Colony Bankcorp Announces Completion of Merger With First Reliance Bancshares

Colony Bankcorp, Inc. (NYSE: CBAN), the holding company for Colony Bank, announced the completion of its previously announced merger with First Reliance Bancshares, Inc. (OTCQX: FSRL), the holding company for First Reliance Bank, effective Nov. 1, 2026.

The partnership expands Colony's presence into South Carolina, creating a growing Southeast community banking franchise with approximately $5 billion in assets and banking locations across Georgia, South Carolina, and Florida. The transaction strengthens the company’s competitive position, diversifies its geographic footprint, and supports its long-term growth strategy.

“Today marks an important milestone in Colony's continued growth,” said T. Heath Fountain, chief executive officer of Colony. “From the beginning, we recognized a strong alignment between our teams, cultures, and approach to community banking. First Reliance has built an outstanding organization with deep customer relationships and a strong reputation in its markets. Together, we have the talent, scale, and capabilities to compete effectively and capitalize on the opportunities ahead. We're excited to welcome the First Reliance team and build on the success of both organizations.”

The addition of First Reliance's nine banking locations establishes Colony's presence in South Carolina, further diversifying its geographic footprint and expanding its ability to deliver comprehensive financial solutions to individuals, families, and businesses throughout the Southeast.

“This partnership allows us to build on the strong foundation First Reliance has established over the past 27 years,” said Rick Saunders, founder and chief executive officer of First Reliance. “Colony shares our belief in strong relationships, local leadership, and investing in the communities we serve. I'm proud of what our team has accomplished and confident that, as part of Colony, we will create even greater opportunities for our customers, team members, and shareholders.”

With the partnership complete, integration efforts will continue as the bank prepares for a planned systems conversion in mid-2027. First Reliance customers can continue banking as usual through their existing accounts, locations, and digital banking services. Additional information will be communicated directly to customers well in advance of any changes with the transition.