Two Southeast banks to merge in $163M deal

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Fitzgerald, Georgia-based Colony Bankcorp is set to buy Florence, South Carolina-based First Reliance Bancshares in a $163 million stock-and-cash transaction, creating a $5 billion-asset institution.

The parent companies of Colony Bank and First Reliance Bank announced the deal late Wednesday. It's expected to close in the fourth quarter.

The deal will bring Colony, which currently operates in Alabama, Florida and Georgia, into South Carolina. South Carolina branches, however, will continue to operate under the First Reliance moniker.

"By uniting our teams, we are creating a premier Southeast banking franchise that is uniquely positioned to capture market share in some of the most dynamic economies in the country," said Colony CEO Heath Fountain in a prepared statement.

The Southeast is one of the nation's fastest growing regions, with banks big and small vying for market share there.

"Our customers will enjoy access to broader banking capabilities and enhanced technology, while our employees will benefit from being part of a larger, dy

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/stocks/articles/two-southeast-banks-merge-163m-112448673.html)