SouthCrest Financial Group, Inc. (OTCPK:SCSG) signed an agreement to acquire Thomaston, Georgia, branch from Colony Bankcorp, Inc. (NasdaqGM:CBAN) on September 11, 2020. The transaction also includes an option for SouthCrest to purchase the branch building. The Thomaston location will close operations as a Colony Bank branch upon completion of the transaction. The transaction is subject to regulatory approval and other customary conditions. The transaction is expected to close in the fourth quarter of 2020. Colony expects the transaction to reduce operating expenses while having little effect on its balance sheet. Hovde Group, LLC served as financial advisor and Fenimore, Kay, Harrison & Ford, LLP served as legal counsel to Colony. Janney Montgomery Scott LLC served as financial advisor and Alston & Bird LLP served as legal counsel to SouthCrest in connection with the transaction.

SouthCrest Financial Group, Inc. (OTCPK:SCSG) completed the acquisition of Thomaston, Georgia, branch from Colony Bankcorp, Inc. (NasdaqGM:CBAN) on December 30, 2020. The purchase included effectively all of the deposits associated with the branch and a select number of loans.