News Summary
FB Financial Corporation is merging with Southern States Bancshares, significantly expanding its presence in Alabama and Georgia. Southern States, operating 15 branches and two loan offices, has impressive financial metrics, with total assets at $2.8 billion. The merger, valued at approximately $381 million, will benefit shareholders and customers, enhancing market strength and operational efficiency. Both companies have received unanimous board approval, with the transaction expected to close in late 2025, pending regulatory and shareholder approvals.
Nashville, TN — FB Financial Corporation is set to merge with Southern States Bancshares, Inc., marking a significant move to expand its footprint in Alabama and Georgia. The definitive agreement indicates that Southern States will be absorbed into FB Financial, further consolidating the company’s market presence in these regions.
Southern States, headquartered in Anniston, Alabama, operates a network of 15 branches and two loan production offices within metro Atlanta. As of December 31, 2024, Southern States flaunted total assets of $2.8 billion, with $2.2 billion in loans and deposits totaling $2.4 billion. The bank serves key markets including Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville, effectively contributing to its already substantial asset base.
FB Financial’s President and CEO, Christopher T. Holmes, has expressed confidence about the merger, citing Southern States’ significant community banking presence as a valuable asset. Mark A. Chambers, the President and CEO of Southern States, emphasized the merger as a beneficial venture for both shareholders and customers, anticipating an enhancement of market strength as a result of the consolidation.
The merger agreement stipulates that Southern States shareholders will be compensated with 0.800 shares of FB Financial common stock for each share they own. This results in an implied transaction value for each Southern States share of approximately $37.64, translating to a total transaction value of around $381 million based on FB Financial’s closing price of $47.05 as of March 28, 2025. Furthermore, this merger is structured as a tax-free reorganization for federal income tax purposes, adding a layer of financial convenience for the involved shareholders.
Both companies’ boards of directors have unanimously approved the merger, paving the way for it to proceed. While the transaction is subject to regulatory and shareholder approvals, it is projected to close in the late third quarter or early fourth quarter of 2025. Financial advisors assisting the respective firms in this transaction include Keefe, Bruyette, & Woods, Inc. for FB Financial and Performance Trust Capital Partners, LLC for Southern States.
Financial Performance of Southern States
Southern States has demonstrated impressive financial performance over recent quarters, showcasing quarterly growth in net income and enhanced profitability metrics. In the first quarter of 2025, the bank reported total assets of $2.9 billion, with core net income amounting to $10.3 million — an increase from $8.1 million in the same quarter of 2024. The bank has managed to improve its net interest margin to 3.75% in Q1 2025, despite facing challenges in the broader interest rate environment.
Strategic Advantages of the Merger
The merger between FB Financial Corporation and Southern States Bancshares is expected to yield significant strategic advantages. The combined entity will likely benefit from increased market share, operational synergies, and an overall enhancement of financial strength. By merging, the companies will create a larger organization that could better serve their community and metropolitan markets while ensuring sustainable growth and improved efficiency in operations.
With a focus on community banking, both FB Financial and Southern States aim to maintain their commitment to serving customers in their respective markets. By pooling their resources and strengths, they can enhance product offerings and broaden their customer base, which may prove beneficial as they navigate the complexities of the financial landscape.
This merger is not only a step towards expansion for FB Financial but also signifies a robust future for Southern States, whose leadership will remain integral to the combined entity’s direction and operational strategy after the merger is finalized.
Deeper Dive: News & Info About This Topic
- TradingView: Southern States Bancshares SEC Report
- Business Wire: FB Financial to Expand in Alabama and Georgia by Merger
- Banking Dive: FB Financial Acquiring Southern States
- Wikipedia: FB Financial Corporation
- Google Search: Southern States Bancshares
