First Reliance Bancshares, based in Florence, is the holding company for First Reliance Bank. Shares began trading on OTCQX Nov. 4 under symbol FSRL.

OTC Markets Group Inc., which operates the markets, said in a statement, "To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws."

First Reliance Bank CEO and founder Rick Saunders said in a statement, "We believe this upgrade will help us attract new capital, broaden our shareholder base, and accelerate our mission of delivering an exceptional banking experience."

First Reliance runs nine banks in South Carolina, including two in Florence.

Janney Montgomery Scott LLC acted as the OTCQX corporate broker, according to the statement.

At the time of writing, FSRL shares are trading at $12.50, up 6.11% since the upgrade.