FB Financial and Southern States receive regulatory approvals for merger

NASHVILLE/ANNISTON - FB Financial Corporation (NYSE: FBK), a $2 billion market cap regional bank with a FAIR financial health rating according to InvestingPro, and Southern States Bancshares, Inc. (NASDAQ: SSBK) announced Thursday they have received all necessary regulatory approvals for their proposed merger.

The transaction is expected to close on July 1, 2025, with systems conversion planned during the third quarter, according to a company press release.

Upon completion, the merger will combine FB Financial’s $13.1 billion in assets with Southern States’ $2.9 billion. As of March 31, 2025, FB Financial reported loans of $9.9 billion and deposits of $11.2 billion, while Southern States had loans of $2.3 billion and deposits of $2.4 billion.

"We’re pleased to have received swift regulatory approval for the merger between FB Financial and Southern States," said Christopher T. Holmes, President and CEO of FB Financial.

FB Financial operates through its banking subsidiary FirstBank, with 77 full-service branches across Tennessee, Alabama, Kentucky, and North Georgia. Southern States Bank operates 15 branches in Alabama and Georgia, along with two loan production offices in Atlanta.

The merger agreement was previously announced with FB Financial filing a Registration Statement on Form S-4 with the SEC on May 8, 2025, which was declared effective on May 21, 2025.

Both companies’ shareholders must still approve the transaction. The joint proxy statement/prospectus containing information about the proposed merger is available through the SEC website. FB Financial has demonstrated strong shareholder focus with seven consecutive years of dividend increases. Discover more insights about FB Financial and 1,400+ other stocks through comprehensive Pro Research Reports available on InvestingPro.

In other recent news, FB Financial Corporation reported its first-quarter 2025 earnings, revealing an adjusted earnings per share (EPS) of $0.85, which slightly exceeded the forecast of $0.83. However, the company’s revenue fell short of expectations, coming in at $130.67 million compared to the anticipated $132.18 million. The company continues to focus on strategic growth, including its planned merger with Southern States Bank, expected to close in the third quarter of 2025. The merger is anticipated to enhance FB Financial’s presence in the Alabama and Georgia markets. Piper Sandler analyst Stephen Scouten adjusted the price target for FB Financial, reducing it to $58 from $60, while maintaining an Overweight rating. Meanwhile, Raymond James reiterated a Market Perform rating on FB Financial’s stock, emphasizing the bank’s solid capital and liquidity position. FB Financial’s shareholders recently ratified the appointment of Crowe LLP as the company’s independent auditor, though they rejected a proposal to amend the company’s charter to eliminate supermajority voting standards.

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