AGREEMENT AND PLAN OF MERGER by and between COLONY BANKCORP, INC. and SOUTHCREST FINANCIAL GROUP, INC. Dated as of April 22, 2021Merger Agreement • April 22nd, 2021 • Colony Bankcorp Inc • State commercial banks • Georgia
This Agreement and Plan of Merger (this “Agreement”) is dated as of April 22, 2021, by and between Colony Bankcorp, Inc., a Georgia corporation (“CBAN”), and SouthCrest Financial Group, Inc., a Georgia corporation (“SCSG” and, together with CBAN, the “Parties” and each a “Party”).
COLONY BANKCORP AND SOUTHCREST FINANCIAL GROUP TO COMBINE IN TRANSFORMATIONAL MERGER MERGER CREATES GEORGIA’S LARGEST COMMUNITY BANK AND AN ACQUIRER OF CHOICE FOR COMMUNITY BANKS IN GEORGIA AND THE SOUTHEASTMerger Agreement • April 22nd, 2021 • Colony Bankcorp Inc • State commercial banks
FITZGERALD, GA and ATLANTA, GA (April 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 $165.8million in tangible common equity. The transaction is expected to be meaningfully accretive to Colony's fully diluted earnings per share in year one, excluding transaction costs.
