First Reliance Bancshares jumps on buyout deal with Colony Bankcorp
25/06/2026 16:01
BUZZ-First Reliance Bancshares jumps on buyout deal with Colony Bankcorp ** South Carolina-based community lender First Reliance Bancshares' FSRL.PK shares jump 21% to $18.45
** Larger rival Colony Bankcorp CBAN.N will buy FSRL in a $163 million stock-and-cash transaction, the banks announced late on Wednesday
** Deal will create a combined bank with $5 billion in assets and expand CBAN's footprint across high-growth markets in Alabama, Florida, Georgia and South Carolina
** FSRL shareholders can elect to receive either $19.75 in cash or 0.94 share of CBAN for each share held
** Deal expected to close in Q4 2026
** Keefe, Bruyette & Woods advised Colony and Hovde Group advised First Reliance
** As of last close, FSRL stock up 24.5% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
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