TC Bancshares, Inc. (TCBC): History, Ownership, Mission, How It Works & Makes Money

As a seasoned investor, how do you evaluate a community bank like TC Bancshares, Inc. (TCBC) that's navigating a major 2025 merger while maintaining its regional focus in Georgia and Florida?

This is a critical moment for the bank, which reported latest twelve months (LTM) Revenue of $17.35 million ending June 30, 2025, and whose stock traded at $20.25 with a market capitalization of $83.36 million as of November 2025.

You need to understand the fundamentals-from its 1934 founding to its definitive merger agreement with Colony Bankcorp, Inc. announced in July 2025-to assess if the community-first mission can truly translate into long-term shareholder value.

TC Bancshares, Inc. (TCBC) History

You need to understand the history of TC Bancshares, Inc. (TCBC) not just as a 2021 holding company, but as a community institution born from a crisis. The core bank, TC Federal Bank, was founded during the Great Depression, and that legacy of stability is what defined its path until the major strategic shift in 2025. That recent merger announcement is the biggest news, but you can't appreciate its significance without this context.

Given Company's Founding Timeline

Year established

The operating subsidiary, TC Federal Bank, was established in 1934 as a local savings and loan association. The current corporate entity, TC Bancshares, Inc., was officially incorporated in March 2021 to facilitate the bank's mutual-to-stock conversion and serve as the bank holding company. This is a crucial distinction: the institution is nearly a century old, but the public company structure is new.

Original location

The institution was founded and remains headquartered in Thomasville, Georgia, serving communities in Northern Florida and Southern Georgia. It's a classic community bank model, focused on local market expertise.

Founding team members

The original 1934 founding was a community effort by citizens of Thomas County to create a savings and loan association. The modern corporate structure, TC Bancshares, Inc., was established by the bank's leadership, including key figures like Gregory H. Eiford, who serves as President and Chief Executive Officer, alongside a seasoned board of directors and executive team who orchestrated the 2021 reorganization.

Initial capital/funding

The holding company's initial significant capital injection came from its 2021 stock offering (a mutual-to-stock conversion). This transaction involved selling approximately 4.9 million shares at $10.00 per share, generating gross proceeds of $48.9 million. Net proceeds totaled approximately $47.7 million, which was split between the bank and the holding company to fuel growth and strategic initiatives.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is marked by three major transformations, each shifting its scale and market position. The most recent one, the merger, is the capstone of its independent history.

• The 2021 Conversion and Public Listing: Moving from a mutual savings association (owned by depositors) to a stock holding company (owned by shareholders) in 2021 was a fundamental change. It unlocked capital-$47.7 million in net proceeds-which allowed the bank to grow and diversify its loan portfolio away from a heavy reliance on residential real estate toward commercial and industrial (C&I) lending. This was the moment it became a growth-focused entity.
• The 2025 Merger with Colony Bankcorp, Inc.: This is the ultimate transformative event. The deal, valued at about $86.1 million, is expected to close in the fourth quarter of 2025. For shareholders, it provides a clear exit at a premium, with an election to receive either $21.25 in cash or 1.25 shares of Colony Bankcorp common stock per share of TC Bancshares, Inc. common stock. This decision, unanimously approved by the board, ends the TCBC ticker but folds its $570 million in assets and strong Georgia/Florida market presence into a larger, more resilient regional franchise.
• The Community Banking Ethos: Despite the corporate changes, the core mission has been a constant. The bank's long-standing Mission Statement, Vision, & Core Values of TC Bancshares, Inc. (TCBC) emphasizes a premium banking experience and servant leadership. This commitment to personalized service is what made its customer base attractive to a larger acquirer like Colony Bankcorp, Inc.

TC Bancshares, Inc. (TCBC) Ownership Structure

TC Bancshares, Inc. (TCBC) is a publicly traded company, but its ownership structure is currently in flux due to its pending acquisition by Colony Bankcorp, Inc.. As of November 2025, the company is controlled primarily by its public float, which includes a high percentage of retail and other investors, while institutional ownership remains relatively small for a bank holding company.

TC Bancshares, Inc.'s Current Status

TC Bancshares, Inc. is a stock holding company for TC Federal Bank, trading publicly on the OTCQX under the ticker TCBC. The company's market capitalization is approximately $83.36 million as of November 2025. You need to be aware that the company's status is about to change: a definitive merger agreement was signed with Colony Bankcorp, Inc. in July 2025, valued at approximately $86.1 million.

All regulatory and shareholder approvals for this merger were received around November 17, 2025, with the transaction expected to close on or about December 1, 2025. This means TCBC is in its final days as an independent entity, and its shares will soon be converted into a combination of stock and cash from Colony Bankcorp, Inc.. Here's the quick math: the deal was for 100% of the common stock, so the ownership structure you see now is defintely a near-term snapshot before a full corporate integration. For a deeper dive into the company's financial standing leading up to this event, you can read Breaking Down TC Bancshares, Inc. (TCBC) Financial Health: Key Insights for Investors.

TC Bancshares, Inc.'s Ownership Breakdown

The company's ownership is heavily weighted toward the general public and other investors, which is not uncommon for a smaller bank holding company trading on the OTCQX market. Institutional investors hold a modest stake, and insider ownership is also small, which can sometimes signal less aligned management incentives, but in this case, the pending sale has provided a clear exit for all shareholders.

TC Bancshares, Inc.'s Leadership

The leadership team has successfully steered the company through its growth phase and the recent merger approval process. The average tenure of the management team is approximately 2.5 years, suggesting a relatively fresh but experienced executive core.

The key leaders who have been driving the company's strategy and the merger with Colony Bankcorp, Inc. are:

• Gregory H. Eiford: President and Chief Executive Officer (CEO). He has been with the subsidiary bank since 2008 and was appointed CEO in January 2021.
• Scott McLean: Executive Vice President and Chief Financial Officer (CFO). He assumed the CFO role in May 2023, bringing experience as a former commissioned bank examiner.
• Nathan Higdon: Executive Vice President and Chief Commercial Loan Officer.
• Michael Penney: Executive Vice President and Chief Credit Officer.

The Board of Directors, which approved the merger, is led by Independent Chairman Stephanie Tillman. The board is seasoned, with an average tenure of 11.8 years, providing long-term guidance for the organization.

TC Bancshares, Inc. (TCBC) Mission and Values

TC Bancshares, Inc. (TCBC) is fundamentally driven by a dual commitment: achieving high financial performance while deeply enriching the communities it serves in North Florida and South Georgia. This focus goes beyond profit, centering on a Breaking Down TC Bancshares, Inc. (TCBC) Financial Health: Key Insights for Investors, customer-first approach built on trust and personalized service.

TC Bancshares' Core Purpose

The company's cultural DNA is rooted in its 1934 origins as a community-focused institution, a history that guides its present strategy. This is not just corporate speak; it translates into tangible performance, like holding $571.4 million in total assets as of June 30, 2025, and reporting a quarterly net income of $630 thousand in June 2025, showing their community-first model is defintely profitable.

Official Mission Statement

While the company articulates its core purpose through a unified vision, the mission is embodied in the values that support its long-term goals. The focus is on being a reliable, local partner rather than a transactional one.

• Be a high performing financial institution.
• Provide a premium banking experience.
• Earn trust through servant leadership.
• Enrich the communities where we live and serve.

Here's the quick math: a community bank with $469.1 million in total deposits (as of June 30, 2025) demonstrates significant local confidence. That's a lot of local capital trusting their neighborhood bank.

Vision Statement

The vision for TC Bancshares, Inc., through its subsidiary TC Federal Bank, is about blending its strong history with forward-thinking growth, ensuring they remain the go-to choice for local customers. They are committed to sustainable growth and innovation, which means investing in both their people and their digital platform.

• Expand market presence in Georgia and neighboring states.
• Enhance digital capabilities to improve the customer experience.
• Adopt green banking practices to support sustainability goals.

They are actively investing in technology to offer innovative solutions, but still maintain that critical local market expertise that larger, more impersonal banks often lose.

TC Bancshares Slogan/Tagline

The company's long-standing heritage provides a clear, simple message that resonates with its community banking model. They don't need a flashy, complex tagline; they rely on their history and reputation.

• Tradition of Trust

This simple phrase encapsulates the value proposition: a long-standing financial partner built on reliability. They aim to be 'the bank you can trust for a lifetime,' a promise they deliver through highly personalized customer service and customer-first decisions.

TC Bancshares, Inc. (TCBC) How It Works

TC Bancshares, Inc. operates primarily through its subsidiary, TC Federal Bank, generating revenue by taking local deposits and redeploying that capital into a diversified loan portfolio for individuals and businesses across North Florida and South Georgia. The core business is classic community banking, where net interest income-the difference between what the bank earns on loans and what it pays on deposits-is the main engine of profitability.

TC Bancshares' Product/Service Portfolio

TC Bancshares' Operational Framework

The operational framework is built on a high-touch, localized model that keeps decision-making close to the customer, but it's now being layered with modern digital capabilities. The value creation process starts with attracting deposits-which totaled over $469 million as of June 30, 2025-by offering competitive rates on products like Certificates of Deposit and money market accounts.

Here's the quick math: The bank then lends out a significant portion of those funds, with net loans standing at over $409 million by mid-2025, generating interest income. For the trailing twelve months ending June 2025, this resulted in a net interest income of approximately $16.06 million. This is how the bank makes its money, plus some non-interest income from service fees.

The operational process is simple:

• Deposit Gathering: Use a community-focused branch network and digital platform to secure low-cost funding.
• Underwriting and Lending: Apply local market knowledge to assess credit risk for residential and commercial loans, driving loan growth.
• Technology Integration: Continuously enhance the digital platform to improve customer experience and drive operational effiency.

The business is currently operating with a clear near-term horizon: the announced merger with Colony Bankcorp, Inc. (CBAN), expected to close in the fourth quarter of 2025. This transaction defines the immediate operational focus, shifting from independent growth to integration planning.

TC Bancshares' Strategic Advantages

The company's primary strategic advantage is its deep-seated community banking ethos, which is hard for larger national banks to replicate. This local expertise allows for better, more nuanced credit decisions and stronger customer relationships, especially with small businesses.

• Local Market Expertise: Decades of operation in Thomasville, Georgia, and surrounding communities provide a defintely superior understanding of local economic cycles and borrower profiles.
• Relationship Banking: A personalized service model that fosters customer loyalty, which is critical for retaining sticky, lower-cost deposit accounts.
• Strategic Growth via Acquisition: The pending merger with Colony Bankcorp, Inc. is a major strategic move, expanding the bank's footprint and market presence across Georgia and Florida. This immediately increases scale and competitive positioning.
• Digital-First Community Focus: Investment in a revamped mobile app and digital tools ensures the bank remains relevant to younger, tech-savvy customers while maintaining its community roots.

To be fair, the merger creates integration risk, but the combined entity is positioned for greater scale and efficiency. You should look at the details of the combined balance sheet. Breaking Down TC Bancshares, Inc. (TCBC) Financial Health: Key Insights for Investors

TC Bancshares, Inc. (TCBC) How It Makes Money

TC Bancshares, Inc. (TCBC) makes money primarily by operating as a traditional community bank, taking in customer deposits and then lending those funds out at a higher interest rate, a process known as Net Interest Income. This core banking function, supplemented by a small stream of non-interest fee income, is the engine that drives its profitability.

TC Bancshares' Revenue Breakdown

As a bank holding company for TC Federal Bank, TCBC's revenue is overwhelmingly dependent on interest earned from its loan and investment portfolios. For the latest twelve months (TTM) ended June 30, 2025, Net Interest Income represented nearly all of its operating revenue, with a small portion coming from non-interest activities like service charges.

Here's the quick math: Out of the $17.05 million in total revenues before loan losses for the TTM ended June 30, 2025, Net Interest Income was $16.06 million, showing a strong year-over-year growth of 17.22%. Non-Interest Income, which totaled $0.99 million, saw a slight decrease, but it remains a stable, albeit small, contributor to the top line. You're seeing a classic community bank model here: the balance sheet is the business.

Business Economics

The company's economic fundamentals are tied directly to its Net Interest Margin (NIM), which is the difference between the interest it earns on assets (loans and investments) and the interest it pays on liabilities (deposits and borrowings). The goal is to maximize this spread. TC Bancshares manages this through its loan mix and deposit pricing.

• Loan Portfolio Focus: The primary earning assets are loans, specifically one-to-four-family residential real estate loans, commercial and multi-family real estate loans, and commercial and industrial (C&I) loans. A shift toward higher-yielding commercial and construction loans is a key strategy to boost the NIM.
• Funding Costs: The cost of funds (interest paid on deposits) is a critical variable. TCBC works to promote core deposit products-like checking and savings accounts-because they carry a lower interest rate than certificates of deposit (CDs), keeping the cost of money down.
• Pricing Strategy: Loan pricing is dynamic, adjusting based on prevailing interest rates and the perceived risk of the borrower. In a rising rate environment, the bank benefits if the yield on its loans reprices faster than the interest paid on deposits. Conversely, a falling rate environment creates pressure.

To understand the full strategic context, you should review the company's Mission Statement, Vision, & Core Values of TC Bancshares, Inc. (TCBC).

TC Bancshares' Financial Performance

Looking at the TTM financial data through June 30, 2025, the company shows a solid, if small, financial footprint, typical of a regional community bank. The numbers defintely point to a business focused on steady, localized growth.

• Total Revenue: Total revenue for the TTM period was $17.35 million. This is a 20.51% increase over the previous fiscal year, a strong sign of growth in their lending and investment activities.
• Net Income and EPS: The company reported a TTM net income of approximately $1.61 million, translating to earnings per share (EPS) of $0.39. This shows they are converting their top-line revenue growth into bottom-line profit.
• Market Valuation: As of November 2025, TC Bancshares has a market capitalization of roughly $83.36 million, which is a modest valuation reflecting its size and regional focus.
• Cash Flow Health: Operational cash generation is healthy, with TTM operating cash flow at $2.98 million and free cash flow (FCF) at $2.78 million. This FCF provides capital for future lending, investment, and dividend payments. The company paid a semi-annual dividend with the last payment being $0.05 per share.

The key takeaway is that TCBC is a growth-oriented community bank that is successfully leveraging a higher interest rate environment to significantly expand its primary revenue stream: Net Interest Income.

TC Bancshares, Inc. (TCBC) Market Position & Future Outlook

TC Bancshares, Inc. (TCBC) is at a critical inflection point, transitioning from a smaller, community-focused regional bank to a significantly larger entity through its imminent merger with Colony Bankcorp, Inc. The combined organization, expected to close on or about December 1, 2025, will command approximately $3.8 billion in total assets, fundamentally changing its market position and competitive outlook.

This move is defintely a strategic leap, allowing the new franchise to capture greater market share and achieve economies of scale across the Southeast.

Competitive Landscape

Prior to the merger, TC Bancshares, Inc. competed as a small-cap regional bank, primarily against peers with market capitalizations in the $70 million to $80 million range. The decision to merge with Colony Bankcorp, Inc. was a direct response to the need for greater scale to compete effectively against larger regional players.

Here is a snapshot of TCBC's standing relative to a selection of its former peer group, based on market capitalization as of November 2025:

Opportunities & Challenges

The strategic outlook is now almost entirely defined by the integration of TC Bancshares, Inc. into Colony Bankcorp, Inc. This merger is a clear move to create a stronger, more resilient franchise, but it comes with the usual execution risks.

Industry Position

The merger fundamentally repositions TC Bancshares, Inc. from a micro-cap bank with a market capitalization of $83.36 million to a component of a significant regional banking force.

The new entity will have a tangible competitive advantage by combining TCBC's strong local relationships with Colony Bankcorp, Inc.'s broader infrastructure and capital base. This is a classic move for a community bank seeking to survive and thrive in a consolidating industry.

• Asset Jump: Total assets will jump to approximately $3.8 billion, moving the bank into a higher tier of regulatory and competitive scrutiny, but also greater market relevance.
• Deposit Base: The combined $3.1 billion in total deposits provides a stable, low-cost funding base essential for navigating a volatile interest rate cycle.
• Strategic Focus: The focus will shift to maximizing operational efficiencies and realizing the projected synergies from the merger, while maintaining the strong community-centric service model. You can review the foundational principles driving this strategy here: Mission Statement, Vision, & Core Values of TC Bancshares, Inc. (TCBC).

The key challenge is integrating the two banks' technology platforms and client services without disrupting the strong community ties that were TCBC's core strength.