FB Financial Corporation to Merge with Southern States Bancshares

News Summary

FB Financial Corporation has entered into a merger agreement with Southern States Bancshares to enhance its market presence in Alabama and Georgia. The merger will allow FB Financial to leverage Southern States’ 15 branches in key cities like Atlanta and Birmingham. The transaction, valued at approximately $381 million, will see Southern States’ shareholders receiving shares of FB Financial stock. Leadership continuity is planned, with key executives retaining significant roles. The merger is expected to close by late 2025 and aims to increase earnings per share and cost savings.

Nashville, TN – FB Financial Corporation has announced a definitive merger agreement with Southern States Bancshares, Inc., aiming to strengthen its market presence in key regions of Alabama and Georgia. The merger, which will see Southern States merge into FB Financial, is a strategic move to enhance the operations of FB Financial across its growth areas.

Southern States, headquartered in Anniston, Alabama, operates 15 branches in both Alabama and Georgia, as well as two loan production offices located in the Atlanta metropolitan area. The merger is set to enhance FB Financial’s market reach in major cities including Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville, which align closely with FB Financial’s existing core markets.

Financial details reveal that as of December 31, 2024, Southern States reported total assets of $2.8 billion, loans of $2.2 billion, and deposits totaling $2.4 billion. The transaction, valued at approximately $381 million, stipulates that Southern States shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States held, equating to an implied value of about $37.64 per Southern States share based on the closing stock price of FB Financial at $47.05 on March 28, 2025.

Leadership continuity is planned following the merger, with Southern States’ President and CEO Mark Chambers and Chief Financial Officer Lynn Joyce set to retain significant roles within the new organizational structure. Additionally, the merger agreement includes provisions for appointing one director from Southern States to FB Financial’s Board of Directors.

The merger is expected to close by late Q3 or early Q4 of 2025, contingent upon necessary regulatory approvals and shareholder votes. Following the transaction, FB Financial anticipates a 12% accretion to earnings per share by 2026, along with projected cost savings of approximately 25% from Southern States’ annual non-interest expenses. This is in line with FB Financial’s strategic market approach in the Southeast, aimed at expanding both its footprint and service offerings in beneficial areas.

Keefe, Bruyette & Woods, Inc. served as financial advisor to FB Financial, while Alston & Bird LLP acted as legal advisor. For Southern States, financial advisory was provided by Performance Trust Capital Partners, LLC, supported by legal counsel from Jones Walker LLP.

FB Financial will hold a conference call on March 31, 2025, at 8:00 a.m. CT to discuss the merger further with stakeholders. Currently, FB Financial, headquartered in Nashville, operates through its subsidiary, FirstBank, which encompasses 77 branches across Tennessee, Alabama, Kentucky, and North Georgia, and has total assets of approximately $13.2 billion.

This merger is viewed as a significant step towards solidifying FB Financial’s commitment to serve its customers while providing growth opportunities in the southeastern United States.

Deeper Dive: News & Info About This Topic

• Business Wire: FB Financial to Expand in Alabama and Georgia by Merger With Southern States
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• Business Alabama: Southern States Bancshares Acquired by FB Financial Corp
• Encyclopedia Britannica: Banking
• Investing.com: Southern States Bancshares Q1 2025 Slides Strong Growth Amid FB Financial Merger
• Google News: FB Financial Southern States merger
• Huntsville Business Journal: FB Financial and Southern States Announce Merger Agreement
• Google Scholar: FB Financial Southern States