FB Financial to Merge with Southern States, Expanding Footprint in Alabama and Georgia

Deal News (Announced) | Mar 31, 2025 | EIN

FB Financial to Merge with Southern States, Expanding Footprint in Alabama and Georgia

FB Financial Corporation, the parent company of FirstBank, is set to merge with Southern States Bancshares, Inc., thereby expanding its presence in Alabama and Georgia. The merger agreement, valued at approximately $381 million, will see Southern States being integrated into FB Financial. Southern States, which operates 15 branches across Alabama and Georgia and holds assets totaling $2.8 billion, will enhance FB Financial's market reach in key areas like Atlanta, Auburn-Opelika, Birmingham, and more. In terms of stock transaction, Southern States' shareholders will receive 0.800 shares of FB Financial for each share they hold, aiming for a tax-free exchange. The merger has unanimous board approval from both companies and is anticipated to complete by the end of 2025, pending regulatory and shareholder approvals. Key Southern States executives, including CEO Mark A. Chambers, will continue in significant roles post-merger. Industry advisors such as Keefe, Bruyette, & Woods, Inc., and legal firms Alston & Bird LLP and Jones Walker LLP, assisted in the negotiation. This merger aims to capitalize on synergies, enhance financial strength, and expand market operations for both entities.

Sectors

  • Banking
  • Finance

Geography

  • United States – Both FB Financial and Southern States Bancshares are headquartered in the United States, with operations and branches predominantly in Alabama and Georgia.

Industry

  • Banking – The merger involves two banking corporations, FB Financial and Southern States Bancshares, with goals of expanding banking operations and enhancing market presence.
  • Finance – The financial aspects of the merger, including the stock exchange deal and valuation, are core components of the financial industry.

Financials

  • $2.8 billion – Southern States' reported total assets as of December 31, 2024.
  • $2.2 billion – Southern States' reported total loans as of December 31, 2024.
  • $2.4 billion – Southern States' reported total deposits as of December 31, 2024.
  • $381 million – The approximate transaction value for the merger as of March 28, 2025.
  • 0.800 shares of FB Financial – The share exchange ratio for Southern States shareholders.
  • $47.05 per share – FB Financial's closing stock price on March 28, 2025.

Participants

NameRoleTypeDescription
FB Financial CorporationBidding CompanyCompanyA bank holding company headquartered in Nashville, Tennessee, operating through its subsidiary FirstBank.
Southern States Bancshares, Inc.Target CompanyCompanyA bank holding company based in Anniston, Alabama, operating primarily through Southern States Bank.
Christopher T. HolmesPresident and CEO of FB FinancialPersonLeading the merger efforts on behalf of FB Financial.
Mark A. ChambersPresident and CEO of Southern StatesPersonOverseeing the transition and integration from Southern States’ side.
Lynn J. JoyceChief Financial Officer of Southern StatesPersonPlanned to assume a significant role post-merger.
Keefe, Bruyette, & Woods, Inc.Financial Advisor to FB FinancialCompanyProvided financial advisory services to FB Financial during the merger.
Alston & Bird LLPLegal Advisor to FB FinancialCompanyProvided legal advisory services to FB Financial for the merger.
Performance Trust Capital Partners, LLCFinancial Advisor to Southern StatesCompanyAssisted Southern States with financial advisory services for the merger.
Jones Walker LLPLegal Advisor to Southern StatesCompanyOffered legal advisory services to Southern States during the merger.