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) November 17, 2014
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) |
Registrant's telephone number, including area code: (229) 426-6000
________________________________________________________________________________
(Former name or former address, if changed since last report)
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)) |
Item 8.01. Other Events.
On November 17, 2014 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated November 17, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Colony Bankcorp, Inc.
(Registrant) |
||
| November 17, 2014
(Date) |
/s/ TERRY L. HESTER
Terry L. Hester Chief Financial Officer |
| Exhibit Index | ||
| 99.1 | Press release dated November 17, 2014 | |
EXHIBIT 99.1
FITZGERALD, Ga., Nov. 17, 2014 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN) today announced the payment of its scheduled November 17, 2014 dividend payment on its Cumulative Perpetual Preferred Stock along with the missed dividend/interest payments from February 2012 to November 2014. Total amount to bring the $28 million Preferred Stock dividend payments current was $5,492,749.41.
Additionally, the Company made payments of $1,591,789.86 on its issues of junior subordinated debentures, relating to outstanding trust preferred securities (TRUPs), having an outstanding principal amount of $24.2 million. This payment represents the deferred interest from March 19, 2012 to October 30, 2014 along with the next scheduled payments in December 2014 and January 2015.
During the deferral period the Company continued to accrue the regular scheduled payments for financial statement purposes on both the preferred stock and TRUPs, thus no additional impact on the financial statements with these payments.
On February 13, 2012, after consultation with Georgia Department of Banking and Finance and Federal Reserve Bank of Atlanta, the Company announced that it was exercising its right to suspend payments on both the Cumulative Perpetual Preferred Stock and TRUPs. "Management has worked diligently to position the Company for reinstatement of these payments. Much effort has been devoted to maintaining a strong "well-capitalized" regulatory capital position and improving asset quality and earnings to acceptable levels. We are pleased that Colony's progress allows us to reinstate these payments," said Ed Loomis, President and Chief Executive Officer. "This action was in concurrence with both Georgia Department of Banking and Finance and Federal Reserve Bank of Atlanta."
CONTACT: Terry L. Hester
Chief Financial Officer
(229) 426-6000 (ext. 6002)