FB Financial has entered into a definitive merger agreement valued at approximately $381m with Southern States Bancshares in a move to expand its footprint Alabama and Georgia.
Southern States Bancshares is the parent company of Southern States Bank, while FB Financial is the parent company of FirstBank.
Under this agreement, Southern States Bancshares will be integrated into FB Financial. The former’s shareholders will exchange each of their shares in the Nasdaq-listed Southern States for 0.8 shares of FB Financial common stock listed on the New York Stock Exchange (NYSE).
The transaction value is based on FB Financial’s stock price of $47.05 as of 28 March 2025.
Southern States Bancshares is headquartered in Anniston, Alabama. It operates 15 branches across Alabama and Georgia, along with two loan production offices in the Atlanta metropolitan statistical area (MSA).
The core markets of Southern States Bancshares align with FB Financial’s growth targets, including areas such as Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville.
As of 31 December 2024, Southern States Bancshares reported total assets of $2.8bn, loans amounting to $2.2bn, and deposits totalling $2.4bn.
The merger aims to qualify as a tax-free reorganisation for federal income tax purposes and will allow a tax-free exchange for Southern States Bancshares’ stockholders receiving FB Financial common stock.
FB Financial president and CEO Christopher Holmes said: “We are thrilled about our proposed combination with Southern States. Southern States is an established community bank with a leading presence in the markets they serve.
“We are well-aligned culturally and look forward to continuing Southern States’ legacy of dedication and service to their customers.”
FB Financial is based in Nashville, Tennessee. Its wholly owned subsidiary FirstBank has 77 full-service bank branches across Tennessee, Alabama, Kentucky, and North Georgia, alongside mortgage offices throughout the Southeast.
As of 31 December 2024, FB Financial had approximately $13.2bn in total assets.
The boards of directors for both bank companies have unanimously approved the merger agreement. The closing is anticipated in late Q3 or early Q4 of 2025 and remains subject to regulatory approvals, shareholder approvals from both entities, and other customary conditions.
Southern States Bancshares president and CEO Mark Chambers said: “Our team is excited about this partnership and the opportunity it presents.
“We believe this transaction benefits all of our shareholders and customers, and the combined company will be well positioned to capitalise on talent and financial strength with an enhanced presence in exceptional markets.”
Keefe, Bruyette & Woods served as financial adviser to FB Financial with legal advice provided by Alston & Bird.
Performance Trust Capital Partners acted as financial adviser to Southern States Bancshares, with Jones Walker serving as legal adviser.
