Fitzgerald, Georgia-based Colony Bankcorp is set to buy Florence, South Carolina-based First Reliance Bancshares in a $163 million stock-and-cash transaction, creating a $5 billion-asset institution.
The parent companies of Colony Bank and First Reliance Bank announced the news in mid-June. The transaction is expected to close in the fourth quarter of the year.
Rick Saunders, founder and chief executive officer of First Reliance, commented, “We are thrilled to partner with Colony in a move that accelerates our strategic growth plans. This partnership allows us to preserve our cherished culture while gaining the operational scale required to compete at the highest level. Our customers will 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.”
The deal will bring Colony, which currently operates in Alabama, Florida and Georgia, into South Carolina. South Carolina branches, however, will continue to operate under the First Reliance moniker.
This content is sourced from
Florence Chamber of Commerce
. It reflects the author's views and has not been edited by our newsroom. It may have been generated using AI assistance.
