Colony Bankcorp receives regulatory nod for First Reliance deal

Colony Bankcorp, Inc. and First Reliance Bancshares, Inc. have received all necessary regulatory approvals for their planned merger, as reported by the companies in a press release. The transaction, which requires shareholder approval and other customary closing conditions, is set to be finalized with special meetings for both companies' shareholders on October 14, 2026.

Colony agreed to purchase 100% of First Reliance’s shares in a deal valued at about $163 million, announced on June 24, 2026. Together, the merged entity will have roughly $5 billion in total assets, $4 billion in deposits, and $3.2 billion in loans, with a target close date for the transaction set for the fourth quarter. Colony's CEO, Heath Fountain, and First Reliance's CEO, Rick Saunders, both indicated that integration planning and preparations are progressing well.

Colony Bankcorp, the holding company for Colony Bank founded in 1975, operates in Georgia and North Florida, while First Reliance Bancshares, established in 1999 and headquartered in Florence, South Carolina, has $1.1 billion in assets and offers consumer and business banking services. Colony filed a Form S-4 registration statement with the SEC on August 14, 2026, and the filing became effective on August 27, 2026. This information was AI generated and reviewed by an editor.