Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 1, 2007

 

COLONY BANKCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

Georgia   000-12436   58-1492391

(State or other jurisdiction

of incorporation)

   (Commission File No.)   (IRS Employer
I.D. No.)

115 South Grant Street, Fitzgerald, Georgia 31750

(Address of principal executive offices)

(229) 426-6000

Registrant’s Telephone Number, including area code

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(e) The Independent Directors Compensation Committee of Colony Bankcorp, Inc. (the “Company”) has approved salary increases, bonus awards, and stock grant awards for certain of its named executive officers. The following table shows the approved corporation increases and awards:

 

Name

   

2006 Bonus

Salary ($)

   

2007 Base

Salary ($)

   

2006 Bonus

Awards ($)

   

Stock Grant

Awards (#)

           

Al Ross

President & CEO

Colony Bankcorp, Inc.

    180,000.00    205,000.00    40,000.00    2,500

Terry Hester

CFO

Colony Bankcorp, Inc.

    140,000.00    155,000.00    26,000.00    800

Walter Patten

President and CEO

Colony Bank Worth

    155,000.00    160,000.00    30,000.00    750

Will Sims

President and CEO

Colony Bank Ashburn

    145,000.00    152,500.00    28,500.00    750

Mike Miller

President and CEO

Colony Bank Southeast

    132,500.00    140,000.00    40,000.00    750

Larry Stevenson

President and CEO

Colony Bank of Dodge County

    132,500.00    140,000.00    25,000.00    750

The salary increases are effective January 1, 2007, and the bonus awards will be paid on January 11, 2007. The stock award grants have a three-year vesting requirement beginning January 2, 2007 and an officer forfeits all shares if within the three year period termination of employment occurs. The value per share on the date of the grant was $17.70.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

        COLONY BANKCORP, INC.
Date:   January 5, 2007   By:  

/s/ Terry L. Hester

      Terry L. Hester
      Executive Vice-President and
      Chief Financial Officer