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FITZGERALD, Ga. - Colony Bankcorp, Inc. (NYSE:CBAN), known as "Colony," a $284.35 million market cap financial institution with impressive 49.64% one-year returns, has announced the acquisition of The Ellerbee Agency, an Allstate-appointed consumer property and casualty insurance agency, which will now be integrated into Colony Insurance, the company’s insurance subsidiary. This strategic move adds two new office locations to Colony Insurance’s portfolio in Monroe and Greensboro, Georgia, enhancing its presence and customer reach in the region. According to InvestingPro analysis, Colony maintains strong dividend practices, having raised dividends for 8 consecutive years.
Chief Executive Officer of Colony Bankcorp, T. Heath Fountain, expressed satisfaction with the acquisition, stating that it aligns with the company’s growth strategy and commitment to community progress while delivering shareholder value. With a P/E ratio of 11.87 and annual revenue of $112.4 million, the incorporation of The Ellerbee Agency is expected to bring valuable industry experience and customer relationships, potentially contributing to Colony’s ongoing success. InvestingPro data shows the company maintains Fair financial health, with analysts predicting continued profitability this year.
Sean Ellerbee, the leader of The Ellerbee Agency, brings over twenty years of industry experience to the table and will join Colony Insurance’s leadership team, focusing on sales and coaching. Additionally, eleven seasoned agents from Ellerbee will join Colony, aiming to bolster the team’s expertise and service capabilities.
Jason Barnes, President of Colony Insurance, highlighted the seamless cultural fit and the professional depth that Sean and his team will bring to the organization. He emphasized that their expertise will enhance Colony Insurance’s service offerings and support its growth trajectory.
Further details about the acquisition have been made available in an investor presentation on the Colony Bankcorp website’s Investor Relations section.
Colony Bankcorp, Inc. is the bank holding company for Colony Bank, which was founded in 1975 and provides a full range of banking solutions, including mortgage lending, government guaranteed lending, and wealth management, among others. The company operates in various locations across Georgia and has expanded into Alabama and Florida.
This expansion is part of Colony Bankcorp’s broader strategy to provide comprehensive financial services to its customers and to strengthen its market position through strategic acquisitions. The information in this article is based on a press release statement.
In other recent news, Colony Bankcorp Inc. reported impressive financial results for the fourth quarter of 2024, surpassing analysts’ expectations. The company achieved earnings per share of $0.44, significantly higher than the projected $0.33. Revenue also exceeded forecasts, reaching $30.78 million compared to the anticipated $29.1 million. This strong performance reflects a 33% earnings surprise and a revenue beat of approximately 5.8%. Additionally, Colony Bankcorp launched a new digital banking platform aimed at supporting future growth. Analyst firms have noted the potential benefits of the Federal Reserve’s easing rates on the company’s margins. Despite these positive developments, the company anticipates some challenges, such as potential loan payoffs in the upcoming quarter. However, Colony Bankcorp remains optimistic about achieving normalized loan growth rates of 8-12% in 2025.
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