Colony Bankcorp and First Reliance shareholders approve merger

Colony Bankcorp, Inc. (NYSE: CBAN) and First Reliance Bancshares, Inc. (OTCQX: FSRL) announced that shareholders of both companies have voted to approve their previously announced merger, with a fourth-quarter 2026 closing anticipated, subject to customary closing conditions.

The shareholder votes follow the receipt of all required regulatory approvals. Colony agreed to acquire 100% of First Reliance's stock in a combined stock-and-cash transaction valued at approximately $163 million, according to a definitive agreement announced June 24, 2026.

Upon completion, Colony is expected to hold approximately $5 billion in total assets, $4 billion in total deposits, and $3.2 billion in loans, with a banking presence across Georgia, South Carolina, and Florida.

"The shareholder approvals bring us one step closer to welcoming First Reliance to Colony and expanding our presence across the Southeast," said Heath Fountain, Colony's Chief Executive Officer.

"We're grateful to our shareholders for their confidence in this next chapter for First Reliance," said Rick Saunders, Founder and Chief Executive Officer of First Reliance.

Colony Bank is headquartered in Fitzgerald, Georgia, and operates locations throughout Georgia and North Florida. First Reliance Bank is headquartered in Florence, South Carolina, and currently holds $1.1 billion in assets.

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