July 23 (Reuters) - Colony Bankcorp Inc ( CBAN ):

* COLONY BANKCORP, INC. ( CBAN ) AND TC BANCSHARES, INC. ( TCBC ) ANNOUNCE

SIGNING

OF DEFINITIVE MERGER AGREEMENT TO CREATE A STRONGER FRANCHISE IN

KEY GEORGIA AND FLORIDA MARKETS

* COLONY BANKCORP INC ( CBAN ): PROPOSED DEAL FOR APPROXIMATELY $86.1

MILLION

* COLONY BANKCORP INC ( CBAN ): PROPOSED DEAL FOR EITHER $21.25 IN

CASH OR

1.25 SHARES OF COLONY'S COMMON STOCK FOR EACH SHARE OF TC

BANCSHARES

* COLONY BANKCORP ( CBAN ): TRANSACTION EXPECTED TO BE IMMEDIATELY

ACCRETIVE TO CO'S EPS EXCLUDING ONE-TIME MERGER-RELATED EXPENSES

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