Colony closing branches, cutting jobs in efficiency push

Colony Bankcorp in Fitzgerald, Ga., announced an efficiency initiative designed to lower annual expenses by $3 million starting in the third quarter. 

The $2.7 billion-asset company said in a press release Thursday that it plans to close two branches and eliminate 25 positions in its banking division. 

Colony said it is targeting a 60% efficiency ratio within three years. That ratio was 77% on March 31.