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$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.
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