Colony Bankcorp (NASDAQ:CBAN – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. According to Zacks, “Colony Bankcorp, Inc., a multibank holding company, provides retail and commercial banking services to consumers and small to medium […]
Colony Bankcorp (NASDAQ:CBAN – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm presently has a $20.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.80% from […]
Press release content from Business Wire. The AP news staff was not involved in its creation.
Colony Bankcorp and SouthCrest Financial Group to Combine in Transformational Merger
April 22, 2021 GMT
FITZGERALD, Ga & ATLANTA (BUSINESS WIRE) Apr 22, 2021
Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or “the Company”), the holding company for Colony Bank, and SouthCrest Financial Group, Inc. (PK: SCSG) (“SouthCrest”), the holding company for SouthCrest Bank, N.A., today jointly announced the signing of an Agreement and Plan of Merger under which Colony has agreed to acquire 100% of the common stock of SouthCrest in a combined stock-and-cash transaction valued at approximately $84.0 million. Upon completion of the transaction, Colony is expected to have approximately $2.4 billion in assets, $1.4 billion in loans, $2.0 billion in deposits, and $165.8 million in tangible common equity. The transaction is expected to be meaningfully accretive to Colony’s fully diluted ear