Colony Bankcorp to acquire First Reliance Bancshares for $163M, creating $5B Southeast bank

Filed June 24, 2026 · Period ending June 24, 2026 · ~2 min read

Key Changes

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  Colony signed definitive agreement to acquire First Reliance Bancshares for ~$163M (80% stock/20% cash), with shareholders receiving 0.94 CBAN shares or $19.75 cash per share; deal valued at 162% tangible book and 11.7x 2027E earnings.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
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  Transaction expected to deliver ~20% EPS accretion in 2027 from 35% cost savings on FSRL's non-interest expense, with 12% tangible book dilution earning back in under 3.5 years; pro forma CET1 ratio ~11% at close.

  Exhibit 99.2 verify on EDGAR →
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  Merger adds 10 South Carolina branches with $390M deposits in Florence (9.11% share, #3 rank), $268M in Columbia, $179M in Charleston, expanding Colony's footprint beyond Georgia, Alabama, and North Florida.

  Exhibit 99.2 verify on EDGAR →