Colony Bankcorp to Acquire First Reliance Bancshares for $163 Million
Colony Bankcorp agreed to acquire First Reliance Bancshares for approximately $163 million in stock and cash, creating a consolidated Southeast regional banking platform.
Colony Bankcorp agreed to acquire 100% of the stock of First Reliance Bancshares in a combined stock-and-cash transaction valued at approximately $163 million [1]. Colony, the holding company for Colony Bank and traded on the NYSE under ticker , signed the definitive merger agreement with First Reliance, the holding company for First Reliance Bank and traded on OTCQX under ticker .
The transaction combines Colony's Georgia banking franchise with First Reliance's South Carolina operations. Colony Bank is based in Fitzgerald, Georgia, while First Reliance Bank operates from Florence, South Carolina. The companies described the combination as creating a "transformational Southeast banking partnership."
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