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 to be merged into FB Financial, enhancing FB Financial's market presence and growth potential in key areas [1][3][6]. Company Overview - FB Financial Corporation is headquartered in Nashville, Tennessee, operating through its subsidiary FirstBank, with 77 branches and approximately $13.2 billion in total assets as of December 31, 2024 [10]. - Southern States Bancshares, Inc. is based in Anniston, Alabama, with 15 branches and two loan production offices, 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 - 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 stock price of $47.05 as of March 28, 2025 [4][5]. - The merger is expected to close in late Q3 or early Q4 of 2025, pending regulatory approvals and shareholder consent [6]. Leadership and Integration - Key executives from Southern States, including President and CEO Mark A. Chambers and CFO Lynn J. Joyce, will take significant roles in the combined company, ensuring continuity and integration of operations [3][6]. Market Strategy - The merger aligns with FB Financial's growth strategy, targeting community and metropolitan markets in Alabama and Georgia, which are consistent with its expansion goals [2][3].