Colony Bankcorp wins backing for $163m First Reliance deal

Colony Bankcorp and First Reliance Bancshares shareholders approved Colony’s roughly $163 million stock-and-cash acquisition of First Reliance, according to an Oct. 16 press release cited by Investing.com.

The deal would create a bank with about $5 billion in assets, compared with First Reliance’s $1.1 billion, and expand Colony Bankcorp’s reach in Georgia, South Carolina and Florida.

The press release said the shareholder votes followed receipt of all required regulatory approvals. The companies are targeting a fourth-quarter 2026 closing, subject to customary closing conditions.

Colony and First Reliance announced the transaction on June 24, 2026. Under the definitive agreement, Colony agreed to buy 100% of First Reliance’s stock through a mix of shares and cash.

The combined company is expected to have about $4 billion in deposits and $3.2 billion in loans. For Colony, the transaction adds a South Carolina-based lender to a footprint that already includes Georgia and North Florida markets including Tallahassee, Jacksonville and the Florida Panhandle.

Colony Bankcorp is the holding company for Colony Bank, founded in Fitzgerald, Georgia, in 1975. First Reliance Bancshares was founded in 1999 and is headquartered in Florence, South Carolina, where it provides consumer and business banking services.

The Investing.com quote panel accompanying the article showed Colony shares closed up 1.68% at $20.03. It also showed First Reliance up 0.80%.

In the press release, Colony Chief Executive Officer Heath Fountain said the votes moved the company closer to bringing First Reliance into Colony. First Reliance founder and Chief Executive Officer Rick Saunders thanked shareholders for supporting the transaction.

Source: press release cited by Investing.com, Oct. 16, 2026