Colony Bankcorp to Acquire First Reliance Bancshares in $163 Million Deal
On June 24, 2026, Colony Bankcorp, Inc. announced that it had signed a Definitive Merger Agreement to acquire First Reliance Bancshares, Inc. in a transaction valued at approximately $163 million, consisting of both cash and Colony Bankcorp common stock.
The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close during the fourth quarter of 2026, subject to regulatory approvals and shareholder approval.
During its Q2 2026 earnings release, Colony Bankcorp confirmed that the acquisition remains one of its highest strategic priorities and that integration planning is moving forward as scheduled.
Key Highlights of the Deal
| Item | Details |
|---|---|
| Acquirer | Colony Bankcorp, Inc. |
| Target | First Reliance Bancshares, Inc. |
| Acquirer Country | United States |
| Target Country | United States |
| Industry | Banking / Financial Services |
| Deal Type | Cash & Stock Acquisition |
| Deal Value | Approximately $163 Million |
| Announcement Date | June 24, 2026 |
| Expected Closing | Q4 2026 |
| Required Approvals | Regulators & Shareholders |
About Colony Bankcorp
Colony Bankcorp, Inc. is a community bank holding company headquartered in Fitzgerald, Georgia. Founded in 1975, the company operates through Colony Bank and provides banking and financial services throughout the Southeastern United States.
- Personal Banking
- Business Banking
- Commercial Lending
- Mortgage Loans
- Wealth Management
- Insurance Services
- Government-Guaranteed Lending
About First Reliance Bancshares
First Reliance Bancshares, headquartered in Florence, South Carolina, was founded in 1999 and provides a broad range of community banking services for consumers and businesses.
- Retail Banking
- Business Banking
- Commercial Lending
- Mortgage Banking
- Treasury Management
- Digital Banking
Total Assets: Approximately $1.1 Billion
Shareholder Consideration
Shareholders may elect to receive either:
- $19.75 in cash per share
- 0.94 shares of Colony Bankcorp common stock
| Payment Type | Percentage |
|---|---|
| Cash | 20% |
| Colony Bankcorp Stock | 80% |
Expected Size of the Combined Bank
| Financial Metric | Expected Amount |
|---|---|
| Total Assets | $5 Billion |
| Total Deposits | $4 Billion |
| Total Loans | $3.2 Billion |
Geographic Expansion
The combined banking organization will operate across:
- Georgia
- South Carolina
- Alabama
- Florida
Leadership Changes
| Executive | New Position |
|---|---|
| Rick Saunders | Executive Vice Chairman |
| Justin Strickland | President – South Carolina Operations |
| Robert Haile | Chief Investment Officer & Treasurer |
| Brook Moore | South Carolina Credit Officer |
| Chuck Stuart | Co-President, Colony Mortgage |
Benefits for Customers
- Secure customer accounts.
- No interruption in banking services.
- Expanded banking products.
- Enhanced digital banking.
- Larger branch network.
Strategic Benefits
- Expand market share.
- Increase deposits and loan portfolio.
- Strengthen regional banking franchise.
- Improve digital banking capabilities.
- Create cross-selling opportunities.
- Improve long-term profitability.
Potential Challenges
- Regulatory approvals.
- Technology integration.
- Customer retention.
- Employee retention.
- Operational cost synergies.
Conclusion
The acquisition represents a major strategic expansion for Colony Bankcorp and is expected to strengthen its presence throughout the Southeastern United States. If completed successfully, the merger will create one of the region's leading community banking organizations with approximately $5 billion in assets, while providing customers with broader financial services, enhanced digital banking, and greater long-term stability.