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): March 31, 2017
Colony Bankcorp, Inc.
(Exact Name of Registrant as Specified in Charter)
Georgia | 000-12436 | 58-1492391 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
115 South Grant Street, Fitzgerald, Georgia 31750 |
(Address of Principal Executive Offices) (Zip Code) |
(229) 426-6000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(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 March 31, 2017, 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 March 31, 2017
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. | ||
Date: March 31, 2017 | By: | /s/ Terry L. Hester |
Terry L. Hester | ||
Executive Vice-President and Chief Financial Officer | ||
Exhibit 99.1
Colony Bankcorp, Inc. Announces Full Redemption of Preferred Stock
FITZGERALD, Ga., March 31, 2017 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN) today announced redemption of 9,360 shares of its Cumulative Perpetual Preferred Stock ($1,000 Par Value). Total principal payment will be $9,360,000 and leave the company with no preferred shares outstanding. In addition to cash on hand, the company secured a short term note of $5,000,000 in order to fully redeem the preferred stock. This action was in concurrence with both Georgia Department of Banking and Finance and Federal Reserve Bank of Atlanta. “This will be immediately accretive to EPS,” said Ed Loomis, President and Chief Executive Officer. “This transaction enhances shareholder value as we have eliminated TARP funds originally on our books for $28 million that most recently had a dividend rate of nine percent.”
CONTACT:
Terry L. Hester
Chief Financial Officer
(229) 426-6000 (ext. 6002)