Colony in Georgia looking to raise $53M in capital

Colony Bankcorp in Fitzgerald, Ga., is looking to sell $52.5 million of common stock. 

The $2.5 billion-asset company said in a term sheet filed on Monday that it has a 15% overallotment option for the offering, which is being handled by Hovde Group and Janney Montgomery Scott. 

Proceeds would be used for general corporate purposes that include supporting growth, investing in Colony’s bank and “other future strategic opportunities.”