Southern States Bancshares Inc., parent of Southern States Bank, is being acquired by FB Financial Corp., parent to FirstBank.
Southern States is headquartered in Anniston and has 15 branches in Alabama and Georgia, along with two loan production offices in Atlanta. Southern States reported total assets of $2.8 billion, loans of $2.2 billion and deposits of $2.4 billion as of Dec. 31, 2024.
FB Financial Corp., headquartered in Nashville, Tennessee, operates FirstBank, which has 77 branches across Tennessee, Alabama, Kentucky and Georgia, and mortgage offices across the Southeast. It has approximately $13.2 billion in total assets as of Dec. 31, 2024.
“We are thrilled about our proposed combination with Southern States,” said Christopher Holmes, president and CEO of FB Financial. “Southern States is an established community bank with a leading presence in the markets they serve. We are well aligned culturally and look forward to continuing Southern States’ legacy of dedication and service to their customers.”
As part of the transaction, Southern States’ President and CEO Mark Chambers and Chief Financial Officer Lynn Joyce will fill meaningful roles within the combined company. Other key employees and producers will be offered employment arrangements with the combined company.
“Our team is excited about this partnership and the opportunity it presents,” said Chambers. “We believe this transaction benefits all of our shareholders and customers, and the combined company will be well positioned to capitalize on talent and financial strength with an enhanced presence in exceptional markets.”
Pursuant to the merger agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock. Based on FB Financial’s closing stock price of $47.05 per share as of March 28, 2025, the implied transaction value is approximately $37.64 per Southern States share, or $381 million, in the aggregate.
The merger agreement has been unanimously approved by both companies’ boards of directors. The merger is expected to close late in the third quarter or early in the fourth quarter of this year, subject to regulatory approvals, shareholders of both institutions and customary closing conditions.
Keefe, Bruyette & Woods Inc. served as financial advisor and to Alston & Bird LLP served as legal advisor to FB Financial Corp. Performance Trust Capital Partners LLC served as financial advisor and Jones Walker LLP served as legal advisor to Southern States Bancshares Inc.
