FB Financial to merge with Southern States Bancshares

NASHVILLE, Tenn. - FB Financial Corporation (NYSE: FBK), the holding company of FirstBank, and Southern States Bancshares, Inc. (NASDAQ: SSBK), the parent company of Southern States Bank, have announced a definitive merger agreement. Under the terms of the agreement, Southern States will merge into FB Financial. Southern States enters this merger with strong fundamentals, maintaining a "GREAT" financial health score according to InvestingPro analysis, and has demonstrated robust revenue growth of ~14% over the last twelve months.

The merger is set to enhance FB Financial’s presence in key markets, including Atlanta and Birmingham, complementing its growth strategy. Southern States, with 15 branches across Alabama and Georgia, reported $2.8 billion in assets, $2.2 billion in loans, and $2.4 billion in deposits as of December 31, 2024.

Christopher T. Holmes, President and CEO of FB Financial, expressed enthusiasm for the merger, citing cultural alignment and a shared commitment to customer service. Mark A. Chambers, President and CEO of Southern States, also conveyed optimism about the partnership, emphasizing the benefits for shareholders and customers.

Key personnel from Southern States, including Chambers and CFO Lynn J. Joyce, are expected to assume significant roles in the combined entity. Additionally, a mutually agreed-upon Southern States Director will join FB Financial’s Board of Directors post-merger.

The transaction, based on FB Financial’s closing stock price of $47.05 as of March 28, 2025, values Southern States shares at approximately $37.64 each, or $381 million in total. This represents a significant premium to Southern States’ current market capitalization of $322 million and its current trading price of $32.49. InvestingPro data shows the stock trading at an attractive P/E ratio of 8.7x, with analysts setting price targets ranging from $39 to $43 per share. The merger is anticipated to qualify as a tax-free reorganization for federal income tax purposes.

Both companies’ boards of directors have unanimously approved the merger agreement. Completion of the merger, expected in late third quarter or early fourth quarter of 2025, is subject to regulatory and shareholder approvals, along with other customary closing conditions.

FB Financial Corporation, headquartered in Nashville, Tennessee, operates 77 full-service bank branches and has approximately $13.2 billion in total assets. Southern States Bancshares, Inc., based in Anniston, Alabama, provides a range of banking services through its 15 branches and two loan production offices.

This news is based on a press release statement and does not constitute financial advice. The merger remains subject to various approvals and conditions. For deeper insights into Southern States’ financial health and additional analysis, including exclusive ProTips and comprehensive valuation metrics, explore InvestingPro.

In other recent news, Southern States Bancshares announced that Jonathan W. Hinton will not seek re-election to the company’s Board of Directors after his current term ends. This decision was confirmed in the company’s recent SEC filing and will take effect at the 2025 Annual Meeting of Shareholders. Hinton’s departure is not due to any disagreements with the company, and there are no immediate plans for his replacement, leaving questions about how this will affect the board’s composition. The filing did not provide further details on Hinton’s decision or any forward-looking statements regarding the company’s strategic direction following his exit. This change occurs amid heightened scrutiny of corporate governance and board composition by investors and regulatory bodies. Southern States Bancshares has assured stakeholders that the transition will be handled according to corporate governance protocols. The company remains committed to keeping shareholders informed about any developments related to the election of new directors or changes in the board’s structure. This development is a routine part of corporate board dynamics and does not suggest any underlying issues within the company.

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