This record is sourced from the companies' joint press release (Exhibit 99.1) filed with Colony's 8-K on June 24, 2026. The release states that the boards of directors of both Colony and First Reliance have unanimously approved the transaction.
Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Colony on the acquirer side. Hovde Group, LLC served as financial advisor to First Reliance on the target side. The release does not specify whether either bank's advisor delivered a formal fairness opinion or indicate a lead-versus-co-advisor distinction.
Alston & Bird, LLP served as legal counsel to Colony. Ward and Smith, P.A. served as legal advisor to First Reliance.
Under the terms of the agreement, each First Reliance shareholder may elect to receive either $19.75 in cash or 0.94 of a share of Colony common stock per share of First Reliance common stock, subject to proration such that approximately 20% of First Reliance stock converts to cash and the remaining 80% converts to Colony stock. The transaction is expected to be immediately accretive to Colony's earnings per share, excluding one-time merger-related expenses, and is expected to close in the fourth quarter of 2026, subject to regulatory approval, shareholder approval, and other customary closing conditions. Several leadership and governance changes were also announced, including First Reliance's CEO Rick Saunders joining Colony as Executive Vice Chairman and a board member.
Not disclosed in this filing: whether either financial advisor rendered a fairness opinion, specific advisory or legal fees, a termination fee, and the precise pro forma earnings accretion percentage for Colony.