Under the agreed terms, Colony Bankcorp will acquire all outstanding shares of First Reliance. Shareholders may choose between $19.75 in cash or 0.94 shares of Colony common stock per share held, with the total consideration structured as 20% cash and 80% stock. Colony CEO Heath Fountain described the move as an effort to build a premier regional franchise capable of competing in the nation’s most dynamic economies.
In section Market Quotes
Colony Bankcorp to Acquire First Reliance in $163 Million Merger
A $163 million stock-and-cash deal will unite Colony Bankcorp and First Reliance Bancshares, aiming to consolidate banking services across the high-growth corridors of the American Southeast. The merger, unanimously backed by both boards, seeks to leverage scale to capture market share in Alabama, Florida, Georgia, and South Carolina.
Leadership roles will shift as the companies integrate operations. First Reliance CEO Rick Saunders is set to join Colony as executive vice chairman and board member, while current First Reliance president Justin Strickland will oversee South Carolina operations. Robert Haile, the current chief financial officer at First Reliance, will transition into the role of chief investment officer and treasurer for the combined entity. Existing First Reliance branches in South Carolina are expected to retain their current branding following the closing of the transaction, which is anticipated in the fourth quarter pending regulatory and shareholder approval.
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