Colony Bankcorp acquires First Reliance Bancshares for $163M to enter South Carolina market
By
Kevin Wack
Summary
Colony Bankcorp, a Georgia-based bank holding company, has announced a $163 million deal to acquire First Reliance Bancshares of Florence, South Carolina. The acquisition will expand Colony's footprint into South Carolina, adding $1.1 billion in assets and operations in five of the state's largest metro areas including Charleston, Columbia, and Greenville. The combined institution is expected to have approximately $5 billion in assets, reflecting ongoing consolidation trends in the Southeastern U.S. banking sector as institutions seek growth in fast-growing markets.
Source
bskyColony Bankcorp acquires First Reliance Bancshares for $163M to enter South Carolina marketamericanbanker.comKey quotes
· 3 pulledColony, which currently has offices in Georgia, Florida and Alabama, announced plans to acquire Florence, South Carolina-based First Reliance Bancshares.
The combined institution is expected to have approximately $5 billion of assets.
The selling bank, which has $1.1 billion of assets, operates in five of the Palmetto State's largest metropolitan areas, including Charleston, Columbia and Greenville.
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