FB Financial Merges with Southern States Bancshares

News Summary

FB Financial Corporation has announced a merger with Southern States Bancshares, valued at $381 million. This merger aims to combine financial strengths and expand market reach. Southern States, based in Alabama, will be fully absorbed into FB Financial, promising to continue its renowned customer service while looking towards significant financial goals post-merger, including increased earnings per share and cost savings.

Exciting Merger News from Birmingham: FB Financial is Joining Forces with Southern States Bancshares!

In a surprising turn of events for the finance world, FB Financial Corporation, the proud parent of FirstBank, has just announced a significant merger agreement with Southern States Bancshares, Inc. This merger, which has a jaw-dropping valuation of $381 million, is set to combine the strengths of both companies and bring new opportunities for customers and shareholders alike.

A New Chapter for Southern States Bancshares

Southern States Bancshares, based in the charming city of Anniston, Alabama, has a strong presence with its 15 branches spread throughout Alabama and Georgia, plus an impressive two loan production offices situated in the bustling Atlanta Metropolitan Statistical Area. As of the end of December 2024, Southern States boasted total assets of $2.8 billion, loans reaching $2.2 billion, and deposits totaling $2.4 billion. It is evident that Southern States has firmly established itself in key growth markets such as Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville.

What This Means for Customers

As part of this dynamic merger, Southern States will be fully absorbed into FB Financial. The excitement is palpable as the company leaders highlight the cultural alignment between the two organizations, promising that the renowned customer service legacy of Southern States will not only continue but also flourish. With this partnership, both companies aim to expand their reach into new markets while leveraging their financial strengths to benefit all stakeholders involved.

Details About the Merge

So how will this merger work? Well, Southern States shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock they hold. This move sets the implied value per Southern States share at roughly $37.64, using FB Financial’s closing stock price of $47.05 on March 28, 2025. With this formula, the total transaction value climbs up to that impressive $381 million mark!

Board Approval and Future Plans

There’s good news on the governance front, as the boards of directors from both companies have unanimously stamped their approval on the merger. They’re now looking towards the future, with the transaction anticipated to close by late Q3 or early Q4 of 2025—pending the necessary regulatory approvals and shareholder votes. This means exciting changes could be heading our way sooner rather than later.

Financial Projections and Strategic Goals

In terms of financial outcomes, FB Financial has set high hopes post-merger, with aspirations of achieving an earnings per share accretion of 12% by 2026. There’s also chatter about projected cost savings that could hit around 25% of Southern States’ annual non-interest expenses. However, it’s not all cake and ice cream, as pre-tax transaction expenses are expected to float around $38 million.

Who’s Who in the Merger

In this exciting union, Southern States’ key players, including President and CEO Mark A. Chambers and CFO Lynn J. Joyce, will continue with significant roles even after the merger closes. They will help steer the ship into this new era, ensuring a smooth transition for all customers involved.

Upcoming Announcements

If you’re itching for more details, both companies will host a conference call to dive deeper into the merger details at 8:00 a.m. CT on March 31, 2025. This is an opportunity you won’t want to miss if you’re interested in how this merger might change the banking landscape in Birmingham and beyond!

As FB Financial operates a mighty 77 full-service bank branches across Tennessee, Alabama, Kentucky, and North Georgia, bringing Southern States into the fold could enhance their footprint significantly. Stay tuned for more exciting updates on this monumental merger!

Deeper Dive: News & Info About This Topic

• Business Wire: FB Financial to Expand
• Banking Dive: FB Financial Acquiring Southern States
• Business Alabama: Southern States Bancshares Acquired
• Wikipedia: Bank Merger
• Google Search: FB Financial merger Southern States