Colony Bankcorp and TC Bancshares receive merger approvals

Colony Bankcorp Inc. (NYSE: CBAN) and TC Bancshares Inc. (OTCQX: TCBC) announced they have received all required regulatory approvals and shareholder approval from both companies to complete their merger. The transaction is expected to close on or about December 1, 2025, subject to customary closing conditions.

The companies initially announced the merger agreement on July 23, 2025. Under the terms, Colony agreed to acquire 100% of TC Bancshares' common stock in a combined stock-and-cash transaction valued at approximately $86.1 million.

Upon completion, the combined company will have approximately $3.8 billion in total assets, $3.1 billion in total deposits, and $2.4 billion in loans, according to the press release statement.

Colony Bankcorp is the holding company for Colony Bank, founded in Fitzgerald, Georgia in 1975. The company operates locations throughout Georgia as well as in Birmingham, Alabama; Tallahassee, Florida; and the Florida Panhandle.

TC Bancshares is the holding company for TC Federal Bank, established in Thomasville, Georgia in 1934. TC Federal Bank is a $560 million community bank serving customers in Northern Florida and Southern Georgia.

Following the merger closing, customers of both banks will continue to be served through their existing branches, websites, and digital banking platforms until the full conversion of systems is complete. Customers will receive detailed information in advance of any changes to their accounts or banking services.

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