Reliance Trust Company, the principal trust subsidiary of Atlanta-based Reliance Financial Corporation, has acquired the trust and asset management business of Grand Bank and Trust of Florida, headquartered in West Palm Beach, effective July 31, 2013.

Reliance will become the agent for the trust and asset management relationships currently administered by Grand Bank and the two institutions will also enter into a long-term marketing and sales partnership to expand their business services in Florida, Reliance said in a statement.

Reliance said it expected to retain Grand Bank's management team and staff.

Grand Bank and Trust of Florida was founded in 1999. Locally owned and managed, Grand Bank and Trust has three locations in Palm Beach County with assets in excess of $230 million.