Colony Bankcorp, the holding company for Colony Bank, has agreed to acquire First Reliance Bancshares, parent of First Reliance Bank, in a transaction valued at approximately $163 million.
The merger, which has been unanimously approved by both companies’ boards, is expected to close in the fourth quarter of 2026, pending regulatory approvals, shareholder approval and customary closing conditions. Following the transaction, the combined institution is expected to have approximately $5 billion in assets, $4 billion in deposits, and $3.2 billion in loans, while First Reliance’s South Carolina branches will continue operating under the First Reliance brand. First Reliance Bank is a South Carolina-based community bank serving consumers and businesses through a network of branches across South Carolina and North Carolina. The bank provides a full range of commercial and consumer banking services, including business lending, residential mortgage banking, treasury management, and wealth management. Colony Bankcorp (NYSE: CBAN) is a Georgia-based community banking organization serving customers throughout the southeast.
Keefe, Bruyette & Woods served as financial advisor to Colony, with Alston & Bird LLP acting as legal counsel. Hovde Group served as financial advisor to First Reliance, while Ward and Smith acted as its legal advisor.