Colony Bankcorp has completed its previously announced acquisition of SouthCrest Financial Group, the holding company for SouthCrest Bank.

The combination creates the fourth largest bank in Georgia with nearly $2.4bn in assets.

As agreed, each share of SouthCrest common and preferred stock was exchanged for $10.45 in cash or 0.7318 shares of Colony’s common stock.

The transaction is estimated to value around $96m.

Colony Bankcorp president and CEO Heath Fountain said: “The acquisition of SouthCrest is a significant milestone in the growth trajectory of Colony Bank.

“It expands us into attractive new markets, enhances our scale, and provides significant revenue growth opportunities. We welcome the SouthCrest team and look forward to working together to exceed our customers’ expectations as well as deliver enhanced value to our shareholders.”

Separately, Colony Bankcorp has also acquired The Barnes Agency, an Allstate appointed consumer property and casualty insurance agency in Macon, Georgia.

Fountain added: “We also look forward to leveraging the strengths of The Barnes Agency to grow Colony Insurance by providing outstanding consumer insurance solutions to our customers.

“This acquisition is right in line with our strategic plan to grow our non-interest income, further diversifying our revenue streams.”

Colony Bankcorp is the bank holding company for Colony Bank. The SouthCrest acquisition adds nearly $700m of assets to its books.

Now, the combined lender has 39 locations across Georgia.