Colony Bankcorp, Inc., the holding company for Colony Bank, and First Reliance Bancshares, Inc., the holding company for First Reliance Bank, today jointly announced that shareholders of both companies have approved the previously announced transaction through which First Reliance will become part of Colony (the “Merger”).

The shareholder votes follow the recent receipt of all necessary regulatory approvals, marking the completion of the required approval process for the transaction. With these approvals secured, the companies are moving toward their anticipated fourth-quarter 2026 closing, subject to the satisfaction of customary closing conditions.

“The shareholder approvals bring us one step closer to welcoming First Reliance to Colony and expanding our presence across the Southeast,” said Heath Fountain, Colony's Chief Executive Officer. “We're excited about the strength this partnership adds to our organization and the opportunities it creates as we continue growing our community banking franchise.”

“We're grateful to our shareholders for their confidence in this next chapter for First Reliance,” said Rick Saunders, Founder and Chief Executive Officer of First Reliance. “We've built something special over the past 27 years, and I'm proud that we'll carry that legacy forward as part of Colony.”

Colony and First Reliance announced their partnership on June 24, 2026, through a definitive agreement in which Colony agreed to acquire 100% of First Reliance's stock in a combined stock-and-cash transaction valued at approximately $163 million. Upon completion, Colony is expected to have approximately $5 billion in total assets, $4 billion in total deposits, and $3.2 billion in loans, with an expanded banking presence across Georgia, South Carolina, and Florida.