$163 million is the agreed value of Colony Bankcorp's (NYSE: CBAN) stock-and-cash bid for 100% of First Reliance Bancshares (OTCQX: FSRL) common stock, a definitive agreement signed June 24, 2026. All required regulatory approvals are now in hand, the companies jointly announced September 17. Shareholder votes at both firms are set for October 14, 2026, with a fourth-quarter close targeted if those votes pass.
Pro forma at close
Colony and First Reliance project the combined balance sheet at approximately $5 billion in total assets, $4 billion in deposits, and $3.2 billion in loans upon completion, implying a loans-to-deposits ratio of 80%. First Reliance, headquartered in Florence, South Carolina and founded in 1999, contributes $1.1 billion of that combined asset base.
| Metric | Projected combined | First Reliance standalone |
|---|---|---|
| Total assets | ~$5.0B | ~$1.1B |
| Total deposits | ~$4.0B | n/a |
| Total loans | ~$3.2B | n/a |
Heath Fountain, Colony's chief executive, said joint integration planning is on schedule and that both management teams are aligned heading into the vote. Rick Saunders, founder and chief executive of First Reliance, called the regulatory clearance a major win for customers, employees, and shareholders, and confirmed his team's fourth-quarter close preparations are on track.
Filing and next steps
Colony filed a Form S-4 registration statement with the SEC on August 14, 2026. The filing was declared effective August 27. A proxy statement/prospectus included in the S-4 was distributed to shareholders of both companies seeking their approvals of the transaction. Shareholder votes at each company, along with other customary closing conditions, are what remains before the deal can close.
Colony was founded in Fitzgerald, Georgia in 1975 and operates throughout Georgia and across North Florida, covering Tallahassee, Jacksonville, and the Florida Panhandle. The bank offers mortgage lending, government-guaranteed lending, wealth management, and consumer insurance alongside traditional deposit services. If the October 14 votes clear, the combined entity is expected to rank among the leading community banks in the Southeast, per the companies' own description.