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Get filing alertsColony Bankcorp clears all regulatory approvals for $163M First Reliance merger; close expected Nov 1
Filed September 17, 2026 · Period ending September 17, 2026 · ~1 min read
Key Changes
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high
All required regulatory approvals received for the merger with First Reliance Bancshares, removing a major closing condition.
Item 8.01 verify on EDGAR → -
high
Transaction valued at approximately $163 million in stock and cash; combined company to have ~$5B assets, $4B deposits, $3.2B loans.
Exhibit 99.1 view on EDGAR → -
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Shareholder votes scheduled for October 14, 2026; closing expected November 1, 2026, subject to approvals and customary conditions.
Exhibit 99.1 view on EDGAR → -
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President R. Dallis Copeland, Jr. signed a new 2-year employment agreement effective Sept 13, 2026, with $400,000 base salary.
Item 5.02 verify on EDGAR → -
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Copeland's agreement includes change-in-control severance of 2x salary plus prior-year bonus, and standard 1x salary severance otherwise.
Item 5.02 verify on EDGAR →
Summary
Colony Bankcorp announced it has received all regulatory approvals needed to complete its acquisition of First Reliance Bancshares, a $163 million stock-and-cash deal that will create a Southeast community bank with about $5 billion in assets. Shareholder votes are set for October 14, 2026, and the companies expect to close on November 1, 2026, pending those votes and other customary conditions.
This clears a major hurdle and puts the merger on a concrete timeline. Separately, the bank entered a new two-year employment agreement with President R. Dallis Copeland, Jr., effective September 13, 2026. The agreement sets his base salary at $400,000 and includes standard severance protections, including enhanced payouts if he is terminated following a change in control. The filing contains no red flags; the regulatory approval is a positive milestone, and the executive agreement is routine governance.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On September 13, 2026, Colony Bank (“Bank”), a Georgia Bank and wholly-owned subsidiary of Colony Bankcorp, Inc. (the “Holding Company” and, together with the Bank, the “Company”), entered into an employment agreement with R. Dallis Copeland, Jr., to continue as the President of the Holding Company and the Bank (the “Employment Agreement”).
The Company entered into a new employment agreement with R. Dallis Copeland, Jr. to continue serving as President of both the Holding Company and the Bank. The agreement is effective September 13, 2026, replacing his prior agreement that expired the same day.
Added in current filing · verify on EDGAR →
The Employment Agreement has a two-year term and provides for an annual base salary of $400,000 per year, subject to annual review.
The new agreement has a two-year term and sets Mr. Copeland's annual base salary at $400,000, subject to annual review. He is also eligible for an annual performance-based bonus and participation in the Bank's benefit plans.
Added in current filing · verify on EDGAR →
if a change in control of the Company occurs during the term of the Employment Agreement and, within twelve months following such change in control, the Company terminates Mr. Copeland’s employment other than for “cause” or “disability” or Mr. Copeland resigns for “good reason” (as such terms are defined in the Employment Agreement), then the Bank will pay to Mr. Copeland an amount equal to two times the sum of Mr. Copeland’s then-current base salary plus an amount equal to the annual bonus paid with respect to the immediately prior calendar year, payable in a single lump sum within 30 days following his termination
If a change in control occurs and Mr. Copeland is terminated without cause or resigns for good reason within 12 months, he receives a lump-sum payment equal to two times his base salary plus the prior year's annual bonus. This is a standard change-in-control protection for senior executives.
Added in current filing · verify on EDGAR →
if the Company terminates Mr. Copeland’s employment other than for cause or disability or Mr. Copeland resigns for good reason prior to a change in control or more than twelve (12) months following a change in control, then the Bank will pay Mr. Copeland an amount equal to one (1) times Mr. Copeland’s then-current base salary, payable in equal installments over twelve months in accordance with current payroll policies
Outside of a change-in-control context, a qualifying termination entitles Mr. Copeland to severance equal to one year's base salary, paid in installments over 12 months. Payment is conditioned on compliance with restrictive covenants and execution of a release.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The Employment Agreement contains certain non-competition, employee and independent-contractor non-recruitment and customer non-solicitation covenants that apply during his employment with the Bank and for 12 months following his termination of employment.
The agreement includes non-competition, non-recruitment, and non-solicitation restrictions that apply during employment and for 12 months after termination. These covenants protect the Bank's business relationships and workforce.
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The transaction is expected to close on November 1, 2026, pending shareholder approvals and satisfaction of other customary closing conditions.
The company provided a target closing date of November 1, 2026. Closing still depends on shareholder votes and other standard conditions being met.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
today jointly announced that all regulatory approvals have been obtained for the proposed consolidation in which First Reliance will join forces with and into Colony (the “Merger”).
The companies announced that all regulatory approvals required for the merger have been obtained. This removes a major closing condition and moves the deal closer to completion.
Added in current filing · view on EDGAR →
The special meetings for both companies are scheduled to be held on October 14, 2026.
Both companies' shareholders will vote on the merger at special meetings on October 14, 2026. Shareholder approval remains a required condition to closing.
Added in current filing · view on EDGAR →
Colony agreed to acquire 100% of the common stock of First Reliance in a combined stock-and-cash transaction valued at approximately $163 million.
The merger is valued at approximately $163 million in a mix of stock and cash. This is the headline deal size for the acquisition of First Reliance.
Added in current filing · view on EDGAR →
we remain focused on executing a seamless transition that expands our capabilities while preserving the dedicated community banking service our customers expect.
Management indicates the deal is on track for a fourth-quarter 2026 close, subject to shareholder approvals and other customary conditions. The quote reflects the stated focus on a smooth integration.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 18, 2026 · How we verify