8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): October 24, 2022

COLONY BANKCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

115 South Grant Street, Fitzgerald, Georgia 31750

(Address of Principal Executive Offices) (Zip Code)

(229) 426-6000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 20, 2022, the Board of Directors (the “Board”) of Colony Bankcorp, Inc. (the “Company”) voted to increase the size of the Board from eleven to twelve directors and appointed Ms. Audrey Hollingsworth to serve as a member of the Boards of the Company and Colony Bank, the wholly owned subsidiary of the Company (the “Bank”), effective December 1, 2022. Ms. Hollingsworth will serve on the Risk Management Committee and Compensation Committee of the Company.

Ms. Audrey Hollingsworth, age 60, is the Vice President of People Services at Goodwill Industries of Southern Rivers (“Goodwill”), one of 156 independent, community-based Goodwill nonprofits across the United States and Canada, headquartered in Columbus, Georgia. In her role at Goodwill, Ms. Hollingsworth oversees the organization’s human resources management, and has served in this role since 2018. Prior to joining Goodwill, Mr. Hollingsworth headed The Hollingsworth Group, the human resources and information technology consulting company that she established with her husband. Prior to her time at The Hollingworth Group, Ms. Hollingsworth worked over 16 years with Synovus Financial Corp., where she last served as its Group Executive Vice President and Chief Human Resources Officer. Ms. Hollingsworth is a member of the board of directors of the Greater Columbus Georgia Chamber of Commerce, the Development Authority Foundation Board, the J.W. Fanning Institute for Leadership Development Advisory Board, the Mayor’s Advisory Committee for Public Safety/Law Enforcement and Leadership Georgia. Ms. Hollingsworth received a Bachelor of Science degree from the University of Georgia and a Master of Science in Management from Troy University.

The Board has affirmatively determined that Ms. Hollingsworth is “independent” as defined under the listing rules of the NASDAQ Stock Market. There are no arrangements or understandings between Ms. Hollingsworth and any other persons or entities pursuant to which Ms. Hollingsworth was elected as a director of the Company. In addition, there are no transactions involving Ms. Hollingsworth and the Company that require disclosure under Item 404(a) of Regulation S-K.

In her capacity as a director, Ms. Audrey Hollingsworth will receive compensation that is consistent with the compensation received by the other members of the Board. A description of the compensation payable to members of the Board is set forth under the heading “Director Compensation” in the Company’s Definitive Proxy Statement filed with the SEC on April 11, 2022.

The Company issued a press release on October 24, 2022 announcing the appointment of Ms. Hollingsworth to the Board. A copy of that press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

Number Description

99.1cbanappointmentofdirector.htm Press release dated October 24, 2022

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Document

For additional information, contact:

T. Heath Fountain

Chief Executive Officer

(229) 426-6000 (Ext 6012)

COLONY BANKCORP APPOINTS AUDREY HOLLINGSWORTH TO BOARD OF DIRECTORS

FITZGERALD, GA. (October 24, 2022) – Colony Bankcorp, Inc. (Nasdaq: CBAN) (“Colony” or the “Company”), the bank holding company for Colony Bank (the “Bank”), today announced the appointment of Audrey D. Hollingsworth to the Board of Directors for both the Company and Colony Bank, effective December 1, 2022.

Hollingsworth serves as Vice President of People Services for Goodwill Industries of the Southern Rivers, a position she has held since 2018. Before joining Goodwill Industries of the Southern Rivers, Hollingsworth was President of the Hollingsworth Group, a human resources and information technology consulting company. For 26 years prior to joining Hollingsworth Group, she served in positions of increasing responsibility at Synovus Financial Corporation, eventually ascending to the position of Group Executive and Chief People Officer.

Commenting on the announcement, Mark H. Massee, Chairman of the Board of Directors, said, “We are very pleased to welcome Audrey to our Board of Directors. Her extensive experience and leadership as a seasoned human resources professional bring a unique and diverse perspective to our Board that will be of great value as we execute our strategic objectives.”

Hollingsworth serves on the Board of Directors for various organizations including the Development Authority Foundation Board, the University of Georgia’s J.W. Fanning Institute for Leadership Development Advisory Board, the Mayor’s Advisory Committee for Public Safety and Law Enforcement, and the Greater Columbus Georgia Chamber of Commerce, of which she is Past Chairman. In addition, she is an alumna, Past President, and Chairman of Leadership Georgia and is currently a member of the Society for Human Resources and Delta Sigma Theta Sorority, Inc. Hollingsworth is a recipient of the Girl Scouts of Historic Georgia’s Women of Achievement Award. She holds a Bachelor of Science in Business Education from the University of Georgia and a Master of Science in Management from Troy State University.

“Audrey is a talented and well-respected leader across the banking and human resources industries. We look forward to her contributions, insight, and counsel as we continue to grow and deliver value to our shareholders, customers, and team members,” said T. Heath Fountain, Chief Executive Officer.

About Colony Bankcorp

Colony Bankcorp, Inc. is the bank holding company for Colony Bank. Founded in 1975 and headquartered in Fitzgerald, Georgia, Colony operates 39 locations throughout Georgia. At Colony Bank, we offer a wide range

of banking services including personal banking, business banking, mortgage solutions, government guaranteed lending solutions, and more. We have expanded our services to also include consumer insurance products, such as automotive, homeowners, and other insurance needs for our community. Colony’s common stock is traded on the NASDAQ Global Market under the symbol “CBAN.” For more information, please visit colony.bank. You can also follow the Company on social media.

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