Colony Bankcorp shareholders approve First Reliance acquisition

Fitzgerald, Georgia and Florence, South Carolina - Colony Bankcorp's shareholders and First Reliance Bancshares' investors have both given the green light for the merger, according to a recent press release. The approval came after all required regulatory clearances were obtained. The companies are now set to merge around the fourth quarter of 2026, pending the usual closing conditions.

Colony Bankcorp and First Reliance Bancshares announced their plans to merge on June 24, 2026, through a definitive agreement. Under the deal, Colony agreed to buy all of First Reliance's shares in a stock-and-cash transaction valued at about $163 million. After the merger, Colony is projected to have a total asset base of approximately $5 billion, $4 billion in deposits, and $3.2 billion in loans.

The combined firm will have a stronger banking footprint across Georgia, South Carolina, and Florida. Colony Bankcorp, the parent company of Colony Bank, was established in Fitzgerald, Georgia in 1975. The bank now has branches in Georgia and North Florida, including Tallahassee, Jacksonville, and the Florida Panhandle. First Reliance Bancshares, founded in 1999 and based in Florence, South Carolina, currently has $1.1 billion in assets.

The bank provides both consumer and business banking services. Colony's CEO, Heath Fountain, said the shareholder approvals bring the company one step closer to incorporating First Reliance and expanding its presence in the Southeast. First Reliance's CEO, Rick Saunders, expressed his thanks to shareholders for their trust in the transaction.