secwatch.observer — SEC 8-K summary
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Issuer:     COLONY BANKCORP INC (CBAN)
CIK:        0000711669
Form:       8-K
Filed at:   2021-08-02T23:59:59+00:00
Accession:  0000711669-21-000117
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/0000711669-21-000117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/711669/000071166921000117/cban-20210802.htm
  HTML page:      https://secwatch.observer/filing/0000711669-21-000117

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer