공시 • Jun 25
Colony Bankcorp, Inc. (NYSE:CBAN) signed a definitive merger agreement to acquire First Reliance Bancshares, Inc. (OTCPK:FSRL) for approximately $160 million. Colony Bankcorp, Inc. (NYSE:CBAN) signed a definitive merger agreement to acquire First Reliance Bancshares, Inc. (OTCPK:FSRL) for approximately $160 million on June 24, 2026. Under the terms of the agreement, each First Reliance shareholder will have the right to elect to receive either $19.75 in cash or 0.94 of a share of Colony’s common stock in exchange for each share of First Reliance common stock, subject to customary proration and allocation procedures such that approximately 20% of First Reliance common stock will be converted to cash consideration and the remaining 80% will be converted to Colony common stock. Following the closing of the merger, First Reliance locations in South Carolina will continue operating under the First Reliance brand.
Key leadership appointments following the Merger include Rick Saunders, who will join Colony as Executive Vice Chairman, board member, and member of the executive team. Justin Strickland, currently President of First Reliance, will become Colony’s President for South Carolina and Robert Haile, First Reliance’s Chief Financial Officer, will serve as Chief Investment Officer and Treasurer. Additionally, Brook Moore, First Reliance’s Chief Credit Officer will become Colony’s Credit Officer for South Carolina and Chuck Stuart, current President of the First Reliance Mortgage Division, will join as Co-President of Colony Mortgage. First Reliance director Rick Redden will join the Colony Board of Directors, while First Reliance Chairman Dale Lusk will maintain an active advisory role with formal board observation rights.
The boards of directors of both Colony and First Reliance have unanimously approved the transaction. Consummation of the Merger is subject to various customary conditions, including (i) approval of the Merger Agreement and the Merger by shareholders of FSRL and approval of the issuance of common stock of Colony by shareholders of the Colony; (ii) the receipt of certain regulatory approvals; (iii) the receipt of certain governmental approvals; (iv) no injunctions or other legal restraints preventing the consummation of the Merger; (v) the U.S. Securities and Exchange Commission (“SEC”) having declared effective the Colony’s registration statement covering the issuance of shares of the Company’s common stock in the Merger; (vi) the receipt by each party of a tax opinion to the effect that the Merger will qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended; (vii) the Company’s receipt of a Certification of Non-USRPHC status from FSRL; , (viii) the accuracy of representations and warranties of the parties and compliance by the parties with their respective covenants and obligations under the Merger Agreement (subject to customary materiality qualifiers); (ix) dissenting shares representing less than 7.5% of the outstanding shares of FSRL stock; and (x) the absence of a material adverse effect with respect to the either the Company or FSRL. The transaction is expected to close in fourth quarter 2026. The acquisition increases earnings accretion with fully realized cost savings.
Keefe, Bruyette & Woods, Inc. acted as financial advisor for Colony Bankcorp, Inc. Mark C. Kanaly and David S. Park of Alston & Bird LLP acted as legal advisor for Colony Bankcorp, Inc. Hovde Group, LLC acted as financial advisor for First Reliance Bancshares, Inc. B.T. Atkinson of Ward & Smith acted as legal advisor for First Reliance Bancshares, Inc. Hovde Group, LLC acted as fairness opinion provider for First Reliance Bancshares, Inc. 공시 • Oct 24
First Reliance Bancshares, Inc. Reports Net Charge-Offs of for the Third Quarter Ended September 30, 2025 First Reliance Bancshares, Inc. reported net charge-offs of for the third quarter ended September 30, 2025. For the quarter, the company reported Net charge-offs of $42,000 against $52,000 a year ago. 공시 • Jul 25
First Reliance Bancshares, Inc. (OTCPK:FSRL) announces an Equity Buyback for $3 million worth of its shares. First Reliance Bancshares, Inc. (OTCPK:FSRL) announces a share repurchase program. Under the program, the company will repurchase up to $3 million worth of its outstanding common stock. The repurchase program will expire on June 30, 2026. 공시 • Nov 03
First Reliance Bancshares, Inc. Reports Net Charge-Offs for the Third Quarter Ended September 30, 2022 First Reliance Bancshares, Inc. reported net charge-offs for the third quarter ended September 30, 2022. For the quarter, the company reported net charge-offs of $34,000. 공시 • Apr 25
First Reliance Bancshares, Inc. Announces Net Charge-Offs for the First Quarter Ended March 31, 2021 First Reliance Bancshares, Inc. announced Net charge-offs for the first quarter ended March 31, 2021. Net charge-offs were $5,000 for the first quarter of 2021 compared to $50,000 for the same period in 2020. 공시 • Dec 23
First Reliance Bancshares Appoints Robert F. Dozier, Jr. as President First Reliance Bancshares has appointed Robert F. Dozier, Jr. to the dual roles of President of the holding company, First Reliance Bancshares Inc. and Chief Operating Officer (COO) of First Reliance Bank. In addition, the bank also promoted Charles H. Stuart to President of the Mortgage Division. Previously serving as First Reliance Bank's Chief Banking Officer since January 2020, Dozier has more than 31 years of financial services experience. He previously served as Executive Vice President and Chief Business Officer at of Federal Home Loan Bank of Atlanta, and President and COO of Columbia, South Carolina-based Homeowners Mortgage. Chuck Stuart brings over 20 years of banking experience. Having joined First Reliance over five years ago, he has helped grow mortgage income to record levels across the Carolinas. Previously Stuart was Senior Vice President of Mortgage Banking at Harbor National Bank. 
