Recently, an important partnership between First Reliance and Colony Bank was announced. The partnership was designed to strengthen community banking across the Southeast, while preserving the relationship-driven culture that has defined First Reliance Bank for nearly three decades.
Rick Saunders, First Reliance Bank Founder and Chief Executive Officer, explains, “Colony Bank stood out as a partner because it combined greater scale with a true community bank culture. We were looking for an organization that we knew and trusted—one willing to listen, learn, and build on what has made First Reliance successful.”
First Reliance’s board and management team viewed this partnership as truly transformational for both companies. They saw Colony as a logical choice: a partner large enough to help First Reliance grow, well-positioned enough to strengthen the combined company, and aligned enough to carry forward their community banking purpose built around its people, helping change lives for the better and progress.
Building a partnership rooted in community banking
Founded in Fitzgerald, Georgia, in 1975, Colony currently operates locations throughout Georgia as well as in Birmingham, Alabama, and Florida.
While bank mergers are often viewed through the lens of scale, cost savings, and market expansion, First Reliance Bank and Colony Bank leaders have framed this transaction differently. Rooted in shared values, cultural alignment, and a belief that community banking must continue to evolve to remain competitive.
For First Reliance, the decision reflects what leadership described as a rare window of opportunity: a supportive economic and political environment, a strong partner fit, and a chance to create long-term value for customers, associates, communities, and shareholders.
For Colony Bank, this partnership provides the opportunity to enter South Carolina in a meaningful way. South Carolina is known to be one of the fastest-growing states in the country and is a desired expansion market for most high-performing regional banks. A partnership with First Reliance provides Colony with instant access to high-growth markets, exceptional customers, and a talented team of professional bankers.
“This partnership came together for all the right reasons,” says Saunders. “From the beginning, it was clear that First Reliance Bank and Colony Bank share similar values and a common approach to serving customers, supporting communities, and leading our teams.”
Focusing on a future of growth and development
The partnership is expected to significantly increase First Reliance’s competitive position. According to company messaging, the combined organization would move from 156th out of 745 community banks to the 19th largest community bank in the Southeast and the largest community bank in Georgia and South Carolina.
“These figures matter,” Saunders states, “because profitability and scale help community banks invest in technology, attract and retain talent, expand lending capacity, and support local economies. Our goal is to use added scale without losing the service culture and community presence that have shaped the bank since its founding.”
The combined bank is also expected to give current First Reliance customers access to a broader suite of services, including expanded nationwide ATM access, insurance, wealth management, private banking, credit cards, merchant services, SBA guaranteed lending, and home builder lending. Leaders said Colony’s use of technology to improve customer experience was another important consideration.
Maintaining leadership continuity and shared mission
The merger also includes several leadership appointments intended to maintain continuity. Saunders is expected to join Colony Bank as executive vice chairman, board member, and member of the executive team. Justin Strickland, currently president of First Reliance, will become Colony Bank’s president for South Carolina. Robert Haile will serve as chief investment officer and treasurer; Brook Moore will become Colony Bank’s credit officer for South Carolina, and Chuck Stuart will join as co-president of Colony Mortgage.
Saunders says, “I am honored that the Florence community has trusted us for the last 27 years, and I ask that they continue to trust our team and me as we position First Reliance to be an even “Better” bank for them. We look forward to serving the community that built First Reliance into what it is today for decades to come.”
