Edward Loomis Jr. is stepping down as president and CEO of Fitzgerald, Ga.-based Colony Bankcorp Inc. He will remain on the board until May 2019.
Thomas Heath Fountain succeeds Loomis as president and CEO. Fountain recently served as president & CEO of Hawkinsville, Ga.-based Planters First Bank.
Kimberly Dockery also joined Colony Bankcorp as chief administrative officer from Planters First Bank, where she had a similar role.
Colony Bankcorp also agreed to purchase the Albany, Ga., branch of Planters First Bank at 113 N. Westover Blvd. The transaction, which is expected to close in the fourth quarter, is expected to result in the transfer of approximately $20 million in loans and $10 million in deposits. Colony Bankcorp will retain the employees currently working in the branch.
Colony Bankcorp is also buying a vacant lot at the corner of Pointe North Blvd. and Old Dawson Road, where it plans to build a branch in 2019, from Planters First Bank.