Fitzgerald, Ga.-based Colony Bankcorp Inc. has received regulatory approval for the purchase of Hawkinsville, Ga.-based Planters First Bank's Albany branch, located at 113 North Westover Boulevard.

The transaction is expected to close by the end of October.

Colony added that the deal also includes vacant land located at the corner of Pointe North Boulevard and Old Dawson Road in Albany, on which the company expects to build a branch in 2019.