Colony Bankcorp, Inc. today announced that it has completed the acquisition of SouthCrest Financial Group, Inc. ("SouthCrest"), the holding company for SouthCrest Bank, N.A. SouthCrest adds over $700 million in assets through its nine-branch network, creating the largest community bank, and fourth largest bank, in Georgia with assets of approximately $2.4 billion. Additionally, the Company announced it has completed the acquisition of The Barnes Agency, an Allstate appointed consumer property and casualty insurance agency in Macon, GA and has created a subsidiary to operate the Allstate agency under the name Colony Insurance.

Upon consummation of the SouthCrest merger and in accordance with the terms of the SouthCrest Agreement and Plan of Merger, each share of SouthCrest common and preferred stock was converted into the right to receive either $10.45 in cash or 0.7318 shares of Colony's common stock, subject to customary proration and allocation procedures such that approximately 27.5% of SouthCrest shares were converted to cash consideration and the remaining 72.5% of SouthCrest shares were converted to Colony common stock. Based on Colony’s closing stock price of $17.90 per share as of July 30, 2021, the value of the merger consideration is estimated to be $96 million.

Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, “The acquisition of SouthCrest is a significant milestone in the growth trajectory of Colony Bank. It expands us into attractive new markets, enhances our scale, and provides significant revenue growth opportunities. We welcome the SouthCrest team and look forward to working together to exceed our customers’ expectations as well as deliver enhanced value to our shareholders.”

Fountain continued, “We also look forward to leveraging the strengths of The Barnes Agency to grow Colony Insurance by providing outstanding consumer insurance solutions to our customers. This acquisition is right in line with our strategic plan to grow our non-interest income, further diversifying our revenue streams.”