Colony Bankcorp agrees to buy First Reliance Bancshares in USD 163 million deal

FIRST RELIANCE BANCSHARES INC

FIRST RELIANCE BANCSHARES INC

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  • Colony Bankcorp agreed to buy First Reliance Bancshares in a stock-and-cash deal valued at about USD 163 million.
  • First Reliance holders can elect USD 19.75 cash or 0.94 Colony shares per share, with proration to roughly 20% cash.
  • Combined company expected to have about USD 5 billion assets, USD 4 billion deposits, USD 3.2 billion loans across AL, FL, GA, SC.
  • First Reliance CEO Rick Saunders to become Colony executive vice chairman; other senior First Reliance executives slated for regional and mortgage roles.
  • Closing targeted for Q4 2026, pending regulatory and shareholder approvals.


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