Colony Completes First Reliance Merger Effective Nov. 1

The Tip Desk · November 7, 2026 · 2 min read

The $163 million stock-and-cash combination created a Southeast community banking franchise with about $5 billion in assets.

Colony Bankcorp, Inc. (CBAN) completed its previously announced merger with First Reliance Bancshares, Inc. (FSRL), effective November 1, 2026.

The Georgia-based bank holding company had agreed in June to acquire 100% of First Reliance in a combined stock-and-cash transaction valued at approximately $163 million. The November 2 announcement followed shareholder votes at both companies and the receipt of all necessary regulatory approvals.

The strategic 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. First Reliance, headquartered in Florence, South Carolina, had $1.1 billion in assets. Colony already operates throughout Georgia and across North Florida, including Tallahassee, Jacksonville, and the Florida Panhandle. The addition of First Reliance's nine banking locations establishes Colony's presence in South Carolina.

“Today marks an important milestone in Colony's continued growth,” said T. Heath Fountain, Chief Executive Officer of Colony. The company said the transaction strengthens its competitive position, diversifies its geographic footprint, and supports its long-term growth strategy.

Leadership roles were set at signing. Rick Saunders, founder and chief executive of First Reliance, is to join Colony as executive vice chairman, a board member, and a member of the executive team. Justin Strickland, First Reliance's president, is to become Colony's president for South Carolina. Robert Haile, First Reliance's chief financial officer, is to serve as chief investment officer and treasurer. Saunders said the partnership allows First Reliance to preserve its culture while gaining operational scale, and that customers will have access to broader banking capabilities and enhanced technology.

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.

The deal is Colony's second recent Southeast consolidation. In December 2025 the company completed a merger with TC Bancshares, Inc., in which TC Bancshares shareholders received either $21.25 in cash or 1.25 shares of Colony common stock for each share of TC Bancshares common stock. That combination left Colony with approximately $3.7 billion in total assets, $3.0 billion in total deposits, and $2.4 billion in total loans. The completed First Reliance merger brought Colony to approximately $5 billion in assets.

Keefe, Bruyette & Woods A Stifel Company served as financial advisor and Alston & Bird, LLP as legal counsel to Colony. Hovde Group, LLC served as financial advisor to First Reliance and Ward and Smith, P.A. as its legal advisor.