Colony Bankcorp, Inc. Creates Colony Insurance | Business

FITZGERALD, Georgia – (BUSINESS WIRE) – July 20, 2021–

Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”), the banking holding company of Colony Bank (the “Bank”), today announced that it has agreed to acquire The Barnes Agency, a consumer appointed by Allstate P&C insurance agency in Macon, GA. The transaction is expected to close on August 1, 2021. Along with the transaction, the Bank formed a new subsidiary that will operate under the Colony Insurance brand, which will offer a range of insurance solutions to consumers as an agency appointed by Allstate, and appointed Jason Barnes as branch president.

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Jason Barnes named president of Colony Insurance, a subsidiary of Colony Bankcorp, Inc. (Photo: Business Wire)

“Providing our banking, mortgage and consumer lending clients with the convenient option of purchasing insurance through their trusted advisors at Colony Insurance is a logical extension of our existing range of financial services and products. Said Heath Fountain, President and CEO. “This expansion is consistent with our stated goal of diversifying our revenue streams and increasing non-interest income. Additionally, by providing enhanced technology enhancements to The Barnes Agency as well as additional growth potential, we will improve the profitability of our branch network. The consumer agency business in the markets we serve will benefit from Colony’s proactive business development system and efficient operating model.

Colony Insurance will be headed by Jason Barnes. Prior to joining Colony, Barnes owned The Barnes Agency for over seven years. Barnes has over 20 years of experience in the insurance and financial services industry, and has integrated insurance products and services into the banking industry. He has in-depth knowledge of consumer insurance product needs as well as strong leadership skills. Barnes enjoys helping clients with all facets of consumer insurance.

Fountain continued, “Jason is an excellent candidate to develop Colony Insurance and we welcome him to our team. Jason brings a deep understanding of the insurance needs of our community and will demonstrate excellent leadership in developing our capabilities in this area. He also has experience working in a banking environment and integrating a range of products and services in a manner that is transparent to the client.

About Colony Bankcorp

Colony Bankcorp, Inc. is the banking holding company of Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 29 locations throughout Georgia. The Homebuilder Finance division helps the local construction industry with construction and construction loans, and the Small Business Specialty Lending division helps small businesses with government guaranteed loans. The Bank also helps clients achieve their homeownership goal through Colony Bank Mortgage. 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 Facebook or on Twitter @colony_bank.

See the source version on businesswire.com: https://www.businesswire.com/news/home/202107220006161/en/

CONTACT: Fontaine T. Heath

President and CEO

(229) 426-6000 (Ext.6012)

KEYWORD: UNITED STATES NORTH AMERICA GEORGIA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Colony Bankcorp, Inc.

Copyright Business Wire 2021.

PUB: 07/20/2021 4:15 PM / DISC: 07/20/2021 4:16 PM

http://www.businesswire.com/news/home/20210720006161/en

Copyright Business Wire 2021.

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