Colony Bankcorp, Inc. Announces Purchase of Flag Bank's Thomaston,
FITZGERALD, GA -- (MARKET WIRE) -- 03/22/04 -- Colony Bankcorp, Inc.
(NASDAQ: CBAN) announced that it's wholly-owned subsidiary, Colony
Bank Ashburn, has consummated the purchase of Flag Bank's Thomaston,
Georgia Branch. The Thomaston office located at 206 North Church
Street, Thomaston, Georgia will serve the Thomaston and Upson County
market and will operate under the trade name Colony Bank beginning
today. Under the terms of the agreement, Colony Bank Ashburn
acquired all of the assets, including fixed assets, and assumed the
deposits of the branch facility. The Thomaston branch has
approximately $36 million in deposits and $17 million in loans
James Ray Nipper, President and CEO of Colony Bank Ashburn, stated
that the office would continue under the direction of Thomaston City
President, Jerry Richards. Colony Bank Ashburn, the largest Colony
Bankcorp, Inc. subsidiary bank with assets of approximately $316
million, operates offices in Turner, Lee, Dougherty, Crisp and Upson
James D. Minix, president and chief executive officer of Colony
Bankcorp, said, "The Colony team is excited about expanding its market
to Thomaston and the surrounding area and further extending its
footprint from the Florida line to middle Georgia."
Colony Bankcorp, Inc. is a multi-bank holding company headquartered
in Fitzgerald, Georgia that consists of the following subsidiaries:
Colony Bank of Fitzgerald, Colony Bank Wilcox, Colony Bank Ashburn,
Colony Bank of Dodge County, Colony Bank Worth, Colony Bank
Southeast, Colony Bank Quitman, FSB, Georgia First Mortgage Company
and Colony Management Services, Inc. The Company conducts a general
full service commercial, consumer and mortgage banking business
through twenty-five offices located in the Central, South and Coastal
Georgia cities of Fitzgerald, Warner Robins, Ashburn, Leesburg,
Cordele, Albany, Thomaston, Sylvester, Tifton, Moultrie, Douglas,
Broxton, Savannah, Eastman, Chester, Soperton, Rochelle, Pitts,
Quitman and Valdosta, Georgia. Total consolidated assets of the
company approximate $917 million.
Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq National
Market under the symbol "CBAN."
Terry L. Hester
Chief Financial Officer
Colony Bankcorp, Inc.
Fitzgerald, Georgia 31750
Provider ID: 04064677
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