Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”), the holding company for Colony Bank, and TC Bancshares, Inc. (OTCQX: TCBC) (“TC Bancshares”), the holding company for TC Federal Bank, today jointly announced that they have received all required regulatory approvals, as well as shareholder approval from the shareholders of both Colony and TC Bancshares, to complete their previously announced merger (the “Merger”). The transaction, initially announced on July 23, 2025, is expected to close on or about December 1, 2025, subject to the satisfaction of customary closing conditions.

“We’re very pleased to receive both shareholder and regulatory approval to move one step closer to bringing our two organizations together,” said T. Heath Fountain, Chief Executive Officer of Colony Bankcorp, Inc. “These approvals reflect confidence in our partnership and reinforce our shared commitment to building a stronger community banking franchise. 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.”

Greg Eiford, President and Chief Executive Officer of TC Bancshares, added, “For generations, TC Federal has been part of the fabric of our communities, growing alongside the people and businesses we serve. With these approvals, we’re one step closer to joining forces with a partner who shares those same values and beliefs in community banking. This partnership is about continuing what we’ve always done best: building lasting relationships while expanding what’s possible for our customers and communities in the future.”

Colony and TC Bancshares announced the signing of a definitive merger agreement on July 23, 2025, in which Colony agreed to acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1 million. Upon completion, the combined company will have approximately $3.8 billion in total assets, $3.1 billion in total deposits, and $2.4 billion in loans, positioning Colony as one of the leading community banks in the Southeast.

Following the closing of the merger, customers of both banks will continue to be served through their existing branches, websites, and digital banking platforms until the full conversion of systems is complete. Customers will receive detailed information well in advance of any changes to their accounts or banking services.