The acquisition is expected to close on 31 March 2012, and the clients of SI Trust Servicing will continue to receive the same service, with additional products and services brought to the table by Reliance, the firms said in a statement.

"Our clients are increasingly looking for more sophisticated servicing solutions that add value to their organizations," said Rheo Broulliard, chief executive of Savings Institute Bank. “We specifically sought out a firm that could deliver just that, and feel like we have done so with Reliance.”

"This transaction represents a unique opportunity to grow our outsourcing business in a way that is a natural extension for Reliance," said James Maxwell, chairman, CEO and president of Reliance Financial Corporation, the parent firm of RIS.

Reliance Financial is a privately-held, Atlanta-based diversified financial services and wealth management company with around $88 billion in assets under management and administration.