Colony Bankcorp, Inc., the holding company for Colony Bank, and TC Bancshares, Inc., the holding company for TC Federal Bank, today jointly announced the signing of a definitive merger agreement in which Colony has agreed to acquire 100% of the common stock of TC Bancshares in a combined stock-and-cash transaction valued at approximately $86.1 million (the “Merger”). The transaction is expected to form a stronger banking franchise focused on delivering enhanced customer service, expanded capabilities, and scalable, long-term growth.

This partnership brings together two like-minded institutions with complementary strengths, strong cultural alignment, and a shared commitment to community banking and enduring customer relationships.

“This merger marks an exciting step forward in our ability to better serve our customers and communities,” said Colony’s Chief Executive Officer, Heath Fountain. “Together, we are creating a stronger franchise with deeper resources, broader reach, and an even greater focus on personalized service.”

TC Bancshares President and Chief Executive Officer, Greg Eiford, added, “Colony and TC Federal share a common vision and guiding principles. This combination allows us to build on our legacy of community commitment while enhancing the products, services, and technology we offer to customers.”

Greg Eiford will be joining the Colony team as an Executive Vice President and Chief Community Banking Officer. Other key members of TC Federal Bank will also be joining Colony’s team, bringing valuable experience and market knowledge that will strengthen our combined organization.

Under the terms of the agreement, each TC Bancshares shareholder will have the right to elect to receive either $21.25 in cash or 1.25 shares of Colony’s common stock in exchange for each share of TC Bancshares common stock, subject to customary proration and allocation procedures such that approximately 20% of TC Bancshares common stock will be converted to cash consideration and the remaining 80% will be converted to Colony common stock. The combined organization will have approximately $3.8 billion in total assets, $3.1 billion in total deposits, and $2.4 billion in loans, making it one of the leading community banks in the Southeast. The transaction is expected to be immediately accretive to Colony’s earnings per share, excluding one-time merger-related expenses, and will enhance Colony’s key performance ratios.

The boards of directors of both Colony and TC Bancshares have unanimously approved the transaction, which is expected to close in fourth quarter 2025, subject to regulatory approvals, shareholder approval, and other customary closing conditions.

A conference call with analysts will be held at 9:00 AM Eastern Time on Thursday, July 24, 2025. The conference call can be accessed by dialing 1-800-549-8228 and using the Conference ID: 22154. Participants are encouraged to dial in 15 minutes prior to the call. A replay of the call will be available until Thursday, July 31, 2025, by dialing 1-888-660-6264 and entering the passcode 22154#. An investor presentation will be available under the Investor Relations section of the Company’s website, www.colony.bank.