Colony Bankcorp completes about US$163 million First Reliance merger, creating a bank with about US$5 billion of assets

Colony Bankcorp, the holding company for Georgia's Colony Bank, said it had completed its merger with First Reliance Bancshares, the holding company for First Reliance Bank, with effect from 1 November 2026. The combined community banking group has about US$5 billion in assets and branches across Georgia, South Carolina and Florida.

First Reliance brings nine banking locations, which establish Colony's presence in South Carolina. "From the beginning, we recognized a strong alignment between our teams, cultures, and approach to community banking," said T. Heath Fountain, Colony's chief executive.

Colony said the transaction strengthens its competitive position, diversifies its geographic footprint and supports its long-term growth strategy.

TERMS AND APPROVALS

The two companies announced the deal on 24 June 2026. Under the agreement Colony acquires 100% of First Reliance's stock in a combined stock-and-cash transaction valued at approximately US$163 million.

Shareholders of both companies approved the merger in mid-October, after the deal had received all the regulatory approvals it needed, the banks said in a joint statement dated 15 October 2026.

The companies said then that the enlarged group was expected to have approximately US$5 billion in total assets, US$4 billion in total deposits and US$3.2 billion in loans.

TWO SOUTHEAST COMMUNITY LENDERS

Colony was founded in Fitzgerald, Georgia, in 1975 and operates throughout Georgia and across North Florida, including Tallahassee, Jacksonville and the Florida Panhandle. First Reliance was founded in 1999, is headquartered in Florence, South Carolina, and had US$1.1 billion in assets.

"This partnership allows us to build on the strong foundation First Reliance has established over the past 27 years," said Rick Saunders, First Reliance's founder and chief executive. "Colony shares our belief in strong relationships, local leadership, and investing in the communities we serve," he said.

INTEGRATION AHEAD

Integration work will continue ahead of a planned systems conversion in mid-2027, Colony said. First Reliance customers can continue banking as usual through their existing accounts, locations and digital services. Customers will be told directly, well in advance, of any changes that come with the transition.

THE TGB VIEW

This is the kind of community-bank merger TGB's US market profile tracks: the country had 4,238 FDIC-insured banks and savings institutions at end-June 2026, down from 4,421 a year earlier as mergers continued to thin the community-bank tier. Even after adding First Reliance's US$1.1 billion of assets, Colony's roughly US$5 billion is small beside the 18 US institutions above US$250 billion that hold 64% of industry assets. The next dated step is the systems conversion planned for mid-2027, with customers to be told of any changes well in advance.