8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 18, 2024

COLONY BANKCORP, INC.

(Exact name of registrant as specified in its charter)

Georgia	000-12436	58-1492391
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

115 South Grant Street, Fitzgerald, Georgia 31750

(Address of principal executive offices) (Zip Code)

(229) 426-6000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each Class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $1.00 per share	CBAN	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 18, 2024, Colony Bankcorp, Inc. (the “Company”), named Mr. Derek Shelnutt, the current Chief Accounting Officer of the Company and Chief Financial Officer of Colony Bank (the “Bank”), as Executive Vice President and Chief Financial Officer of the Company effective January 23, 2024. Mr. Shelnutt will continue to serve as Executive Vice President and Chief Financial Officer of the Bank. Mr. Shelnutt has served as Senior Vice President and Chief Accounting Officer of the Company since May 9, 2022, and Executive Vice President and Chief Financial Officer of the Bank since July 1, 2023. Since joining the Company in September 2020, Shelnutt has served in roles of increasing responsibility including Chief Accounting Officer, Treasurer, and Controller. With over ten years of experience in the financial services industry, he has also held the positions of Auditor, Treasury Accountant, and Sarbanes-Oxley Compliance Manager.

In connection with his appointment as Executive Vice President and Chief Financial Officer of the Company, Mr. Shelnutt will receive an annual base salary of $205,000. The terms of his existing employment agreement with the Bank, dated as of July 1, 2023, remain otherwise unchanged.

There are no understandings or arrangements with any persons regarding the appointment of Mr. Shelnutt to these positions, there are no reportable related-party transactions with Mr. Shelnutt, and there are no family relationships between him and any other officer or director of the Company. Additionally, Mr. Shelnutt has not engaged in any transaction with the Company that would be reportable as a related party transaction under Item 404(a) of Regulation S-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1 Press release dated January 23, 2024.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	COLONY BANKCORP, INC.
Date: January 23, 2024	By:	/s/ T. Heath Fountain
		T. Heath Fountain
		Chief Executive Officer

EX-99.1

For additional information, contact:

T. Heath Fountain

Chief Executive Officer

229-426-6000, extension 6012

COLONY BANKCORP, INC. PROMOTES DEREK SHELNUTT TO

EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

FITZGERALD, GA. (January 23, 2024) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”), the bank holding company for Colony Bank, announced today that Derek Shelnutt has been promoted to Executive Vice President and Chief Financial Officer of the Company, effective January 18, 2024. Shelnutt was previously promoted to Executive Vice President and Chief Financial Officer of Colony Bank on July 1, 2023, and previously served as Senior Vice President and Chief Accounting Officer of the Company.

Since joining the Company in September 2020, Shelnutt has served in roles of increasing responsibility including Chief Accounting Officer, Treasurer, and Controller. With over ten years of experience in the financial services industry, he has also held the positions of Auditor, Treasury Accountant, and Sarbanes-Oxley Compliance Manager.

Commenting on the announcement, Heath Fountain, Chief Executive Officer, said, “Derek’s ability to excel in each new role he’s assumed, along with his impressive career progression over the past four years, underscores his deep financial acumen and strong leadership capabilities. This promotion is a well-deserved recognition of his hard work and the significant contributions he has made to the Company. I’m proud to congratulate him on this promotion and look forward to witnessing his continued success.”

Shelnutt holds a Master of Professional Accounting and Bachelor of Business Administration in Accounting from the University of West Georgia. He is a Certified Public Accountant in the states of Georgia and South Carolina and is a member of the American Institute of Certified Public Accountants. Shelnutt is a native of the West Georgia area, where he currently resides with his wife and son.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in Fitzgerald, Georgia in 1975, Colony operates locations throughout Georgia and has expanded to serve Birmingham, Alabama, as well as Tallahassee and the Florida Panhandle. At Colony Bank, we offer a range of banking solutions for personal and business customers. In addition to traditional banking services, Colony provides specialized solutions including mortgage, government guaranteed lending, consumer insurance, wealth management, and merchant services. Colony’s common stock is traded on the NASDAQ Global Market under the symbol “CBAN.” For more information, please visit www.colony.bank. You can also follow the Company on social media.

-END-

XML

Cover	Jan. 18, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 18, 2024
Entity Registrant Name	COLONY BANKCORP, INC
Entity Incorporation, State or Country Code	GA
Entity File Number	000-12436
Entity Tax Identification Number	58-1492391
Entity Address, Address Line One	115 South Grant Street
Entity Address, City or Town	Fitzgerald
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31750
City Area Code	229
Local Phone Number	426-6000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $1.00 per share
Trading Symbol	CBAN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000711669
Amendment Flag	false