Colony Bankcorp completed its previously announced merger with First Reliance Bancshares effective November 1, 2026. Under the transaction terms, each share of First Reliance common and preferred stock was converted into a choice of $19.75 in cash or 0.94 shares of Colony common stock, subject to proration limits where no more than 80% could be elected for stock consideration. The deal expands Colony's presence into South Carolina with nine new banking locations, creating a combined franchise with approximately $5 billion in assets. Colony assumed First Reliance’s outstanding subordinated notes and junior subordinated debentures totaling roughly $20 million. Additionally, the board increased its size from eight to ten directors, appointing F.R. Saunders Jr., the former CEO of First Reliance Bank, as Executive Vice Chairman and a new director. Colony operates community banking locations in Georgia, Florida, and South Carolina.
