On June 24, 2026, Colony Bankcorp, Inc. and First Reliance Bancshares, Inc. announced that they had signed a Definitive Merger Agreement. Under the agreement, Colony Bankcorp will acquire First Reliance Bancshares in a transaction valued at approximately $163 million, consisting of both stock and cash.
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 approval by First Reliance shareholders.
More recently, Colony Bankcorp reaffirmed during its Q2 2026 earnings that the acquisition remains one of its key strategic initiatives and that integration planning is progressing 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 | Acquisition (Cash & Stock Merger) |
| Deal Value | Approximately $163 Million |
| Announcement Date | June 24, 2026 |
| Expected Closing | Q4 2026 (Subject to Regulatory & Shareholder Approval) |
| Required Approvals | Shareholders & Banking Regulators |
About Colony Bankcorp
Colony Bankcorp, Inc. is a community bank holding company headquartered in Fitzgerald, Georgia. Founded in 1975, the company operates through its subsidiary, Colony Bank, providing a wide range of financial services to individuals and businesses.
Its primary services include:
- Personal Banking
- Business Banking
- Commercial Lending
- Mortgage Loans
- Wealth Management
- Insurance Services
- Government-Guaranteed Lending
The bank has an extensive branch network across Georgia, Alabama, and Florida and is listed on the New York Stock Exchange (NYSE) under the ticker CBAN.
About First Reliance Bancshares
First Reliance Bancshares, Inc., founded in 1999, is headquartered in Florence, South Carolina. Through its subsidiary, First Reliance Bank, the company provides community banking services for consumers, businesses, and commercial clients.
Its key services include:
- Retail Banking
- Business Banking
- Commercial Loans
- Mortgage Banking
- Treasury Management
- Digital Banking Services
At the time of the merger announcement, First Reliance Bancshares managed approximately $1.1 billion in total assets.
What Will Shareholders Receive?
Under the merger agreement, First Reliance shareholders will have the option to receive either:
- $19.75 in cash per share, or
- 0.94 shares of Colony Bankcorp stock.
Overall, the transaction is expected to consist of approximately:
- 20% Cash
- 80% Colony Bankcorp Common Stock
Size of the Combined Bank
Following completion of the merger, the combined banking organization is expected to have approximately:
- $5 Billion in Total Assets
- $4 Billion in Total Deposits
- $3.2 Billion in Total Loans
This would make the combined institution one of the largest community banking organizations with less than $10 billion in assets across the Southeastern United States.
Geographic Expansion
The acquisition significantly strengthens Colony Bankcorp’s presence across the Southeast.
The combined bank will operate in:
- Georgia
- South Carolina
- Alabama
- Florida
These states represent some of the fastest-growing regional economies in the United States, providing strong opportunities for future expansion.
Leadership Changes
Several senior executives from First Reliance Bancshares will join Colony Bankcorp’s leadership team after the merger.
Key appointments include:
- 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
These appointments are designed to preserve First Reliance’s strong local relationships while supporting future growth.
What Does This Mean for Customers?
According to both companies, customers should experience a smooth transition.
Key expectations include:
- Customer accounts will remain secure.
- Banking services will continue without interruption.
- First Reliance branches in South Carolina are expected to continue operating under the First Reliance brand initially.
- Customers will benefit from expanded products, enhanced digital banking capabilities, and a broader range of financial services over time.
Strategic Rationale Behind the Merger
The acquisition supports Colony Bankcorp’s long-term growth strategy by enabling the company to:
- Expand its market share across the Southeastern U.S.
- Build a stronger regional banking franchise.
- Increase deposits and loan portfolios.
- Achieve operational cost synergies.
- Invest more aggressively in digital banking and technology.
- Create additional cross-selling opportunities for customers.
Management also expects the transaction to be accretive to earnings per share (EPS), excluding one-time merger-related costs.
Potential Challenges
Like any major banking merger, the transaction faces several challenges, including:
- Regulatory approval process
- Successful integration of technology platforms
- Employee and customer retention
- Achieving projected cost synergies
- Managing operational integration efficiently
Outcome
The acquisition is more than just an increase in size—it represents Colony Bankcorp’s strategic effort to establish a stronger regional banking platform across the Southeastern United States.
For Colony Bankcorp, the merger brings:
- A larger customer base
- Increased deposits and lending capacity
- Entry into attractive growth markets
- Greater operational scale
- Improved long-term earnings potential
Meanwhile, First Reliance customers are expected to benefit from stronger financial resources, expanded banking products, enhanced digital services, and access to a broader branch network.
If regulatory approvals are received on schedule and integration is executed successfully, this transaction could become one of the most significant community banking mergers in the United States during 2026. It also reflects the ongoing consolidation trend within the U.S. banking industry, where regional banks are combining to improve competitiveness, expand market presence, and strengthen long-term profitability.
Source: colony bankcorp news
