Colony Bankcorp in Georgia to acquire First Reliance Bancshares

Fitzgerald, Ga.-based Colony Bankcorp is expanding in the southeast by acquiring First Reliance Bancshares, Florence, S.C., in a $163 million, stock-and-cash deal. .The deal is expected to close in the fourth quarter and result in a bank with $5 billion in assets, $4 billion in deposits and $3.2 billion in loans. Colony Bankcorp is the holding company of Colony Bank. First Reliance Bancshares is the holding company for First Reliance Bank. As of late April, Colony Bank had $3.7 billion in assets, $3 billion in deposits and branches in Georgia as well as Birmingham, Ala.; Tallahassee, Fla.; and the broader Florida Panhandle. A $1.1 billion company, First Reliance Bancshares has $930 million in deposits and nine branches in South Carolina. “By uniting our teams, we are creating a premier Southeast banking franchise that is uniquely positioned to capture market share in some of the most dynamic economies in the country,” said Colony CEO Heath Fountain. First Reliance Founder and CEO Rick Saunders said the deal will allow customers to “enjoy access to broader banking capabilities and enhanced technology, while our employees will benefit from being part of a larger, dynamic organization with expanded career opportunities.” Keefe, Bruyette & Woods was financial advisor to Colony, while Alston & Bird LLP was legal counsel. Hovde Group LLC was financial advisor to First Reliance, while Ward and Smith, P.A. was the company’s legal advisor.