Colony Bankcorp, Inc. and TC Bancshares, Inc. have received all required regulatory and shareholder approvals to complete their merger, a transaction valued at approximately $86.1 million in a stock‑and‑cash structure. The combined entity is expected to close on or about December 1, 2025, subject to customary closing conditions.
The merger will create a community‑banking franchise with roughly $3.8 billion in total assets, $3.1 billion in deposits and $2.4 billion in loans, positioning the new bank as one of the largest in the Southeast. The deal expands Colony’s footprint into Georgia, Alabama and Florida while adding TC Federal Bank’s strong presence in Northern Florida and Southern Georgia, giving the combined bank a broader geographic reach and a larger customer base.
Under the deal, TC Bancshares shareholders can elect to receive either $21.25 in cash or 1.25 shares of Colony stock per share of TC stock, with about 20 % of the consideration paid in cash and 80 % in Colony common stock. The transaction is expected to generate cost synergies of roughly 33 % of TCBC’s operating base and an accretion of $13.3 million in interest‑rate marks on the loan portfolio, making the merger immediately accretive to Colony’s earnings per share.
Greg Eiford, President and CEO of TC Bancshares, will join Colony as Executive Vice President and Chief Community Banking Officer. Both CEOs emphasized that the merger will strengthen community‑banking values and enhance product offerings. “These approvals reflect confidence in our partnership and reinforce our shared commitment to building a stronger community banking franchise,” said Colony CEO T. Heath Fountain. “As we prepare for closing, our focus remains on delivering value for our shareholders and a smooth transition for our customers and team members that positions us well for the future.”
Colony’s capital profile remains robust, with a CET1 ratio of 12.3 % at the end of Q2 2025 and an expected improvement to 12.5 % at closing. Credit quality is solid, with a projected gross pre‑tax credit mark of $4 million (1 %) and a Day 2 CECL adjustment of $2 million related to the transaction. The combined bank will maintain strong credit metrics while benefiting from the larger asset base and diversified loan portfolio.
The merger aligns with Colony’s strategy of building a resilient community‑banking franchise capable of competing with larger regional banks and fintech entrants. By combining scale, technology, and back‑office functions, the new bank will be better positioned to invest in digital banking and non‑interest income initiatives, supporting long‑term growth and shareholder value.
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