci, Senior Vice President and CFO of First Reliance Bank. "However, we have taken an aggressive approach to increasing our loan reserves from 1.09% of loans receivable to 1.35%. Even though we have made aggressive provisions for loan losses throughout the year, we continue to exceed our earnings estimate."

"It is clear from the positive results of the 3rd quarter that our focus on profitable growth backed by conservative business decisions has been a rewarding business strategy for our bank," commented Rick Saunders, president and CEO of First Reliance Bank. "In a challenging economic environment where many companies have reported negative growth in earnings, we are pleased to report positive growth in earnings. Our conservative investment practices have never included risks related to Fannie Mae or Freddie Mac or any other high risk mortgage backed securities. In addition, we do not make sub-prime mortgage loans and have no exposure in this area. While other banks have suffered the negative effects of these products and practices, First Reliance's conservative and sound business and banking practices, have allowed us to produce great earnings and position ourselves for future expansion and growth throughout the industry turmoil."

"First Reliance is a financially sound and well capitalized company with a solid deposit base, and 98% of our customers are satisfied with our excellent service and convenience. We are a safe, strong, and profitable South Carolina community bank specializing in relationship banking with individuals and businesses and we have a long and bright future to look forward to."

Jeff Paolucci, Senior Vice President and CFO of First Reliance Bank, commented, "First Reliance is financially strong and well capitalized. First Reliance remains in every measurable category a "well capitalized" institution under all regulatory standards. In fact, our capital ratios are well in excess of all regulatory "well capitalized" thresholds, which we feel is a significant accomplishment considering the state of the economy and the problems facing other institutions. Our strong capital, liquidity, and focus on closely monitoring and controlling expenses has increased our lending capabilities and provided us the opportunity to expand our franchise. During the first quarter of 2009, we will further enhance our commitment to be Easy To Do Business With(TM) by opening a new branch in West Columbia, SC. Additional 2009 expansion efforts include a branch on Forest Drive in Columbia, SC."

"First Reliance is a strong and viable company committed to addressing issues quickly and efficiently as we stay focused on building a strong company for the future. As we continue to move forward in this difficult economic environment, we will continue to carefully and cautiously monitor our banking and business practices to prevent any potential and unforeseen challenges. Our proactive and aggressive risk management systems and emphasis on credit quality have resulted in our strong asset quality, which continues to improve. In addition, our footprint expands into different geographic markets throughout the state of South Carolina thereby reducing the credit risk associated with operating in one location."

"We have realized several positive accomplishments this quarter," stated Rick Saunders, president and CEO. "We are pleased to announce that for the past 3 consecutive years, we have been named One of the Best Places to Work in SC(TM). Providing a great place to work, allows us to recruit and develop great, talented people who are aligned with our company's vision, mission, and values. It is clear that the quality of our work environment has a direct impact on our customers' experience, due to our recent customer satisfaction score of 98%. We intend to continue to increase our level of customer satisfaction by making every effort to meet and exceed our customers' expectations. It is our goal to provide the utmost convenience in products and services and excellent customer service."

"Throughout 2008, we will continue to focus on growing core deposits and leveraging our customer loyalty ratings, while improving our operating efficiencies and managing operating expenses. As we continue to diligently maintain disciplined risk and credit management practices, I am confident that we will continue to attain consistent and sustainable growth."

ABOUT FIRST RELIANCE BANK

First Reliance Bank, founded in 1999, has assets of approximately $574 million, and employs over 145 highly talented associates. The bank serves Columbia, Charleston, Greenville and Florence markets in South Carolina. The bank has been recognized for its success including being the only company ever to be named to The Top 25 Fastest Growing Companies(TM) in South Carolina four times including 2002, 2004, 2005, and 2006 (SC Chamber/Elliott Davis). In June 2007, the bank was added to the Palmetto 25, a list of S.C.'s largest publicly held companies. In 2006, 2007, and 2008 the bank was also recognized as One of the Best Places to Work in South Carolina by the SC Chamber of Commerce. First Reliance Bank offers a unique Hometown Heroes package of benefits to serve those who are serving our communities, Totally FREE Checking, Totally FREE Business, FREE Coin Machines, a Nationwide NO FEE ATM Network, and a 5 Way Mortgage Service Promise. It also offers 8-8 Extended Hours in all of their Florence, Mt. Pleasant, and Lexington locations and is open on most traditional bank holidays. Its Easy to Do Business With(TM) standard has earned the young bank a customer satisfaction rating of 98% (Lamothe & Associates, Inc., Research Firm). First Reliance Bank is traded as FSRL.OB.

This press release contains forward-looking statements about branch openings within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements give our expectations or forecasts of future events.

Any or all of our forward-looking statements here or in other publications may turn out to be incorrect. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining our actual future results. Consequently, no forward- looking statements can be guaranteed. Our actual results may vary materially, and there are no guarantees about the performance of our stock.

We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future results or otherwise. You are advised, however, to consult any future disclosures we make on related subjects in our reports to the SEC.

Contact Jeffrey A. Paolucci, Senior Vice President and Chief Financial Officer, (843) 674-3250

    Media Contact:
    Jeff Paolucci, Senior Vice President     Ashleigh Miles, PR &
     and CFO                                  Advertising Manager
    First Reliance Bank                      First Reliance Bank
    (843) 674-3250                           (843) 789-1419
    jpaolucci@firstreliance.com              amiles@firstreliance.com



                       First Reliance Bancshares, Inc.
                        Consolidated Reports of Income

                                                           Three      Three
                                Nine Months Nine Months   Months     Months
                                   Ended       Ended       Ended      Ended
                                 September   September   September  September
                                  30,2008     30,2007     30,2008    30,2007
                                (Unaudited) (Unaudited) (Unaudited)(Unaudited)
    Interest Income
    Loans and Fees               25,895,022  25,745,192  8,234,706  9,234,300
    Investment Securities
      Taxable                     1,025,605     638,647    349,641    192,571
      Tax exempt                    981,013     552,593    325,521    199,636
    Federal funds sold               54,502     384,420     42,662     48,010
    Other interest income           212,941     121,958     98,977     34,078
        Total                    28,169,083  27,442,810  9,051,507  9,708,595

    Interest Expense
    Time deposits $100,000 and
     over                         5,524,539   5,062,204  1,491,623  1,909,567
    Other deposits                5,128,023   7,218,069  1,722,955  2,613,580
    Other interest expense        2,817,167   1,412,171    932,809    488,234
        Total                    13,469,729  13,692,444  4,147,387  5,011,381
                                                               -
    Net Interest Income          14,699,354  13,750,366  4,904,120  4,697,214
    Provision for loan losses     1,757,364     869,397    609,967    408,961
    Net Interest Income after
     provision                   12,941,990  12,880,969  4,294,153  4,288,253

    Noninterest Income
      Service charges on
       deposit accounts           1,477,950   1,394,945    548,098    486,508
      Gain on sale of
       mortgage loans             1,445,876   1,635,949    319,519    519,818
      Brokerage fees                112,242     124,220      5,685     38,351
      Income (Expense) from
       Bank Owned Life
       Insurance                    340,376       3,820    110,811       (786)
      Other charges, commissions
       and fees                     361,643     259,087    123,548     96,299
      Gain (Loss) on sale of
       securities available for
        sale                              -       4,187          -    (16,187)
      Gain on sale of other real
       estate                           700      16,104        700          -
      Gain on sale of fixed assets    7,091       5,996      7,091          -
      Other                         147,574     437,163     46,705    140,557
          Total                   3,893,452   3,881,471  1,162,157  1,264,560

    Noninterest Expense
      Salaries and benefits       8,343,153   7,922,140  2,589,777  2,694,710
      Occupancy                   1,149,437     979,034    418,005    323,142
      Furniture and equipment
       related                      645,114     607,784    222,624    188,021
      Other operating             3,803,663   4,107,690  1,248,888  1,418,732
          Total                  13,941,367  13,616,648  4,479,294  4,624,605

    Income before tax             2,894,075   3,145,792    977,016    928,208
    Income tax expense              619,353     946,000    211,838    343,331

    Net Income                    2,274,722   2,199,792    765,178    584,877

    Basic earnings per share           0.65        0.64       0.22       0.17
    Diluted earnings per share         0.63        0.62       0.21       0.17



                       First Reliance Bancshares, Inc.
                                Balance Sheet

                                       September 30 September 30  December 31
                                           2008         2007         2007
                                        (Unaudited)  (Unaudited)    Audited
    Assets:
    Cash and Cash Equivalents
      Cash and Due From Banks             5,928,325   12,303,957    7,164,650
      Federal funds sold                          -            -            -
        Total cash and cash equivalents   5,928,325   12,303,957    7,164,650

    Investment securities
      Securities available for sale      56,982,931   34,101,361   58,580,313
      Nonmarketable equity securities     3,922,200    1,905,400    3,930,400
      Investment in trust                   310,000      310,000            -
        Total investment securities      61,215,131   36,316,761   62,510,713

    Loans held for sale                  11,226,920    9,008,486   19,600,850

    Loans receivable                    459,686,752  434,389,319  468,137,690
      Less allowance for loan losses     (6,210,754)  (4,736,321)  (5,270,607)
        Loans, net                      453,475,998  429,652,998  462,867,083

    Premises, furniture, and equipment,
     net                                 23,770,377   20,828,686   22,233,746
    Accrued interest receivable           3,049,352    2,648,767    3,092,767
    Other real estate owned                 293,700      134,349      196,950
    Cash surrender value life insurance  10,880,649   10,436,829   10,540,273
    Other assets                          3,833,230    3,444,406    3,497,180
      Total Assets                      573,673,682  524,775,239  591,704,212

    Liabilities:
    Deposits:
      Noninterest bearing transaction
       accounts                          42,917,049   42,917,750   43,542,528
      Interest bearing transaction
       accounts                          27,159,758   53,403,111   39,450,393
      Savings                           121,475,590   82,138,499   85,819,481
      Time deposits $100,000 and over   131,809,645  150,067,645  169,825,252
      Other time deposits               124,196,593  112,300,558  110,860,061
        Total deposits                  447,558,635  440,827,563  449,497,715

    Securities sold under agreements to
     repurchase                           7,195,414    8,568,084    7,927,754
    Federal Funds Purchased               2,170,000    3,000,000   13,359,000
    Advances from Federal Home Loan
     Bank                                63,500,000   24,000,000   69,000,000
    Note Payable                          3,000,000             -   3,000,000
    Junior subordinated debentures       10,310,000   10,310,000   10,310,000
    Accrued interest payable                583,346      913,244      767,577
    Other liabilities                     1,401,244      752,981      814,262
      Total Liabilities                 535,718,639  488,371,872  554,676,308

    Shareholders' Equity:
      Common Stock                           35,337       34,874       34,946
      Restricted Stock                     (197,635)    (147,729)    (152,762)
      Capital Surplus                    26,064,686   25,808,044   25,875,012
      Treasury Stock                       (155,259)    (145,198)    (145,198)
      Retained Earnings                  13,488,094   11,057,547   11,417,275
      Accumulated other comprehensive
       income                            (1,280,180)    (204,171)      (1,369)
      Total Shareholders Equity          37,955,043   36,403,367   37,027,904

    Total Liabilities and Shareholders
     Equity                             573,673,682  524,775,239  591,704,212

SOURCE First Reliance Bancshares, Inc.

ONTARIO, OTTAWA -- (MARKET WIRE) -- 10/11/08 --

WINDSOR                 SUNDAY OCTOBER 12, 2008

8:30 am                 Whistle Stop - Windsor and area
                        129 Erie Street East
                        Windsor, Ontario

9:55 am                 Whistle Stop - Essex
                        1496 County Road #22
                        Lakeshore, Ontario

2:15 pm                 Whistle Stop - Elgin-Middlesex-London
                        384 Talbot Street
                        St. Thomas, Ontario

3:15 pm                 Whistle Stop - London and area
                        1700 Dundas Street
                        London, Ontario

5:55 pm                 Whistle Stop - Welland
                        5 Front Street North
                        Thorold, Ontario

8:50 pm                 Whistle Stop - Hamilton
                        1471 Main Street East
                        Hamilton, Ontario

SOUTH-WESTERN ONTARIO   SUNDAY OCTOBER 12, 2008

10:20 pm                Whistle Stop - Guelph
                        176 Woolwich Street
                        Guelph, Ontario

ALL TIMES LISTED ARE LOCAL TIMES

Contacts:
New Democrat Campaign Headquarters:
NDP Press Office: 613-236-3613 x 2833 (mdsice@ndp.ca)
For Campaign 2008 Leader's Tour related requests only:
Karl Belanger, Press Secretary to Jack Layton,
613-720-6463 (karl@ndp.ca)

ONTARIO, OTTAWA--(Marketwire - Oct. 11, 2008) -

WINDSOR                 SUNDAY OCTOBER 12, 2008

8:30 am                 Whistle Stop - Windsor and area
                        129 Erie Street East
                        Windsor, Ontario

9:55 am                 Whistle Stop - Essex
                        1496 County Road #22
                        Lakeshore, Ontario

2:15 pm                 Whistle Stop - Elgin-Middlesex-London
                        384 Talbot Street
                        St. Thomas, Ontario

3:15 pm                 Whistle Stop - London and area
                        1700 Dundas Street
                        London, Ontario

5:55 pm                 Whistle Stop - Welland
                        5 Front Street North
                        Thorold, Ontario

8:50 pm                 Whistle Stop - Hamilton
                        1471 Main Street East
                        Hamilton, Ontario

SOUTH-WESTERN ONTARIO   SUNDAY OCTOBER 12, 2008

10:20 pm                Whistle Stop - Guelph
                        176 Woolwich Street
                        Guelph, Ontario

ALL TIMES LISTED ARE LOCAL TIMES

FOR FURTHER INFORMATION PLEASE CONTACT:
        New Democrat Campaign Headquarters:
        NDP Press Office: 613-236-3613 x 2833 (mdsice@ndp.ca)
        For Campaign 2008 Leader's Tour related requests only:
        Karl Belanger, Press Secretary to Jack Layton,
        613-720-6463 (karl@ndp.ca)

Source: NDP