Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Effective August 1, 2021, the Company completed its acquisition (the “Merger”) of SouthCrest Financial Group, Inc. ("SouthCrest"), the holding company for SouthCrest Bank, N.A., pursuant to the Agreement and Plan of Merger, dated April 22, 2021 (the “Merger Agreement”). On August 1, 2021, SouthCrest was merged with and into the Company, and SouthCrest Bank, N.A. was merged with and into Colony Bank.

Pursuant to the terms of the Merger Agreement, each share of SouthCrest common and preferred stock was converted into the right to receive either $10.45 in cash or 0.7318 shares of the Company’s common stock, subject to customary proration and allocation procedures such that approximately 27.5% of SouthCrest shares were converted to cash consideration and the remaining 72.5% of SouthCrest shares were converted to Company common stock. Based on the Company’s closing stock price of $17.90 per share as of July 30, 2021, the last trading day prior to consummation of the Merger, the value of the merger consideration is estimated to be $96 million. In aggregate, the Company issued approximately 4.0 million shares of its common stock in the Merger.

Dividend

On July 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.1025 per share, to be paid on its common stock on August 17, 2021, to shareholders of record as of the close of business on August 3, 2021.