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, 2008
____________________
COLONY BANKCORP, INC.
(Exact name of registrant as specified in its charter)
Georgia 000-12436 58-1492391
(State or other jurisdiction (Commission File No.) (IRS Employer I.D. No.)
of incorporation)
115 South Grant Street, Fitzgerald, Georgia 31750
(Address of principal executive offices)
(229) 426-6000
Registrant’s Telephone Number, including area code
N/A
(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:
2007 Base 2008 Base 2007 Bonus Stock Grant
Name Salary ($) Salary ($) Awards ($) Awards (#)
Al D. Ross 205,000 225,000 38,000 2,500
President & CEO
Colony Bankcorp, Inc.
Terry Hester 155,000 162,750 25,000 -
CFO
Colony Bankcorp, Inc.
Walter Patten 160,000 165,000 30,000 750
President & CEO
Colony Bank Ashburn
Larry Stevenson 140,000 143,000 25,000 750
President & CEO
Colony Bank of Dodge County
The salary increases are effective January 1, 2008, and the bonus awards will be
paid on January 10, 2008. The stock award grants have a three-year vesting
requirement beginning January 2, 2008 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 $15.20.
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 3, 2008 By: /s/ Terry L. Hester
________________________
Terry L. Hester
Executive Vice President and
Chief Financial Officer
