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Colony Bank to Acquire PFB Mortgage from Planters First Bank
Wednesday 24 April 2019

24 April 2019 - Georgia, US-based Colony Bankcorp, Inc's banking subsidiary Colony Bank has agreed to acquire Planters First Bank's secondary market mortgage business, PFB Mortgage, the company said.

The transaction, which does not require regulatory approval, is expected to close on or about May 1, 2019.

It includes all pipeline loans, and customers will not be affected as loans will close and be processed as normal.

Planters First Bank will retain closed loans not yet sold (loans held for sale). The terms of the transaction were not disclosed.

The company expects all staff, including seven originators in Albany, Athens, Macon, and Warner Robins, to remain with Colony, along with eight support personnel.

Colony said this transaction will provide considerable scale and momentum to the company's mortgage loan operations.

Since the PFB Mortgage team originated more than USD 100m in mortgage loans last year, it anticipates the combined mortgage team should exceed USD 200m annually going forward.

Colony Bankcorp, Inc. (NASDAQ: CBAN), is the bank holding company for Colony Bank. Colony operates 27 full-service branches throughout Central, Southern and Coastal Georgia.
Details
Date Published: 24/04/2019
Target: PFB Mortgage
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Agreed
Vendor: Planters First Bank
Buyer: Colony Bank
Comment:
Terms of the deal were not disclosed

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