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Colony Bankcorp completes acquisition of SouthCrest Financial, Barnes Agency
Posted: 08/02/2021 |
Fitzgerald, Ga.-based Colony Bankcorp Inc. completed the previously announced acquisition of Atlanta-based SouthCrest Financial Group Inc.
Under the terms of the agreement, each SouthCrest common and preferred share was converted into $10.45 in cash or 0.7318 common share of Colony. Approximately 27.5% of SouthCrest shares were converted to cash consideration, while the remaining 72.5% of SouthCrest shares were converted to Colony common stock.
The transaction value is roughly $96 million after Colony's closing stock price of $17.90 as of July 30.
SouthCrest Financial is the holding company for SouthCrest Bank NA.
Colony Bankcorp also completed the acquisition of consumer property and casualty insurance business the Barnes Agency LLC. The company created a subsidiary under the name of Colony Insurance to offer consumer insurance solutions.