Colony Bankcorp, Inc. announced that it has completed the acquisition of LBC Bancshares, Inc. ("LBC"). Following completion of the acquisition, LBC's subsidiary bank, Calumet Bank, was merged with Colony Bank, with Colony Bank as the surviving bank.  Calumet Bank has two branches – one each in LaGrange and Columbus.  Additionally, the Company announced that it has completed the acquisition of PFB Mortgage, the secondary market mortgage business of Planters First Bank.

Pursuant to the terms of the merger agreement with LBC, each LBC shareholder will receive either $23.50 in cash or 1.3239 shares of Colony’s common stock in exchange for each share of LBC common stock held prior to the merger, subject to customary pro-ration and reallocation procedures, which will ensure that 55% of LBC shares will receive the stock consideration and 45% will receive cash consideration.

Commenting on the announcement, Heath Fountain, President and Chief Executive Officer, said, "We are pleased to complete these acquisitions, which demonstrate our interest in strategically growing our Georgia footprint and the scope of our capabilities.  Calumet Bank presents an attractive opportunity to expand our reach in West Georgia and build our customer base in and around LaGrange and Columbus.  Additionally, it offers an attractive entry point to the Atlanta market via Calumet's loan production office there." As of March 31, 2019, Calumet Bank had approximately $207 million in assets and $185 million in deposits.

"We are also excited about the possibilities that come with our acquisition of PFB Mortgage, which has originators in Albany, Athens, Macon, and Warner Robins," Fountain added.  "It ties nicely with our recent opening of a mortgage loan origination office in LaGrange, which is led by The Whatley Team.  With more than $100 million in mortgage loans completed last year by the PFB Mortgage team, this transaction will add considerable scale and momentum to our mortgage loan business.  We welcome all the staff at PFB Mortgage and look forward to their contributions to Colony's future growth."  Fountain noted that Jesse Kight, previously President of PFB Mortgage, is now Senior Vice President of Colony and President of its mortgage division, and Teresa Gainey has become Group Vice President and Director of Mortgage Operations for Colony.