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.
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.