FB Financial to Expand in Alabama and Georgia by Merger With Southern States

Core Viewpoint - FB Financial Corporation and Southern States Bancshares, Inc. have entered into a definitive merger agreement, with Southern States being merged into FB Financial, enhancing FB Financial's market presence and growth potential in key areas [1][6]. Company Overview - FB Financial Corporation is headquartered in Nashville, Tennessee, operating through FirstBank with 77 branches across Tennessee, Alabama, Kentucky, and North Georgia, and has total assets of approximately $13.2 billion as of December 31, 2024 [10]. - Southern States Bancshares, Inc. is based in Anniston, Alabama, with 15 branches in Alabama and Georgia, and two loan production offices in the Atlanta MSA, reporting total assets of$2.8 billion, loans of $2.2 billion, and deposits of$2.4 billion as of December 31, 2024 [2][11]. Merger Details - Under the merger agreement, Southern States' shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock, valuing the transaction at approximately $381 million based on FB Financial's closing stock price of$47.05 as of March 28, 2025 [4]. - The merger is expected to close in late Q3 or early Q4 of 2025, pending regulatory approvals and shareholder consent [6]. Leadership and Integration - Both companies' CEOs expressed enthusiasm for the merger, highlighting cultural alignment and the potential benefits for shareholders and customers [3]. - Key executives from Southern States, including its President and CFO, will retain significant roles in the combined entity, ensuring continuity and integration of operations [3]. Financial Advisors - Keefe, Bruyette, & Woods, Inc. acted as financial advisor for FB Financial, while Performance Trust Capital Partners, LLC served as financial advisor for Southern States [7].