Colony Bankcorp completes $96M acquisition of SouthCrest Financial, adds $700M assets

COLONY BANKCORP INC

Merger effective Aug 1, 2021; SouthCrest adds ~$700M assets and nine branches, making Colony the largest community bank in GA with ~$2.4B assets.
Consideration: $10.45 cash or 0.7318 CBAN shares per SouthCrest share; 27.5% cash, 72.5% stock; total value ~$96M.
Also acquired The Barnes Agency, an Allstate P&C insurance agency in Macon, GA; formed subsidiary Colony Insurance.
Board expanded by two: Brian Schmitt and Harold Wyatt elected; Andrew Borrmann appointed EVP & Chief Strategy Officer.
Schmitt (Exec Vice Chairman) gets $326,227 base salary plus up to $455K integration bonus; Borrmann $245,631 base.

item 2.01 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Harold W. Wyatt, III

Director

CBAN · COLONY BANKCORP INC

Effective: 2021-08-01
Filed: August 2, 2021, 7:59 PM ET

the Colony board of directors increased the size of the board by two members and elected two former SouthCrest directors, Brian Schmitt and Harold W. Wyatt, III, to fill the vacancies created by this increase.

Appointed

Brian Schmitt

Director

CBAN · COLONY BANKCORP INC

Effective: 2021-08-01
Filed: August 2, 2021, 7:59 PM ET

the Colony board of directors increased the size of the board by two members and elected two former SouthCrest directors, Brian Schmitt and Harold W. Wyatt, III, to fill the vacancies created by this increase.

Appointed

Andrew Borrmann

Executive Vice President and Chief Strategy Officer

CBAN · COLONY BANKCORP INC

Effective: 2021-08-01
Filed: August 2, 2021, 7:59 PM ET

Colony appointed Andrew Borrmann to serve as its Executive Vice President and Chief Strategy Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Harold W. Wyatt, III was elected as Director at COLONY BANKCORP INC.

Action: elected
Role: Director

Exact text from the filing

the Colony board of directors increased the size of the board by two members and elected two former SouthCrest directors, Brian Schmitt and Harold W. Wyatt, III, to fill the vacancies created by this increase.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Schmitt was elected as Director at COLONY BANKCORP INC.

Action: elected
Role: Director

Exact text from the filing

the Colony board of directors increased the size of the board by two members and elected two former SouthCrest directors, Brian Schmitt and Harold W. Wyatt, III, to fill the vacancies created by this increase.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Borrmann was appointed as Executive Vice President and Chief Strategy Officer at COLONY BANKCORP INC.

Action: appointed
Role: Executive Vice President and Chief Strategy Officer

Exact text from the filing

Colony appointed Andrew Borrmann to serve as its Executive Vice President and Chief Strategy Officer.

View on SEC.gov

COLONY BANKCORP INC filing history →

Source: SEC EDGAR

accession 0000711669-21-000117

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