# EDGAR Filing Document

**Accession Number:** 0000711669
**File Stem:** 0001104659-25-123256
**Filing Date:** 2025-12
**Character Count:** 36424
**Document Hash:** 3c914160ef21b0ed348d5558111685fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-123256.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001104659-25-123256

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**EFFECTIVENESS DATE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLONY BANKCORP INC
- **CENTRAL INDEX KEY:** 0000711669
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 581492391
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292306
- **FILM NUMBER:** 251588328

**BUSINESS ADDRESS:**
- **STREET 1:** 115 SOUTH GRANT STREET
- **STREET 2:** .
- **CITY:** FITZGERALD
- **STATE:** GA
- **ZIP:** 31750
- **BUSINESS PHONE:** 229-426-6000

**MAIL ADDRESS:**
- **STREET 1:** 115 SOUTH GRANT STREET
- **STREET 2:** .
- **CITY:** FITZGERALD
- **STATE:** GA
- **ZIP:** 31750

**As filed with the Securities and Exchange Commission on December 19, 2025**

**File No. 333-________**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**COLONY BANKCORP, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Georgia**<br> (State or other jurisdiction of incorporation or organization) | &nbsp;&nbsp; **58-1492391**<br> (I.R.S Employer Identification No.) |
| &nbsp;&nbsp; <br> **115 South Grant Street**<br> **Fitzgerald, Georgia**<br> (Address of Principal Executive Offices)<br>| &nbsp;&nbsp; **31750**<br> (Zip Code) |

---

**Colony Bankcorp, Inc. Stock Purchase Plan**

(Full title of the plan)

**Derek Shelnutt**

**Executive Vice President and Chief Financial Officer**

**Colony Bankcorp, Inc.**

**115 South Grant Street**

**Fitzgerald, Georgia 31750**

**Tel: (229) 426-6000**

(Name, address, and telephone number, including area code, of agent for service)

*With a copy of all communications to:*

**Mark C. Kanaly**

**Kerry T. Wenzel**

**Alston & Bird LLP**

**One Atlantic Center**

**1201 W Peachtree St NE #4900**

**Atlanta, GA 30309**

**Tel: (404) 881-7000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻ Accelerated filer ⌧ <br> Non-accelerated filer ◻ Smaller reporting company ⌧ Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. □

**EXPLANATORY NOTE**

Colony Bankcorp, Inc. (the "Company" or the "Registrant") has filed this Registration Statement on Form S-8 (this "Registration Statement") with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), to register (i) 300,000 shares of the Company's common stock, par value $1.00 per share ("Common Stock"), that may be issued under the Colony Bankcorp, Inc. Stock Purchase Plan (the "Plan"); and (ii) such additional shares that may become issuable in accordance with the adjustment and anti-dilution provisions of the Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Items 1 and 2. Plan Information; Registrant Information and Employee Plan Annual Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The documents containing the information specified in Part I of Form S-8 will be delivered to participants in the Plan as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"). In accordance with the instructions of Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "SEC") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written or oral request, we will provide, without charge, the documents incorporated by reference in Item 3 of Part II of this Registration Statement. The documents are incorporated by reference in the Section 10(a) prospectus. We will also provide, without charge, upon written or oral request, other documents required to be delivered to participants pursuant to Rule 428(b). Requests for the above-mentioned information should be directed to the Executive Vice President and Chief Financial Officer at the address and telephone number on the cover of this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

 **Item 3. Incorporation of Documents by Reference.**

The SEC allows us to "incorporate by reference" into this Registration Statement information we file with the SEC in other documents. This means that we can disclose important information to you by referring to another document we have filed with the SEC. The information relating to us contained in this Registration Statement should be read together with the information in the documents incorporated by reference.

We incorporate by reference, as of their respective dates of filing, the documents listed below (excluding any portions of such documents that have been "furnished" but not "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act")):

&nbsp;&nbsp;&nbsp;&nbsp;· [our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 14, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000046/cban-20241231.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2025, filed with the SEC on [May 9, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000067/cban-20250331.htm) , June 30, 2025, filed with the SEC on [August 8, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000145/cban-20250630.htm) ,
September 30, 2025, filed with the SEC on [November 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000158/cban-20250930.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Current Reports on Form 8-K filed with
the SEC on [January 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000004/cban-20250122.htm) , [February 27, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000041/cban-20250226.htm) , [March 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000051/cban-20250319.htm) , [May 23, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000070/cban-20250523.htm) , [July 23, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000137/cban-20250723.htm) , [November 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000161/cban-20251103.htm) , [November 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000165/cban-20251113.htm) and [December 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000110465925117152/tm2532053d1_8k.htm) (except for information furnished to the SEC that is not deemed to be "filed"
for purposes of the Exchange Act);

&nbsp;&nbsp;&nbsp;&nbsp;· the description of our common stock in [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/711669/000071166925000046/exhibit412024.htm) of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 14, 2025, including
any amendment or report filed with the SEC for the purpose of updating this description; and

&nbsp;&nbsp;&nbsp;&nbsp;· all documents filed by us with the SEC pursuant
to Sections 13(a) or 15(d) of the Exchange Act prior to the filing of a post-effective amendment to this Registration Statement
that indicates that all securities offered have been sold or that deregisters all securities that remain unsold.

Any statement contained in a document incorporated or deemed incorporated herein by reference shall be deemed to be modified or superseded for the purpose of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is, or is deemed to be, incorporated herein by reference modifies or supersedes such statement. Any such information so modified or superseded shall not be deemed, except as so modified or superseded, to constitute part of this Registration Statement.

 **Item 4. Description of Securities.**

Not applicable.

 **Item 5. Interests of Named Experts and Counsel.**

Not applicable.

 **Item 6. Indemnification of Directors and Officers.**

Subsection (a) of Section 14-2-851 of the Georgia Business Corporation Code (the "GBCC") provides that a corporation may indemnify or obligate itself to indemnify an individual made a party to a proceeding because he or she is or was a director against liability incurred in the proceeding if such individual conducted himself or herself in good faith and such individual reasonably believed, in the case of conduct in an official capacity, that such conduct was in the best interests of the corporation and, in all other cases, that such conduct was at least not opposed to the best interests of the corporation and, in the case of any criminal proceeding, such individual had no reasonable cause to believe such conduct was unlawful. Subsection (d) of Section 14-2-851 of the GBCC provides that a corporation may not indemnify a director in connection with a proceeding by or in the right of the corporation except for reasonable expenses incurred if it is determined that the director has met the relevant standard of conduct, or in connection with any proceeding with respect to conduct under Section 14-2-851 of the GBCC for which he was adjudged liable on the basis that personal benefit was improperly received by him or her, whether or not involving action in his or her official capacity.

In addition, Section 14-2-856 of the GBCC permits our articles of incorporation, bylaws, a contract, or resolution approved by the shareholders, to authorize us to indemnify a director against claims to which the director was a party, including claims by us or in our right (e.g., shareholder derivative action). However, we may not indemnify the director for liability to us for any appropriation of a corporate opportunity, intentional misconduct or knowing violation of the law, unlawful distributions or receipt of an improper benefit.

Pursuant to Section 14-2-854 of the GBCC, a court may order a corporation to indemnify a director or advance expenses if such court determines that the director is entitled to indemnification under the GBCC or that the director is fairly and reasonably entitled to indemnification or advance of expenses in view of all the relevant circumstances, whether or not such director met the standard of conduct set forth in subsections (a) and (b) of Section 14-2-851 of the GBCC, failed to comply with Section 14-2-853 of the GBCC or was adjudged liable as described in paragraph (1) or (2) of subsection (d) of Section 14-2-851 of the GBCC.

Section 14-2-852 of the GBCC provides that to the extent that a director has been wholly successful, on the merits or otherwise, in the defense of any proceeding to which he was a party, because he or she is or was a director of the corporation, the corporation shall indemnify the director against reasonable expenses incurred by the director in connection with the proceeding.

Section 14-2-857 of the GBCC provides that a corporation may indemnify and advance expenses to an officer of the corporation who is a party to a proceeding because he or she is an officer of the corporation to the same extent as a director and if he or she is not a director to such further extent as may be provided in its articles of incorporation, bylaws, resolution of its board of directors or contract except for liability arising out of conduct specified in Section 14-2-857(a)(2) of the GBCC. Section 14-2-857 of the GBCC also provides that an officer of the corporation who is not a director is entitled to mandatory indemnification under Section 14-2-852 and is entitled to apply for court ordered indemnification or advances for expenses under Section 14-2-854, in each case to the same extent as a director. In addition, Section 14-2-857 provides that a corporation may also indemnify and advance expenses to an employee or agent who is not a director to the extent, consistent with public policy, that may be provided by its articles of incorporation, bylaws, action of its board of directors or contract.

Section 14-2-858 of the GBCC permits us to purchase and maintain insurance on behalf of our directors and officers against liability incurred by them in their capacities or arising out of their status as our directors and officers, regardless of whether we would have the power to indemnify or advance expenses to the director or officer for the same liability under the GBCC.

The Company's bylaws provide that any person, his heirs, executors, or administrators, may be indemnified or reimbursed by the Company for reasonable expense actually incurred in connection with any action, suit or proceeding, civil or criminal, to which he or she shall be made a party by reason of the fact that he or she is or was a director, trustee, officer, employee, or agent of the Company, or that he or she is or was serving, at the request of the Company, trust or other organization or enterprise; provided; however, that no person shall be so indemnified or reimbursed in relation to any matter in such action, suit or proceeding as to which he or she shall finally be adjudged to have been guilty of or liable for gross negligence, willful misconduct or criminal acts in the performance of his duties to the Company, or to such other firm, corporation, trust, organization, or enterprise; and provided further, that no person shall be so indemnified or reimbursed in relation to any matter in such action, suit, or proceeding which has been in the subject of a compromise settlement, except with the approval of (i) a court of competent jurisdiction, (ii) the holders of record of a majority of the outstanding shares of capital stock of the Company, or (iii) a majority of the members of the Company's board of directors then holding office, excluding the votes of any directors who are parties to the same or substantially the same action, suit or proceeding.

The Company's bylaws also provide that expenses incurred in defending any action, suit or proceeding referred to above may be paid by the Company in advance of the final disposition of such action, suit or proceeding as authorized by the Company's board of directors in the specific case upon receipt of an undertaking by or on behalf of the director, trustee, officer, employee or agent to repay such amount unless it shall ultimately be determined that he or she is entitled to be indemnified by the corporation as provided above.

The Company's bylaws further provide that the Company may purchase and maintain on behalf of a director, officer, employee or agent of the Company insurance against liability asserted against or incurred by that person serving in such capacity for the Company or arising from his status with the Company whether or not the Company would have the power to indemnify that person under the Company's bylaws.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Company pursuant to the Company's articles of incorporation or bylaws, or otherwise, the Company has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

 **Item 7. Exemption From Registration Claimed.**

Not applicable.

 **Item 8. Exhibits.**

---

| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| [4.1](https://www.sec.gov/Archives/edgar/data/711669/000114036114030494/ex99_1.htm) | [Articles of Incorporation of Colony Bankcorp, Inc., as amended, which is incorporated herein by reference to Exhibit 99.1 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2014, filed on August 4, 2014.](https://www.sec.gov/Archives/edgar/data/711669/000114036114030494/ex99_1.htm) |
| [4.2](https://www.sec.gov/Archives/edgar/data/711669/000071166922000154/exhibit32.htm) | [Articles of Amendment to Articles of Incorporation, as amended, of Colony Bankcorp, Inc., which is incorporated herein by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2022, filed on August 12, 2022.](https://www.sec.gov/Archives/edgar/data/711669/000071166922000154/exhibit32.htm) |
| [4.3](https://www.sec.gov/Archives/edgar/data/711669/000162828020013730/colonybankcorp-amended.htm) | [Amended and Restated Bylaws of Colony Bankcorp, Inc., which is incorporated herein by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed on September 18, 2020.](https://www.sec.gov/Archives/edgar/data/711669/000162828020013730/colonybankcorp-amended.htm) |
| [5.1\*](tm2533774d1_ex5-1.htm) | [Opinion of Alston & Bird LLP.](tm2533774d1_ex5-1.htm) |
| [23.1\*](tm2533774d1_ex23-1.htm) | [Consent of Mauldin & Jenkins, LLC.](tm2533774d1_ex23-1.htm) |
| [23.2\*](tm2533774d1_ex5-1.htm) | [Consent of Alston & Bird LLP (included in Exhibit 5.1).](tm2533774d1_ex5-1.htm) |
| [24.1\*](#a_001) | [Power of Attorney (included on signature page).](#a_001) |
| [99.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000059/cban-20250416.htm) | [Colony Bankcorp, Inc. Stock Purchase Plan, which incorporated by reference to Exhibit A of the Company's Proxy Statement on Schedule 14A, filed with the Commission on April 17, 2025.](https://www.sec.gov/ix?doc=/Archives/edgar/data/711669/000071166925000059/cban-20250416.htm) |
| [107\*](tm2533774d1_ex-filingfees.htm) | [Calculation of Filing Fee Table.](tm2533774d1_ex-filingfees.htm) |

---

\* Filed herewith.

 **Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from
the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to
Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" in the effective Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however,* that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if this Registration Statement is on Form S-8, and information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial *bona fide* offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Fitzgerald, State of Georgia, on December 19, 2025.

---

| | | |
|:---|:---|:---|
| **COLONY BANKCORP, INC.** | **COLONY BANKCORP, INC.** | **COLONY BANKCORP, INC.** |
| By: | /s/ Derek Shelnutt | /s/ Derek Shelnutt |
|  | Name: | Derek Shelnutt |
|  | Title: | Executive Vice President and Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL BY THESE PRESENTS, that the individuals whose signatures appear below constitute and appoint T. Heath Fountain and Derek Shelnutt, and each of them, his or her true and lawful attorney-in-fact and agent with full and several power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including pre-effective and post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and several power of authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorney-in-fact and agent or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement and Power of Attorney have been signed by the following persons in the capacities indicated on December 19, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ T. Heath Fountain | Chief Executive Officer and Director <br> (Principal Executive Officer) |
| T. Heath Fountain |  |
| /s/ Derek Shelnutt | Executive Vice President and Chief Financial Officer<br> (Principal Financial and Accounting Officer) |
| Derek Shelnutt |  |
| /s/ Mark H. Massee | Chairman of the Board of Directors |
| Mark H. Massee |  |
| /s/ Audrey D. Hollingsworth | Director |
| Audrey D. Hollingsworth |  |
| /s/ Paul Joiner, III | Director |
| Paul Joiner, III |  |
| /s/ Scott L. Downing | Director |
| Scott L. Downing |  |
| | Director |
| Meagan M. Mowry |  |
| /s/ Matthew D. Reed | Director |
| Matthew D. Reed |  |
| /s/ Brian D. Schmitt | Director |
| Brian D. Schmitt |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](tm2533774d1_ex5-1img001.jpg)

One Atlantic Center

1201 West Peachtree Street

Atlanta, GA 30309-3424

404-881-7000

December 19, 2025

Colony Bankcorp, Inc.

115 South Grant Street

Fitzgerald, Georgia 31750

Ladies and Gentlemen:

---

| | |
|:---|:---|
| **Re:** | **Registration Statement on Form S-8 – Colony Bankcorp, Inc. Stock Purchase Plan** |

---

We have acted as counsel to Colony Bankcorp, Inc., a Georgia corporation (the "Company"), in connection with the above-referenced Registration Statement on Form S-8 (the "Registration Statement") to be filed on the date hereof by the Company with the Securities and Exchange Commission (the "Commission") to register under the Securities Act of 1933, as amended (the "Securities Act"), 300,000 shares of the Company's common stock, $1.00 par value per share (the "Shares"), which may be issued by the Company upon the grant, exercise or settlement of awards under the Colony Bankcorp, Inc. Stock Purchase Plan (the "Plan"). We are furnishing this opinion letter pursuant to Item 8 of Form S-8 and Item 601(b)(5) of Regulation S-K under the Securities Act.

In connection with our opinion below, we have examined the Company's Articles of Incorporation, as amended, Articles of Amendment to Articles of Incorporation, as amended, Amended and Restated Bylaws and records of proceedings of the Board of Directors of the Company deemed by us to be relevant to this opinion letter, the Plan and the Registration Statement. We also have made such further legal and factual examinations and investigations as we deemed necessary for purposes of expressing the opinion set forth herein. In our examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as certified, conformed, facsimile, electronic or photostatic copies.

As to certain factual matters relevant to this opinion letter, we have relied conclusively upon originals or copies, certified or otherwise identified to our satisfaction, of such other records, agreements, documents and instruments, including certificates or comparable documents of officers of the Company and of public officials, as we have deemed appropriate as a basis for the opinion hereinafter set forth. Except to the extent expressly set forth herein, we have made no independent investigations with regard to matters of fact, and, accordingly, we do not express any opinion as to matters that might have been disclosed by independent verification.

This opinion is limited in all respects to the laws of the State of Georgia, and no opinion is expressed with respect to the laws of any other jurisdiction or any effect that such laws may have on the opinions expressed herein. This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein.

<u>Alston & Bird LLP</u> <u>www.alston.com</u>

Atlanta \| Brussels \| Century City \| Charlotte \| Chicago \| Dallas \| London \| Los Angeles \| New York \| Raleigh \| San Francisco \| Silicon Valley \| Washington, D.C

This opinion letter is provided for use in connection with the transactions contemplated by the Registration Statement and may not be used, circulated, quoted or otherwise relied upon for any other purpose without our express written consent. The only opinion rendered by us consists of those matters set forth in the sixth paragraph hereof, and no opinion may be implied or inferred beyond the opinion expressly stated. This opinion letter is rendered as of the date hereof and we make no undertaking and expressly disclaim any duty to supplement or update the opinion rendered herein, if, after the date hereof, facts or circumstances come to our attention or changes in the law occur which could affect such opinion. We note specifically that the Shares may be issued from time to time hereafter, and our opinion is limited to the applicable laws, including the related rules and regulations, as in effect on the date hereof.

Based on the foregoing, it is our opinion that the Shares to be issued under the Plan are duly authorized, and, when issued by the Company in accordance with the terms of the Plan, will be validly issued, fully paid and non-assessable.

We consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| ALSTON & BIRD LLP | ALSTON & BIRD LLP |
| By: | /s/ Mark Kanaly |
|  | Mark C. Kanaly, A Partner |

---

## Exhibit 23.1

**Exhibit 23.1**

![](tm2533774d1_ex23-1img001.jpg)

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in this Registration Statement on Form S-8 and related Prospectus of Colony Bankcorp, Inc. of our reports dated March 14, 2025, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of Colony Bankcorp, Inc., appearing in the Annual Report on Form 10-K of Colony Bankcorp, Inc. for the year ended December 31, 2024.

![](tm2533774d1_ex23-1img002.jpg)

Albany, Georgia

December 19, 2025

2911 MEREDYTH DRIVE • POST OFFICE BOX 71549 • ALBANY, GEORGIA 31708-1549 • 229-446-3600 • FAX 229-446-3664 • www.mjcpa.com

*MEMBERS OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS*

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **COLONY BANKCORP INC**  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, $1.00 par value per share | 457(a) | 300000 | $18.37 | $5511000.00 | 0.0001381 | $761.07 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $5511000.00  |  | $761.07  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $761.07  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Amount to be registered consists of 300,000 shares of common stock of Colony Bankcorp, Inc. ("Common Stock") that may be offered or sold under the Colony Bankcorp, Inc. Stock Purchase Plan (the "Plan"). Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers an indeterminate number of additional shares that may be offered or issued under the Plan as a result of stock splits, stock dividends or similar transactions. Estimated solely for the purpose of determining the amount of the registration fee pursuant to Rule 457(h) and 457(c) under the Securities Act, based on the average of the high and low prices of the Common Stock as reported on The New York Stock Exchange on December 16, 2025, a date within five business days prior to the filing of this Registration Statement.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---