FB Financial Corp., the parent company of FirstBank, will acquire Southern States Bancshares Inc. in a $381 million all-stock merger, expanding its footprint across key markets in Alabama and Georgia.
The merger will bring Southern States’ 15 branches and two loan production offices under the FB Financial umbrella. Southern States, headquartered in Anniston, Alabama, reported $2.8 billion in total assets as of Dec. 31, 2024. The company’s presence in metro and community markets, including Atlanta, Birmingham, and Huntsville, aligns with FB Financial’s targeted growth areas.
Under terms of the deal, 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 price of $47.05 on March 28, the transaction values Southern States shares at $37.64 each.
“This combination is a natural fit,” said Christopher T. Holmes, president and CEO of FB Financial. “Southern States is a strong community bank, and we look forward to building on their legacy of customer service.”
Southern States CEO Mark A. Chambers said the merger will strengthen both institutions. “We believe this transaction benefits all of our shareholders and customers,” Chambers said. “Together, we’ll have the scale and resources to grow in exceptional markets.”
Chambers and Southern States CFO Lynn J. Joyce are expected to take on leadership roles within the combined company. One Southern States director will join FB Financial’s board following the merger.
The deal has been approved unanimously by both companies’ boards and is expected to close in the third or fourth quarter of 2025, pending regulatory and shareholder approvals.
Financial advisors for the deal include Keefe, Bruyette & Woods for FB Financial and Performance Trust Capital Partners for Southern States. Legal counsel was provided by Alston & Bird for FB Financial and Jones Walker for Southern States.
An investor presentation is available on both companies’ websites. FB Financial also held a conference call Monday to discuss the merger. A replay will remain available online through April 7.
