FITZGERALD, Ga., March 21, 2019 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq: CBAN) announced that the shareholders of LBC Bancshares, Inc., parent company of Calumet Bank, a Georgia state-chartered bank, have voted to approve Colony's proposed acquisition of 100% of the common stock of LBC in a combined stock-and-cash transaction valued at approximately $34.1 million, pursuant to an Agreement and Plan of Merger entered into on December 18, 2018. The transaction remains subject to receipt of all required regulatory approvals, which is anticipated by mid-April, and is expected to be completed on May 1, 2019, subject to the satisfaction of other customary closing conditions contained in the Merger Agreement.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 27 full-service branches throughout Central, Southern and Coastal 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 the Company on Facebook or on Twitter @colony_bank.

About LBC Bancshares

LBC Bancshares is the parent company of Calumet Bank. Since 2008, Calumet has served the community as a locally owned and managed bank dedicated to the highest levels of service. With state-of-the-art technology, Calumet Bank provides customers with robust banking systems in a distinct culture of stewardship and trust. The main office is located in LaGrange, Georgia, in Calumet Center, with the additional branch in Columbus, Georgia, on Airport Thruway. The bank also has a loan production office located in Atlanta Tech Park, a technology incubator located at 107 Technology Parkway in Peachtree Corners, Georgia.