MILWAUKEE, June 25, 2026 /PRNewswire/ -- Ademi LLP is investigating First Reliance (OTCQX: FSRL) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Colony Bankcorp.
Click here to learn how to join our investigation and obtain additional information or contact us at gademi@ademilaw.com or toll-free: 866-264-3995. There is no cost or obligation to you.
First Reliance shareholders will receive either $19.75 in cash or 0.94 of a Colony common share per First Reliance share, subject to proration. Approximately 20% of First Reliance shares will be converted to cash and the remaining 80% to Colony Bankcorp stock.
First Reliance insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for First Reliance by imposing a significant penalty if First Reliance accepts a competing bid. We are investigating the conduct of the First Reliance board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-ademi-llp-investigates-whether-first-reliance-bancshares-inc-is-obtaining-a-fair-price-for-public-shareholders-302810668.html
SOURCE Ademi LLP
