Colony Bankcorp (CBAN) Prices Upsized 3.35M Share Offering at $16.5/sh

Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”), the holding company for Colony Bank, a Georgia state-chartered bank, today announced the pricing of an upsized underwritten public offering of 3,346,509 shares of its common stock at a price to the public of $16.50 per share for gross proceeds of approximately $55.2 million. The net proceeds to the Company, after deducting underwriting discounts and commissions but before deducting estimated offering expenses, are expected to be approximately $52.2 million. The Company has granted the underwriters a 30-day option to purchase an additional 501,976 shares of Company common stock at the public offering price.

The Company intends to use the net proceeds from the offering for general corporate purposes to support its continued growth, including investments in Colony Bank and other future strategic opportunities, and to improve its capital position.

The Company expects to close the transaction, subject to customary conditions, on or about February 10, 2022.

Hovde Group, LLC, is acting as the lead underwriter, and Janney Montgomery Scott LLC, will serve as co-manager for the offering.

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