Colony Bankcorp, Inc. (NYSE: CBAN) (“Colony” or the “Company”), the holding company for Colony Bank, and First Reliance Bancshares, Inc. (OTCQX: FSRL) (“First Reliance”), the holding company for First Reliance Bank, today jointly announced that all regulatory approvals have been obtained for the proposed consolidation in which First Reliance will join forces with and into Colony (the “Merger”).

The consummation of this partnership remains subject to the approval by Colony's shareholders and the approval by First Reliance's shareholders, along with the satisfaction of other customary closing conditions. The special meetings for both companies are scheduled to be held on October 14, 2026.

“Securing regulatory approvals marks a pivotal milestone in bringing Colony Bank and First Reliance Bank together. Our joint integration planning is on track and progressing smoothly, reflecting strong alignment across both management teams,” said Heath Fountain, Colony’s Chief Executive Officer. “As we move toward our shareholder vote and our planned fourth-quarter close, we remain focused on executing a seamless transition that expands our capabilities while preserving the dedicated community banking service our customers expect.”

“Receiving regulatory approvals is a huge win for our team, our customers, and our shareholders. From day one, our top priority has been ensuring that joining forces with Colony creates real, long-term value without losing the personal touch that built First Reliance,” said Rick Saunders, Founder and Chief Executive Officer of First Reliance. “In addition to preparing for our shareholder vote, our teams have been working diligently, and preparations are on track for our targeted fourth quarter close.”

Colony and First Reliance announced the signing of a definitive agreement on June 24, 2026, in which Colony agreed to acquire 100% of the common stock of First Reliance in a combined stock-and-cash transaction valued at approximately $163 million. Upon completion, the combined company will have approximately $5 billion in total assets, $4 billion in total deposits, and $3.2 billion in loans, positioning Colony as one of the leading community banks in the Southeast.