Colony Bankcorp to Acquire TC Bancshares in $86.1 Million Deal, Creating a Leading Community Bank in the Southeast with $3.8 Billion in Total Assets.

Colony Bankcorp Inc. has agreed to acquire TC Bancshares Inc. in an $86.1 million deal, creating a leading community bank with $3.8 billion in total assets. The merger aims to enhance customer service and drive long-term growth. The transaction is expected to close in Q4 2025, pending approvals. TC Bancshares shareholders can choose between $21.25 in cash or 1.25 Colony Bank common shares per share. The combined entity will have $3.1 billion in total deposits and $2.4 billion in loans.

Colony Bankcorp Inc. (NYSE: CBAN) has announced its intention to acquire TC Bancshares Inc. (OTCQX: TCBC) in a $86.1 million deal, aiming to form a leading community bank with approximately $3.8 billion in total assets. The merger, expected to close in the fourth quarter of 2025, is subject to regulatory approvals, shareholder approval, and other customary closing conditions.

The transaction, which is expected to be immediately accretive to Colony’s earnings per share, will combine Colony Bank and TC Federal Bank, creating a stronger banking franchise focused on delivering enhanced customer service, expanded capabilities, and scalable, long-term growth. The combined organization will have approximately $3.1 billion in total deposits and $2.4 billion in loans, making it one of the leading community banks in the Southeast.

TC Bancshares shareholders will have the option to receive either $21.25 in cash or 1.25 shares of Colony’s common stock in exchange for each share of TC Bancshares common stock. The combined entity will have a total of approximately $3.8 billion in total assets, $3.1 billion in total deposits, and $2.4 billion in loans.

Colony’s Chief Executive Officer, Heath Fountain, stated, "This merger marks an exciting step forward in our ability to better serve our customers and communities." Greg Eiford, President and Chief Executive Officer of TC Bancshares, added, "Colony and TC Federal share a common vision and guiding principles. This combination allows us to build on our legacy of community commitment while enhancing the products, services, and technology we offer to customers."

The boards of directors of both Colony and TC Bancshares have unanimously approved the transaction. A conference call with analysts will be held on July 24, 2025, at 9:00 AM Eastern Time, to discuss the merger further. The conference call can be accessed by dialing 1-800-549-8228 and using the Conference ID: 22154.

References:
[1] https://finance.yahoo.com/news/colony-bankcorp-inc-tc-bancshares-210000104.html