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