NASHVILLE, Tenn. – FB Financial Corporation, the parent company of FirstBank, announced last Tuesday, July 1 that it has completed its merger with Southern States Bancshares, Inc., the parent company of Southern States Bank, with a local branch in Sylacauga.
Shares of Southern States ceased trading after the market closed on June 30. Pursuant to the terms of the merger agreement, Southern States’ shareholders received 0.800 shares of FB Financial common stock for each share of Southern States stock. Based on FB Financial’s closing stock price of $45.30 per share as of June 30, the implied transaction value is approximately $36.24 per Southern States share, or $368.4 million, in total.
“Today marks a significant milestone in the histories of our two companies,” said Christopher T. Holmes, President and CEO of FB Financial. “We are excited about joining forces with Southern States and look forward to continuing their history of exemplary service in their communities. We are confident that this combination will deliver long-term value for our customers, associates, shareholders, and communities.”
As of March 31, Southern States reported total assets of $2.9 billion, loans of $2.3 billion, and deposits of $2.4 billion, and FB Financial reported total assets of $13.1 billion, loans of $9.9 billion, and deposits of $11.2 billion.
FB Financial also announced today the appointment of J. Henry “Hank” Smith IV to its board of directors, effective immediately. Mr. Smith served on the board of directors of Southern States and Southern States Bank. For over 20 years, Mr. Smith has served as President of Interstate Sheet Metal Company, a sheet metal contractor specializing in public works projects and other large contract projects throughout Alabama.
“We are thrilled to have Hank Smith join our board,” Holmes noted. “His extensive business management experience and bank governance experience will serve FB Financial well as we grow and expand our footprint.”
FB Financial Corporation is a bank holding company headquartered in Nashville, Tennessee. FB Financial operates through its wholly-owned banking subsidiary, FirstBank, in Tennessee, Alabama, Kentucky, and Georgia. Including the impact of today’s merger, FB Financial now operates 93 full-service bank branches across its footprint and has approximately $16 billion of total assets.
