Colony Bankcorp, TC Bancshares receive approvals for merger

Colony Bankcorp (CBAN) and TC Bancshares (TCBC) announced that they have received all required regulatory approvals, as well as shareholder approval from the shareholders of both Colony and TC Bancshares, to complete their previously announced merger. The transaction, initially announced on July 23, is expected to close on or about December 1, subject to the satisfaction of customary closing conditions. Colony and TC Bancshares announced the signing of a definitive merger agreement on July 23, in which Colony agreed to acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1M. Upon completion, the combined company will have approximately $3.8B in total assets, $3.1B in total deposits, and $2.4B in loans, positioning Colony as one of the leading community banks in the Southeast. Following the closing of the merger, customers of both banks will continue to be served through their existing branches, websites, and digital banking platforms until the full conversion of systems is complete. Customers will receive detailed information well in advance of any changes to their accounts or banking services.