FB Financial Corporation (FBK) entered a merger agreement on March 31, 2025, to acquire regional lender Southern States Bancshares, Inc. (SSBK) in an all-stock deal valued at about $381 million.
Under the terms of the agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock. The implied transaction value is about $37.64 per Southern States share, representing a 15.85% premium from the stock’s last close.
Southern States Bancshares is a bank holding company operating through its subsidiary, Southern States Bank, offering full-service community banking—including deposits, loans, and financial services—to businesses and individuals across Alabama and Georgia through 15 branches and two loan production offices.
FB Financial is a bank holding company operating through its subsidiary, FirstBank, providing commercial and consumer banking services across Tennessee, Alabama, Kentucky, and North Georgia through 77 branches, along with mortgage offices across the Southeast. As of December 31, 2024, it has about $13.2 billion in total assets.
Southern States’ core markets align with FB Financial’s growth strategy, covering both community and metropolitan areas such as Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville. As of December 31, 2024, Southern States reported total assets of $2.8 billion, loans of $2.2 billion, and deposits of $2.4 billion.
The deal is expected to close late in the third quarter or early in the fourth quarter of 2025.
Performance Trust Capital Partners served as the financial advisor and Jones Walker as the legal advisor to Southern States Bancshares. Keefe, Bruyette & Woods provided financial guidance to FB Financial Corporation, with legal counsel from Alston & Bird.
FB Financial is paying 1.26 times the book value for Southern States Bancshares.
For more details surrounding this M&A transaction, please visit the Deal Metrics page here:
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
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Editor’s Note: Baranjot Kaur contributed to this article