NASHVILLE, Tenn. & ANNISTON, Ala. – FB Financial Corporation, the parent company of FirstBank, and Southern States Bancshares, Inc. (“Southern States”), the parent company of Southern States Bank, jointly announced their entry into a definitive merger agreement pursuant to which Southern States will be merged with and into FB Financial.
Southern States is headquartered in Anniston with 15 branches across Alabama and Georgia, along with two loan production offices in the Atlanta MSA. Southern States’ core markets include a mix of community and metropolitan markets that match FB Financial’s desired areas for growth, including Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville. 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’s President and CEO Christopher T. Holmes commented, “We are thrilled about our proposed combination with Southern States. 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.”
Southern States’ President and CEO, Mark A. Chambers, commented, “Our team is excited about this partnership and the opportunity it presents. 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.”
As part of the transaction, both Mr. Chambers and Lynn J. Joyce, Chief Financial Officer, plan to fill meaningful roles in the combined company. Other key employees and producers are also vital parts of the merger and will be offered employment arrangements with the combined company. Following the close of the transaction, one Southern States Director agreed upon by both companies will be appointed to FB Financial’s Board of Directors.
Pursuant to the terms of 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.
