Colony Bankcorp, Inc. and TC Bancshares, Inc. jointly announced the signing of a definitive merger agreement on July 23, 2025. Under the terms, Colony will acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1 million.
The transaction structure involves approximately 80% stock and 20% cash consideration. Each TC Bancshares shareholder will have the option to receive either $21.25 in cash or 1.25 shares of Colony's common stock, subject to customary proration.
The merger is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals. The combined entity is projected to have approximately $3.8 billion in total assets, $3.1 billion in total deposits, and $2.4 billion in loans, significantly expanding Colony's presence in key Georgia and Florida markets.
Greg Eiford, TC Bancshares President and CEO, will join Colony as an Executive Vice President and Chief Community Banking Officer. The transaction is expected to be immediately accretive to Colony's earnings per share, excluding one-time merger-related expenses, and enhance key performance ratios.
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