Colony Bankcorp in Fitzgerald, Ga., has hired T. Heath Fountain as its new president and CEO.
Fountain succeeds Edward Loomis Jr., who is retiring, the $1.2 billion-asset company said Monday. Loomis will remain on the company’s board through his current term, which ends in May.
Fountain previously worked as the president and CEO of Planters First Bank in Cordele, Ga., where he led initiatives to enter two new markets and launch a secondary market mortgage division. He also was the chief financial officer of Heritage Financial Group prior to it being bought
Colony also has agreed to buy a branch in Albany, Ga., from Planters First. The deal includes $20 million in loans and $10 million in deposits and is expected to close at the end of the year, according to a press release. The $1.2 billion-asset Colony will retain all Planters First employees.
The Albany branch is led by Cindy Griffin and Tommy Clark, who joined Planters First in August to lead the entry into that market. Previously, they worked with Fountain at Heritage.
In addition to purchasing the branch, Colony is buying a vacant lot from the $328 million-asset Planters First. Colony expects to build a branch at the location next year.
“It is exciting to have someone with Heath’s strategic vision and experience to lead Colony into an era of profitable growth,” Mark Massee, Colony's chairman, said in the press release. “We think we have tapped the right leader for what is sure to be an exciting phase for our company and our team members.”
Kimberly Dockery, who was chief administrative officer at Planters First, has taken the same role with Colony. She previously worked with Fountain at Heritage.
