Colony Bank Corp (NYSE: CBAN) announced on September 17, 2026, that R. Dallis Copeland, Jr. has entered into a new employment agreement to continue as President of the Holding Company and Colony Bank. The agreement, effective September 13, 2026, has a two-year term. Under the terms, Mr. Copeland is entitled to an annual base salary of $400,000, subject to annual review. He is also eligible for an annual bonus based on performance goals established by the Compensation Committees of the Bank and Holding Company Boards. The agreement outlines severance terms for termination, including a payment of two times his base salary plus the prior year's bonus if terminated without cause following a change in control, or one times his base salary if terminated without cause outside of a change in control event.
In addition to the leadership update, the company reported receiving all required regulatory approvals to complete its previously announced merger with First Reliance Bancshares, Inc. The transaction, valued at approximately $163 million, is a combined stock-and-cash deal in which Colony will acquire 100% of First Reliance's common stock. Upon completion, the combined company is projected to have approximately $5 billion in total assets, $4 billion in total deposits, and $3.2 billion in loans. The merger remains subject to shareholder approvals from both Colony and First Reliance. Special meetings for both companies are scheduled for October 14, 2026, with a targeted close in the fourth quarter of 2026.
