Colony Bankcorp announces expansion, dividend and more
Jul. 30—FITZGERALD, Ga. — Colony Bankcorp Inc., the Fitzgerald-based holding company for Colony Bank, which maintains a branch in Moultrie, made four announcements over the last several days.
Colony Insurance formed
Colony Bankcorp announced July 20 that it has agreed to acquire The Barnes Agency, an Allstate appointed consumer property and casualty insurance agency in Macon, GA. The transaction is expected to close August 1, 2021. In conjunction with the transaction, the Bank has formed a new subsidiary that will operate under the brand Colony Insurance, which will offer a suite of consumer insurance solutions as an Allstate appointed agency, and has named Jason Barnes as President of the subsidiary.
"Providing the convenient option for our banking, mortgage and consumer lending customers to purchase insurance through their trusted advisors at Colony Insurance is a logical extension to our existing range of financial services and products," said Heath Fountain, president and chief executive officer. "This expansion is in-line with our stated goal to diversify our revenue streams and increase non-interest income. Further, by providing enhanced technological improvements to The Barnes Agency as well as the potential for additional growth, we will improve the profitability of our branch network. The consumer agency business in the markets we serve will benefit from Colony's proactive business development system and efficient operating model."
Colony Insurance will be led by Jason Barnes. Prior to joining Colony, Barnes was the owner of The Barnes Agency for over seven years. Barnes has over 20 years of experience spanning the insurance and financial services industry, and has integrated insurance products and services in the banking sector. He has in-depth knowledge of the needs of consumers for insurance products as well as strong leadership skills. Barnes enjoys helping customers in all facets of consumer insurance.
Fountain continued, "Jason is an excellent fit to grow Colony Insurance and we welcome him to our team. Jason brings a deep understanding of our community's insurance needs and will provide excellent leadership in developing our capabilities in this area. He also has experience working in a bank environment and integrating a range of products and services in a way that is seamless for the customer."
Special advisor named
Colony Bankcorp announced July 21 that R. Dallis "D" Copeland Jr. has been named a special advisor.
In this newly-created position working closely with Colony's executive team, Copeland will utilize his extensive banking and executive leadership experience to provide insight on corporate planning and strategic decision making as well as customer relationship building and talent acquisition.
Copeland joins Colony after a 27-year career at Synovus Financial Corporation, a Columbus, GA-based financial services company with over $45 billion in assets. At Synovus, he served in positions of increasing responsibility where he developed deep banking industry experience and relationships in markets across the Southeast.
Most recently, he served as Executive Vice President and Chief Community Banking Officer. In this position, he led Synovus' banking operations for 28 bank divisions across the company's five-state footprint. During his tenure at Synovus, he was a member of the Executive Committee and reported directly to the Chairman and CEO from 2009 — 2019. He also held the title of Chief Banking Officer, where he was responsible for all banking services including Corporate, Commercial Real Estate, Retail, Private Wealth, Treasury Management, Credit Card, Marketing and Special Assets. Copeland recently served on the Executive Committee of the University System of Georgia Foundation. He earned his B.S. in Management from the Georgia Institute of Technology.
Cash dividend announced
On July 22, Colony Bankcorp reported net income of $4.0 million, or $0.42 per diluted share, for the quarter ended June 30, 2021, compared with $2.2 million, or $0.23 per diluted share, for the quarter ended June 30, 2020. The Company reported operating net income of $4.6 million, or $0.49 per diluted share, for the quarter ended June 30, 2021, compared with $2.4 million, or $0.25 per diluted share for the same period in 2020. Operating net income for June 30, 2021 and 2020 excludes pre-tax acquisition related expenses, and the net income tax benefit for these adjustments.
For the six months ended June 30, 2021, the Company reported net income of $8.9 million, or $0.94 per diluted share, compared to $3.5 million, or $0.40 per diluted share, for the same period in 2020. The Company reported operating net income of $9.7 million, or $1.02 adjusted earnings per diluted share, for the six months ended June 30, 2021, compared to $4.2 million, or $0.44 adjusted earnings per diluted share, for the same period in 2020.
For more detailed financial information, visit the bank's website at investors.colonybank.com.
Community Bank Investor Conference
On July 27, Colony Bankcorp announced that T. Heath Fountain, president and chief executive officer, and Tracie Youngblood, executive vice president and chief financial officer, will participate in a series of one-on-one meetings at the Keefe, Bruyette & Woods' Virtual Community Bank Investor Conference, which will take place Aug. 3-5.
Presentation materials will be available under the Investor Relations section of the company's website, www.colony.bank.
