TCBC News & Events

Colony Bankcorp (CBAN) and TC Bancshares (TCBC) 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 transaction, initially announced on July 23, is expected to close on or about December 1, subject to the satisfaction of customary closing conditions. Colony and TC Bancshares announced the signing of a definitive merger agreement on July 23, in which Colony agreed to acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1M. Upon completion, the combined company will have approximately $3.8B in total assets, $3.1B in total deposits, and $2.4B 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.

Colony Bankcorp (CBAN) and TC Bancshares (TCBC) signed a definitive merger agreement in which Colony has agreed to acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1M. Greg Eiford will be joining the Colony team as an EVP and Chief Community Banking Officer. Other key members of TC Federal Bank will also be joining Colony's team. Under the terms of the agreement, each TC Bancshares shareholder will have the right to elect to receive either $21.25 in cash or 1.25 shares of Colony's common stock in exchange for each share of TC Bancshares common stock. Approximately 20% of TC Bancshares common stock will be converted to cash consideration and the remaining 80% will be converted to Colony common stock. The combined organization will have approximately $3.8B in total assets, $3.1B in total deposits, and $2.4B in loans. The transaction is expected to be immediately accretive to Colony's EPS, excluding one-time merger-related expenses, and will enhance Colony's key performance ratios. The boards of directors of both Colony and TC Bancshares have unanimously approved the transaction, which is expected to close in Q4, subject to regulatory approvals, shareholder approval, and other customary closing conditions.

TC Bancshares, the holding company for TC Federal Bank, announced it has adopted a program to repurchase up to 200,000 shares of its common stock, or approximately 5.0% of its outstanding shares. This is the company's fourth stock repurchase authorization since completing its reorganization and related stock offering in July 2021. The company may repurchase shares in the open market or through private transactions.