Colony Bankcorp, Inc. (NYSE: CBAN) announced the completion of its merger with First Reliance Bancshares, Inc. (OTCQX: FSRL) on November 1, 2026. The transaction, previously agreed upon on June 24, 2026, resulted in First Reliance merging into Colony, with Colony continuing as the surviving corporation. Following the merger, First Reliance Bank merged into Colony Bank, with Colony Bank remaining the surviving entity.
Under the terms of the Merger Agreement, holders of First Reliance stock received a choice between $19.75 in cash or 0.94 shares of Colony common stock. The Company estimates that it will issue approximately 6,185,975 shares of common stock and pay approximately $32,662,112 in cash to former shareholders. The Company also assumed First Reliance’s outstanding subordinated debt obligations, including $10 million in 3.375% Fixed-to-Floating Rate Subordinated Notes due October 1, 2031, and $10.31 million in Fixed/Floating Rate Junior Subordinated Debt Securities due November 23, 2035.
In connection with the merger, Colony’s board of directors was expanded from eight to ten members. The Company appointed F.R. Saunders Jr. and Forrest R. Redden III to fill the new vacancies. Mr. Saunders, age 66, is the founder and former CEO of First Reliance Bank, and has been appointed as Executive Vice Chairman of Colony Bank. Mr. Redden, age 57, is a co-founder of Blue Tide Strategic Partners and a former director of First Reliance Bank. The Company agreed to use its best efforts to nominate both men for re-election to the board at the next annual meeting.
The combined company now operates with approximately $5 billion in assets and a presence across Georgia, South Carolina, and Florida. Integration efforts are ongoing, with a planned systems conversion scheduled for mid-2027.
