The merger creates a leading community banking franchise in the Southeast with a combined valuation of approximately $163 million.
Colony Bankcorp (CBAN) will acquire First Reliance Bancshares (FSRL) in a $163 million all-stock transaction. The deal grants Colony 100% ownership of First Reliance, expanding its footprint in the Southeast region.
The merger follows a definitive agreement announced by both banks, aiming to strengthen their community banking presence. No prior valuation or consensus estimates were disclosed for this transaction.
Details on market reaction or regulatory timelines were not provided in the announcement.