Colony Bankcorp Inc. has successfully completed its merger with First Reliance Bancshares, Inc., effective November 1, 2026. This strategic move is significant as it allows Colony Bankcorp to expand its operations and strengthen its position in the state commercial banking sector.

Colony Bankcorp, based in Fitzgerald, Georgia, operates under the ticker CBAN on the New York Stock Exchange. The company is classified under the SIC code 6022, which pertains to state commercial banks. The recent merger is a continuation of its growth strategy, as indicated in previous filings, including a recent 8-K submitted on October 28, 2026.

According to the latest SEC filing (accession number 0001104659-26-120966), the merger was executed under an agreement dated June 24, 2026. At the effective time of the merger, First Reliance Bancshares merged into Colony Bankcorp, with Colony continuing as the surviving entity. Following this, First Reliance Bank, a subsidiary of FSRL, merged with Colony Bank, a subsidiary of Colony Bankcorp, further consolidating their operations.

As part of the merger agreement, shareholders of First Reliance Bancshares had the option to receive either $19.75 in cash or 0.94 shares of Colony’s common stock for each share they held. The agreement included provisions for proration to ensure that no more than 80% of shares were converted into stock. Additionally, the merger will see Colony Bankcorp issuing approximately 6,185,975 shares of its common stock and paying around $32.66 million in cash to former FSRL shareholders.

In connection with the merger, Colony Bankcorp also assumed First Reliance’s existing financial obligations, including subordinated notes and junior subordinated debentures, which adds to its financial responsibilities but also its asset base. This strategic acquisition is expected to enhance Colony's financial stability and operational capacity.

The merger has also led to changes in the board of directors. Colony Bankcorp increased its board size from eight to ten members, appointing F.R. Saunders, Jr. and Forrest R. Redden III to fill the new positions. Saunders, who founded First Reliance Bank, will serve as Executive Vice Chairman of Colony Bank, while Redden brings extensive experience from his previous roles at Wells Fargo.

This merger is indicative of a broader trend in the banking industry, where consolidation is becoming a common strategy for growth and competitiveness. As banks face increasing regulatory pressures and evolving market conditions, such mergers may become more frequent as institutions seek to enhance their market share and operational efficiencies.

Looking ahead, Colony Bankcorp's management is expected to focus on integrating First Reliance's operations effectively. This includes aligning business strategies, optimizing resources, and ensuring a smooth transition for customers of both banks. The filing does not specify what happens next, but stakeholders will likely be watching for updates on the integration process and its impact on Colony Bankcorp's performance in the coming quarters.