Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or “the Company”), the holding company for Colony Bank, a Georgia state-chartered bank, today announced the commencement of an underwritten public offering of approximately $52.5 million shares of its common stock to the public. The Company also expects to grant to the underwriter a 30-day option to purchase additional shares of its common stock at the public offering price, less underwriting discounts and commissions.
The Company intends to use the net proceeds from the offering for general corporate purposes to support its continued growth, including investments in Colony Bank and other future strategic opportunities, and to improve its capital position.
Hovde Group, LLC, is acting as the lead underwriter, and Janney Montgomery Scott LLC, will serve as co-manager for the offering.
Additional Information Regarding the Offering
The shares are being offered pursuant to a Registration Statement on Form S-3 (File No. 333-260498) under the Securities Act of 1933, as amended, which was filed with the Securities and Exchange Commission (the “SEC”) on October 26, 2021 and became effective on November 5, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement has been filed with the SEC to which this communication relates. Prospective investors should read the preliminary prospectus supplement and the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the offering. These documents are available at no charge by visiting the SEC’s website at http://www.sec.gov. When available, copies of the preliminary prospectus supplement and the accompanying prospectus related to the offering may be obtained by contacting Hovde Group, LLC, 120 W Madison Street, Suite 1200, Chicago, Illinois 60602, or by telephone at (866) 971-0961, or by contacting Janney Montgomery Scott LLC, 1475 Peachtree St NE, Suite 800, Atlanta, GA 30309, or by telephone at 404-601-7200.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.