FITZGERALD, Ga., Aug. 23, 2018 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (NASDAQ: CBAN), the holding company for Colony Bank, announced that the Compensation Committee of its Board of Directors, which is comprised entirely of independent directors, granted an inducement award pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules to T. Heath Fountain in connection with his employment as its President & CEO.

In connection with Mr. Fountain entering into employment with the Company and Colony Bank as a new employee, Mr. Fountain, who was not previously an employee or director of the Company or the Bank, received an award of 5,650 restricted shares of the Company’s common stock. The restricted shares vest in approximately equal installments on each of July 30, 2019, July 2020 and July 2021, subject to continued service by Mr. Fountain through each applicable vesting date, or earlier upon the occurrence of a change in control. The restricted shares were granted as an inducement material to Mr. Fountain entering into employment with the Company and the Bank in accordance with NASDAQ Listing Rule 5635(c)(4).

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 26 full-service branches throughout Central and South Georgia, as well as a full-service website at www.colonybank.com. Colony’s common Stock is traded on the Nasdaq Global Market under the symbol “CBAN”. Follow us on Facebook or on Twitter @colony_bank.