Colony Bankcorp Inc. Announces Definitive Agreement to Acquire TC Bancshares for $86.1 Million
Colony Bankcorp, Inc., headquartered in Fitzgerald, GA, has announced its plans to acquire TC Bancshares, Inc., based in Thomasville, GA. This definitive agreement, valued at $86.1 million, will see TC Bancshares merge into Colony Bankcorp, with TC Federal Bank integrating into Colony Bank. The transaction, which includes 80% stock and 20% cash consideration, is anticipated to close in the fourth quarter of 2025 pending regulatory approval. Greg Eiford, TC Bancshares' President and CEO, is slated to join Colony as Executive VP and Chief Community Banking Officer. The acquisition is set to bolster Colony Bankcorp's presence in Georgia and Florida, adding approximately $571 million in assets, enhancing commercial growth, and expanding fee-based business lines. The merger will also include the addition of four branch locations, with a focus on maintaining solid asset quality and leveraging expected cost savings.
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