EXHIBIT 99.1

Colony Bankcorp, Inc. Announces Second Quarter Results

FITZGERALD, Ga., July 22, 2011 (GLOBE NEWSWIRE) -- Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net income available to shareholders of $189,000, or $0.02 per diluted share for the second quarter of 2011 compared to second quarter 2010 net income available to shareholders of $171,000, or $0.02 per diluted share, while net income available to shareholders for six months ended June 30, 2011 was $895,000, or $0.11 per diluted share compared to net income available to shareholders for the comparable period in 2010 of $505,000, or $0.06 per diluted share. This increase of 77.23 percent in net income for the comparable six month periods was primarily driven by the reduction in loan loss provision to $3.75 million for the six months ended June 30, 2011 from $6.65 million for the comparable period in 2010. "We are pleased to show improvement in earnings compared to the previous year, while at the same time continuing to exhibit solid pre-tax, pre-provision core earnings to provide support for the credit-related expenses needed to address our problem assets. Earnings continue to be pressured due to anemic loan demand, high loan loss provisions and the credit-related expenses associated with carrying and liquidating other real estate. Though some economic forecasts now suggest that the current fragile economy could extend until the latter part of 2012, we remain cautiously optimistic that the real estate market and economy in general will stabilize and provide a much needed boost to the banking industry. Until we reach a level of stabilization, we expect problem assets, charge-offs and credit-related expenses to continue to be elevated and loan demand to remain slow and sluggish. We still have much work ahead in reducing our problem assets to an acceptable level and returning to our accustomed earnings standards, but we feel that much was accomplished during first half 2011 toward our goal of making incremental progress in 2011," said Al D. Ross, President and Chief Executive Officer.       

Capital

Colony continues to maintain a favorable capital position to be categorized as "well-capitalized" by regulatory benchmarks. At June 30, 2011, the Company's tier one leverage ratio, tier one and total risk-based capital ratios were 8.73 percent, 14.57 percent and 15.83 percent, respectively, compared to the previous quarter end of 8.63 percent, 14.12 percent  and 15.39 percent, respectively, at March 31, 2011. Regulatory benchmarks to be categorized as "well-capitalized" for tier one leverage ratio, tier one and total risk-based capital ratios are 5.00 percent, 6.00 percent and 10.00 percent, respectively.   

Net Interest Margin

During the second quarter of 2011, the Company reported net interest income of $8.58 million and a net interest margin of 2.97 percent, compared to $9.60 million and 3.20 percent, respectively, for second quarter 2010. While anemic loan demand continues to hamper net interest margin, the Company continues to focus on maximizing its net interest margin through deposit and loan pricing guidance. On a positive note, the Company paid off a $20 million repurchase agreement on June 30^th that on an annualized basis will positively impact net interest income $618 thousand.  Net interest margin decreased slightly to 2.97 percent for second quarter 2011 compared to 2.98 percent for first quarter 2011. 

Asset Quality

The Company continues to closely monitor our non-performing assets and focus on problem asset resolution. Non-performing assets increased from the previous quarter end to $65.81 million or 8.44 percent of total loans and other real estate owned as of June 30, 2011. This compares to $51.02 million or 6.35 percent, $49.26 million or 5.91 percent and $46.05 million or 5.25 percent, respectively, as of March 31, 2011, December 31, 2010 and June 30, 2010.  The level of non-performing assets ties directly to the elevated risk in our residential, land development and commercial real estate loan portfolio and has resulted in higher than normal loan loss provisions the past several years. Unusually high levels of loan loss provisions have been required the past several years as company management addresses asset quality deterioration associated with the housing and real estate downturn and the economy in general.  Loan loss reserve methodology resulted in first half 2011 provision for loan losses of $3.75 million compared to $6.65 million for first half 2010. Until we see stabilization in the economy and the housing and real estate market, we expect problem assets and charge-offs to be elevated above historical levels as we work through our problem assets.

In the second quarter of 2011 net charge-offs were $9.33 million, or 1.20 percent of average loans as compared to net charge-offs of $4.56 million, or 0.52 percent of average loans in second quarter 2010, while first half 2011 net charge-offs were $16.64 million, or 2.12 percent of average loans as compared to net-charge-offs of $9.52 million, or 1.07 percent of average loans in first half 2010. Restructuring of some substandard and non-performing loans during the first two quarters of 2011 has resulted in significant charge-offs, but a strategy deemed prudent in bringing resolution with these credits and a return to performing status in the future. The loan loss reserve was $15.39 million on June 30, 2011, or 2.03 percent of total loans compared to $22.47 million on March 31, 2011, or 2.87 percent of total loans. Management believes that the 2011 contributions to Allowance for Loan Losses address the level of non-performing assets and the related level of classified assets to be adequately reserved at June 30, 2011.

Noninterest Income

Total noninterest income increased in the comparable first half periods as six months ended June 30, 2011 noninterest income was $4.78 million compared to $4.56 million in the same comparable 2010 period. Gains realized from the sale of securities totaled $1.13 million during first half 2011 compared to a gain recorded on security transactions during first half 2010 of $878 thousand to primarily account for the increase. The company has been successful in generating SBA loans during the year and realized $750 thousand from the sale of SBA loans during first half 2011 compared to $372 thousand SBA fee income for the comparable 2010 period. The increased activity with SBA lending has offset the decline in service charge on deposit fee income which has been impacted by recent regulatory changes with Regulation E. SBA lending will continue to be a focus during 2011 to supplement noninterest income.     

Noninterest Expense

Total noninterest expense increased to $16.16 million in first half 2011 compared to $16.01 million in first half 2010, or an increase of 0.92 percent. Credit-related expenses including write down and losses on OREO property and repossession and foreclosure expenses increased to $1.92 million for first half 2011 compared to $1.73 million for first half 2010. Salaries and employee benefits expenses increased to $7.14 million in first half 2011 compared to $7.06 million in first half 2010, or an increase of 1.06 percent. This increase is primarily attributable to an increase in headcount related to increased regulatory compliance demands. An offset to these increases was a reduction in occupancy expenses to $2.04 million in first half 2011 compared to $2.21 million in first half 2010, or a decrease of 7.34 percent. The decrease was primarily attributable to less depreciation expense for the comparable periods.      

Colony Bankcorp, Inc. is a bank holding company headquartered in Fitzgerald, Georgia that consists of one operating subsidiary, Colony Bank. The Company conducts a general full service commercial, consumer and mortgage banking business through thirty offices located in the middle and south Georgia cities of Fitzgerald, Warner Robins, Centerville, Ashburn, Leesburg, Cordele, Albany, Thomaston, Columbus, Sylvester, Tifton, Moultrie, Douglas, Broxton, Savannah, Eastman, Chester, Soperton, Rochelle, Pitts, Quitman and Valdosta, Georgia. 

Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq Global Market under the symbol "CBAN".

Certain statements contained in the preceding release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the Company's future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Forward-looking statements speak only as of the date on which such statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.

CONTACT: Terry L. Hester
         Chief Financial Officer
         (229) 426-6002