Colony Bankcorp Inc. Announces Merger Approval; President Re-signs

What Happened
Colony Bankcorp, Inc. (and its subsidiary Colony Bank) filed an 8-K on Sept. 17, 2026 reporting two material items: (1) receipt of all required regulatory approvals for its previously announced merger with First Reliance Bancshares, Inc., with the transaction expected to close on Nov. 1, 2026 pending shareholder approvals and customary closing conditions; and (2) a new employment agreement, effective Sept. 13, 2026, between Colony Bank and R. Dallis Copeland, Jr. to continue as President of the holding company and the bank.

Key Details

• Employment agreement effective Sept. 13, 2026; prior agreement dated Sept. 13, 2024 expired. Term: two years.
• Base salary: $400,000 per year (subject to annual review); eligible for annual bonus based on performance goals; 27 days PTO plus holidays and participation in benefit plans as eligible.
• Change-in-control severance: if a change in control occurs and Copeland is terminated without cause or resigns for good reason within 12 months, payment = 2x (then-current base salary + prior year annual bonus), paid in a lump sum within 30 days (subject to release and covenants).
• Other termination severance: if terminated without cause or resigns for good reason before a change in control or more than 12 months after one, payment = 1x then-current base salary, paid over 12 months (subject to release and covenants).
• Restrictive covenants: non-compete, non-recruitment and customer non-solicitation apply during employment and for 12 months after termination.

Why It Matters
Investors get two clear updates: regulatory clearance advances the planned merger with First Reliance toward a likely closing on Nov. 1, 2026 (subject to shareholder votes and customary conditions), which could affect the company’s scale and future results; and the company has locked in its president on a two-year contract with defined pay and change-in-control protections, which clarifies leadership stability and potential severance exposure that could materialize in a sale or change-of-control scenario.