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ANNISTON, AL— Southern States Bancshares , Inc. (NASDAQ:SSBK), a $328 million market cap regional bank, announced today that Jonathan W. Hinton, a member of its Board of Directors, has decided not to seek re-election after his current term ends. Hinton’s departure was reported in the company’s recent SEC filing and will take effect at the 2025 Annual Meeting of Shareholders.
Hinton, whose decision to leave the board was not due to any disagreements with the company, has served as a director for an unspecified term. The filing did not indicate any immediate plans for his replacement or the impact this may have on the board’s composition.
Southern States Bancshares, a state commercial bank headquartered in Anniston, AL, is known for providing a range of banking services in the region. The company has been listed on The NASDAQ Stock Market LLC under the trading symbol SSBK.
The announcement comes at a time when corporate governance and board composition are under increased scrutiny by investors and regulatory bodies, making the departure of directors a notable event for stakeholders.
The company’s SEC filing, which serves as the source of this information, offers no further details on the background or reasons for Hinton’s decision not to stand for re-election. It also refrains from providing any forward-looking statements regarding the company’s strategic direction post-Hinton’s tenure.
As per standard procedure, Southern States Bancshares will handle the transition in accordance with corporate governance protocols. Shareholders and the market will be kept informed of any developments regarding the election of new directors or other changes to the board’s structure.
This change on the board is a natural part of corporate board dynamics and is not indicative of any underlying issues within the company. In fact, InvestingPro analysis shows the bank maintains a "GREAT" overall financial health score, with particularly strong marks in profitability and growth metrics. Southern States Bancshares continues to operate and serve its customers as usual. Discover more insights and 6 additional ProTips about SSBK’s performance and outlook with an InvestingPro subscription.
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