Colony Bankcorp to acquire First Reliance Bancshares for ~$163M, 20% cash/80% stock

COLONY BANKCORP INC

Deal valued at ~$163M; FSRL shareholders can elect $19.75 cash or 0.94 Colony shares per share.
Expected Q4 2026 close; pro forma ~$5B assets, $4.0B deposits, and $3.2B loans.
Transaction immediately accretive to Colony EPS excluding one-time merger costs.
Rick Saunders to become Executive Vice Chairman; other senior leadership appointed.
Combined bank will keep First Reliance brand in South Carolina after close.

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