---
schema_version: "secwatch.filing_event.v1"
accession: "0000711669-21-000117"
form_type: "8-K"
ticker: "CBAN"
cik: "0000711669"
company_name: "COLONY BANKCORP INC"
filed_at: "2021-08-02T23:59:59+00:00"
generated_at: "2026-06-30T00:07:38.399279+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000711669-21-000117
- form_type: 8-K
- ticker: CBAN
- cik: 0000711669
- company_name: COLONY BANKCORP INC
- filed_at: 2021-08-02T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/0000711669-21-000117-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/cban-20210802.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000711669-21-000117
- JSON: https://secwatch.observer/filing/0000711669-21-000117.json
- Plain text: https://secwatch.observer/filing/0000711669-21-000117.txt

## Key facts
- Executive change
  Harold W. Wyatt, III was elected as Director at COLONY BANKCORP INC.
  - Action: elected
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/0000711669-21-000117-index.htm
- Executive change
  Brian Schmitt was elected as Director at COLONY BANKCORP INC.
  - Action: elected
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/0000711669-21-000117-index.htm
- Executive change
  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
  source text: Colony appointed Andrew Borrmann to serve as its Executive Vice President and Chief Strategy Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/0000711669-21-000117-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.