Colony Bankcorp to Acquire First Reliance Bancshares for $163M

Key Highlights

• Colony Bankcorp to acquire First Reliance Bancshares in an all-stock-and-cash transaction valued at approximately $163 million.
• First Reliance shareholders can elect to receive $19.75 in cash or 0.94 shares of Colony common stock per share.
• Consideration is structured such that 20% of FSRL stock will be cash and 80% will be Colony common stock.
• The combined entity will have approximately $5 billion in total assets, $4.0 billion in deposits, and $3.2 billion in loans.
• Transaction is expected to be immediately accretive to Colony's earnings per share, excluding one-time merger expenses.
• Rick Saunders (FSRL CEO) will join Colony as Executive Vice Chairman and board member.
• The merger is unanimously approved by both boards and expected to close in Q4 2026, subject to approvals.
• First Reliance locations in South Carolina will continue operating under the First Reliance brand post-merger.