Anniston-based Southern States Bancshares Inc., the bank holding company of Southern States Bank, has commenced an initial public offering of 996,429 shares of common stock to be offered by Southern States and 1,003,571 shares of common stock to be offered by certain selling stockholders. The common stock will be listed on the NASDAQ Global Select Market under the trading symbol SSBK.
The initial public offering is expected to be between $19 and $21 per share, and Southern States expects to grant the underwriters a 30-day option to purchase up to an additional 300,000 shares of common stock from it at the initial public offering price, less underwriting discounts and commission.
The net proceeds from the sales will be used by Southern States for general corporate purposes, including capital and liquidity to support growth, and potential acquisitions of banks or closely related businesses. Southern States will not receive proceeds from the selling stockholders’ sale of common stock.
In a press release issued in mid-July, Southern States said it hoped to raise up to $35 million from the initial public offering.
Keefe, Bruyette & Woods Inc. and Truist Securities Inc. are acting as joint book-running managers. Hovde Group LLC and Performance Trust Capital Partners LLC are acting as co-managers for the offering.
A registration statement related to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.
Southern States Bank has 15 branches in Alabama and Georgia and a loan production office in Atlanta.
