Colony Bankcorp to Acquire First Reliance Bancshares in $163M Merger
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 25 2026
0mins
Source: seekingalpha
- Merger Overview: Colony Bankcorp has announced a definitive agreement to acquire 100% of First Reliance Bancshares for approximately $163 million, establishing a Southeast community banking franchise across Alabama, Florida, Georgia, and South Carolina.
- Shareholder Options: First Reliance shareholders can choose to receive $19.75 in cash or 0.94 shares of Colony stock per share, with a payout structure capped at 80% Colony stock and 20% cash, providing shareholders with flexible exit options.
- Financial Impact: Post-merger, Colony will have approximately $5 billion in total assets, $4 billion in deposits, and $3.2 billion in loans, with the transaction expected to be immediately accretive to Colony's earnings per share and enhance key performance ratios.
- Leadership Integration: Following the merger, First Reliance's founder and CEO Rick Saunders will serve as Colony's Executive Vice Chairman, ensuring that the senior leadership from both institutions collaborates to drive regional operations while maintaining the core tenets of community banking.
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About CBAN
Colony Bankcorp, Inc. is the bank holding company for Colony Bank (the Bank). The Bank operates locations throughout Georgia as well as in Birmingham, Alabama; Tallahassee, Florida; and the Florida Panhandle. It offers a range of banking solutions for personal and business customers. Its segments include Bank, Mortgage Banking, and Small Business Specialty Lending Division. The Bank segment offers full-service financial services, including retail and commercial banking services and deposit accounts. The Mortgage Banking segment is involved in the origination and sales of residential mortgage loans held for sale. The Small Business Specialty Lending Division segment is engaged in the origination, sales and servicing of Small Business Administration loans and other government-guaranteed loans. It offers specialized solutions that include mortgage lending, government guaranteed lending, consumer insurance, wealth management, credit cards and merchant services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Conference Call Timing: The company will host a conference call on July 23, 2026, at 9:00 AM ET, with participants encouraged to dial in 15 minutes early at 800-715-9871 using Conference ID: 1567957, ensuring timely communication of financial insights.
- Replay Availability: A replay of the conference call will be accessible until July 30, 2026, by calling 1-800-770-2030 and entering passcode 1567957#, offering convenience for investors unable to attend live and enhancing overall transparency.
- Company Background: Founded in 1975, Colony Bankcorp serves as the holding company for Colony Bank, providing a range of banking solutions including mortgage lending and wealth management, demonstrating its comprehensive service capabilities for personal and business clients.
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- M&A Scrutiny: Identiv, Inc. (NASDAQ:INVE) is selling its IoT business assets and Thai subsidiary to Trackonomy Systems, Inc., which may impact shareholder rights, prompting Halper Sadeh LLC to encourage shareholders to explore their rights and options.
- Merger Review: The merger between Colony Bankcorp, Inc. (NYSE:CBAN) and First Reliance Bancshares, Inc. is under scrutiny, with Halper Sadeh LLC potentially seeking increased compensation and additional disclosures to protect shareholder interests.
- Legal Services Offered: Halper Sadeh LLC provides legal services on a contingency fee basis, aiming to advocate for investors affected by securities fraud and corporate misconduct, highlighting its track record in corporate reform and recovering funds for defrauded investors.
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- Merger Overview: Colony Bancorp and First Reliance Bancshares have entered into a merger agreement valued at $163 million, with 80% stock and 20% cash consideration, expected to close in Q4 2026 pending regulatory and shareholder approvals.
- Market Expansion Strategy: This merger will establish Colony's banking presence in South Carolina through First Reliance's community banking platform, enhancing its footprint in several major metropolitan areas while expanding its Southeast operations.
- Leadership Integration: Rick Saunders, CEO of First Reliance, will join Colony as Executive Vice Chairman, and retaining the local management team is expected to facilitate smooth integration, preserve customer relationships, and leverage Colony's broader product offerings.
- Financial Impact Analysis: The merger is projected to achieve approximately 35% cost savings and 20% EPS accretion by 2027, with a decline in CET1 ratio from 12.5% to 11%, yet still supportive of the current rating, enhancing capital rebuilding capabilities.
See More
Colony Bankcorp to Acquire First Reliance Bancshares in $163M Merger
- Merger Overview: Colony Bankcorp has announced a definitive agreement to acquire 100% of First Reliance Bancshares for approximately $163 million, establishing a Southeast community banking franchise across Alabama, Florida, Georgia, and South Carolina.
- Shareholder Options: First Reliance shareholders can choose to receive $19.75 in cash or 0.94 shares of Colony stock per share, with a payout structure capped at 80% Colony stock and 20% cash, providing shareholders with flexible exit options.
- Financial Impact: Post-merger, Colony will have approximately $5 billion in total assets, $4 billion in deposits, and $3.2 billion in loans, with the transaction expected to be immediately accretive to Colony's earnings per share and enhance key performance ratios.
- Leadership Integration: Following the merger, First Reliance's founder and CEO Rick Saunders will serve as Colony's Executive Vice Chairman, ensuring that the senior leadership from both institutions collaborates to drive regional operations while maintaining the core tenets of community banking.
See More
Colony Bankcorp to Acquire First Reliance Bancshares in $163 Million Merger
- Merger Agreement Signed: Colony Bankcorp and First Reliance Bancshares have signed a definitive merger agreement valued at approximately $163 million, with Colony acquiring 100% of First Reliance's stock, significantly expanding their market presence across Alabama, Florida, Georgia, and South Carolina.
- Strategic Growth Plans: Colony's CEO Heath Fountain stated that this merger will create a premier Southeast banking franchise, enhancing competitive positioning and enabling both banks to better serve customers while addressing the demands of rapidly growing markets.
- Leadership Changes: Following the merger, First Reliance's founder Rick Saunders will serve as Executive Vice Chairman of Colony, with other executives assuming key roles, ensuring a robust governance structure and improved operational efficiency post-merger.
- Shareholder Rights Protected: Under the agreement, First Reliance shareholders can elect to receive either cash or Colony stock for their shares, with the combined organization expected to have total assets of approximately $5 billion, further solidifying its leading position in the Southeast region.
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Colony Bankcorp (CBAN) Q1 2026 Earnings Transcript
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- Earnings Release Schedule: Colony Bankcorp will announce its Q2 2026 financial results on July 22, 2026, after market close, providing investors with crucial insights into the company's financial performance and operational health.
- Conference Call Timing: The company will host a conference call on July 23, 2026, at 9:00 AM ET, with participants encouraged to dial in 15 minutes early at 800-715-9871 using Conference ID: 1567957, ensuring timely communication of financial insights.
- Replay Availability: A replay of the conference call will be accessible until July 30, 2026, by calling 1-800-770-2030 and entering passcode 1567957#, offering convenience for investors unable to attend live and enhancing overall transparency.
- Company Background: Founded in 1975, Colony Bankcorp serves as the holding company for Colony Bank, providing a range of banking solutions including mortgage lending and wealth management, demonstrating its comprehensive service capabilities for personal and business clients.
See More
Investor Rights Law Firm Investigates Multiple Companies for Potential Violations
- Investigation Focus: Halper Sadeh LLC is investigating Apogee Therapeutics, Inc. (NASDAQ:APGE) regarding its sale to AbbVie at $135.11 per share, raising concerns about potential violations of shareholder rights and financial benefits unavailable to ordinary shareholders.
- M&A Scrutiny: Identiv, Inc. (NASDAQ:INVE) is selling its IoT business assets and Thai subsidiary to Trackonomy Systems, Inc., which may impact shareholder rights, prompting Halper Sadeh LLC to encourage shareholders to explore their rights and options.
- Merger Review: The merger between Colony Bankcorp, Inc. (NYSE:CBAN) and First Reliance Bancshares, Inc. is under scrutiny, with Halper Sadeh LLC potentially seeking increased compensation and additional disclosures to protect shareholder interests.
- Legal Services Offered: Halper Sadeh LLC provides legal services on a contingency fee basis, aiming to advocate for investors affected by securities fraud and corporate misconduct, highlighting its track record in corporate reform and recovering funds for defrauded investors.
See More
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- Merger Overview: Colony Bancorp and First Reliance Bancshares have entered into a merger agreement valued at $163 million, with 80% stock and 20% cash consideration, expected to close in Q4 2026 pending regulatory and shareholder approvals.
- Market Expansion Strategy: This merger will establish Colony's banking presence in South Carolina through First Reliance's community banking platform, enhancing its footprint in several major metropolitan areas while expanding its Southeast operations.
- Leadership Integration: Rick Saunders, CEO of First Reliance, will join Colony as Executive Vice Chairman, and retaining the local management team is expected to facilitate smooth integration, preserve customer relationships, and leverage Colony's broader product offerings.
- Financial Impact Analysis: The merger is projected to achieve approximately 35% cost savings and 20% EPS accretion by 2027, with a decline in CET1 ratio from 12.5% to 11%, yet still supportive of the current rating, enhancing capital rebuilding capabilities.
See More
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- Merger Overview: Colony Bankcorp has announced a definitive agreement to acquire 100% of First Reliance Bancshares for approximately $163 million, establishing a Southeast community banking franchise across Alabama, Florida, Georgia, and South Carolina.
- Shareholder Options: First Reliance shareholders can choose to receive $19.75 in cash or 0.94 shares of Colony stock per share, with a payout structure capped at 80% Colony stock and 20% cash, providing shareholders with flexible exit options.
- Financial Impact: Post-merger, Colony will have approximately $5 billion in total assets, $4 billion in deposits, and $3.2 billion in loans, with the transaction expected to be immediately accretive to Colony's earnings per share and enhance key performance ratios.
- Leadership Integration: Following the merger, First Reliance's founder and CEO Rick Saunders will serve as Colony's Executive Vice Chairman, ensuring that the senior leadership from both institutions collaborates to drive regional operations while maintaining the core tenets of community banking.
See More
Colony Bankcorp to Acquire First Reliance Bancshares in $163 Million Merger
- Merger Agreement Signed: Colony Bankcorp and First Reliance Bancshares have signed a definitive merger agreement valued at approximately $163 million, with Colony acquiring 100% of First Reliance's stock, significantly expanding their market presence across Alabama, Florida, Georgia, and South Carolina.
- Strategic Growth Plans: Colony's CEO Heath Fountain stated that this merger will create a premier Southeast banking franchise, enhancing competitive positioning and enabling both banks to better serve customers while addressing the demands of rapidly growing markets.
- Leadership Changes: Following the merger, First Reliance's founder Rick Saunders will serve as Executive Vice Chairman of Colony, with other executives assuming key roles, ensuring a robust governance structure and improved operational efficiency post-merger.
- Shareholder Rights Protected: Under the agreement, First Reliance shareholders can elect to receive either cash or Colony stock for their shares, with the combined organization expected to have total assets of approximately $5 billion, further solidifying its leading position in the Southeast region.
See More
Colony Bankcorp (CBAN) Q1 2026 Earnings Transcript
See More
