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Colony Bankcorp Completes Approval for First Reliance Transaction
Colony Bankcorp (CBAN) and First Reliance Bancshares (FSRL) announced that shareholders of both companies have approved the previously announced transaction through which First Reliance will become part of Colony. The shareholder votes follow the recent receipt of all necessary regulatory approvals, marking the completion of the required approval process for the transaction. With these approvals secured, the companies are moving toward their anticipated fourth-quarter 2026 closing, subject to the satisfaction of customary closing conditions. "The shareholder approvals bring us one step closer to welcoming First Reliance to Colony and expanding our presence across the Southeast," said Heath Fountain, Colony's Chief Executive Officer. "We're excited about the strength this partnership adds to our organization and the opportunities it creates as we continue growing our community banking franchise."
Colony Bankcorp and First Reliance Merger Receives Regulatory Approval
Colony Bankcorp (CBAN) and First Reliance Bancshares (FSRL) jointly announced that all regulatory approvals have been obtained for the proposed consolidation in which First Reliance will join forces with and into Colony. The consummation of this partnership remains subject to the approval by Colony's shareholders and the approval by First Reliance's shareholders, along with the satisfaction of other customary closing conditions. The special meetings for both companies are scheduled to be held on October 14.
TC Federal CEO Reports Strong Q2 Financial Performance
"We are pleased with our second quarter financial performance, which reflects continued improvement in net interest margin, noninterest income, and operating expenses," said Heath Fountain, Chief Executive Officer. "Our team has done a great job capturing efficiencies following the TC Federal integration, and we are well-positioned to maximize the earnings power of our balance sheet. On an operating basis, we successfully achieved our target return on average assets of 1.20%, and we are confident in our ability to maintain this level of performance moving forward."
Colony Bankcorp Acquires First Reliance in $163M Deal
Colony Bankcorp (CBAN) and First Reliance Bancshares (FSRL) signed a definitive merger agreement in which Colony has agreed to acquire 100% of the stock of First Reliance in a combined stock-and-cash transaction valued at approximately $163M. Key leadership appointments following the merger include Rick Saunders, who will join Colony as Executive Vice Chairman, board member, and member of the executive team. Justin Strickland, currently President of First Reliance, will become Colony's President for South Carolina and Robert Haile, First Reliance's CFO, will serve as Chief Investment Officer and Treasurer. Following the closing, First Reliance locations in South Carolina will continue operating under the First Reliance brand. Each First Reliance shareholder will have the right to elect to receive either $19.75 in cash or 0.94 of a share of Colony's common stock in exchange for each share of First Reliance common stock. Approximately 20% of First Reliance common stock will be converted to cash consideration and the remaining 80% will be converted to Colony common stock. The combined organization will have approximately $5B in total assets, $4.0B in total deposits, and $3.2B in loans. The transaction is expected to be immediately accretive to Colony's EPS, excluding one-time merger-related expenses. Both boards of directors have approved the transaction, which is expected to close in Q4.
Company Reports Significant Improvement in Q1 Performance
"Our first quarter performance represents a strong start to the year, characterized by meaningful improvement compared to the first quarter in the prior year and continued disciplined execution of our strategic initiatives. In addition to our solid financial performance during the quarter, our team successfully completed the TC Federal customer integration and core systems conversion which represents a significant operational achievement that allows us to fully realize the efficiencies of our combined organization and provides a scalable platform for future growth," said Heath Fountain, CEO.
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