News Summary
FB Financial Corporation has announced a major merger with Southern States Bancshares, promising to reshape financial services across Alabama and Georgia. This partnership aims to expand banking resources and improve customer experiences, set to close in late 2025, pending approvals. Both banks’ leadership express strong optimism for the merger’s benefits, including generous shareholder advantages and projected earnings growth. The merger signifies a new chapter for local banking in Birmingham, with expectations of enhanced community engagement and innovative financial products.
Exciting Times Ahead for Birmingham: Merger Announcement Shakes Up Local Banking Community
Banking just got a whole lot more interesting in Birmingham as FB Financial Corporation, the parent company of FirstBank, has just revealed a major merger with Southern States Bancshares, Inc., the folks behind Southern States Bank. This exciting partnership promises to reshape financial services in not just Alabama, but also in Georgia, and it’s sure to have local families and businesses buzzing.
Big Plans for Expansion
Based in Anniston, Alabama, Southern States Bank operates an impressive network of 15 branches, along with two loan production sites in the bustling Atlanta metropolitan area. With this merger, FB Financial is looking to stretch its legs and strengthen its presence in crucial markets including Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville. That means more resources, better services, and an even friendlier neighborhood bank experience for everyone involved!
Momentous Financial Footing
As of December 31, 2024, Southern States reported some enticing numbers: total assets of $2.8 billion, loans reaching $2.2 billion, and deposits that totaled $2.4 billion. If you’re a numbers person, these figures reflect the solid foundation that Southern States brings to the table, which can only mean great things for the future of banking in our area.
Leaders with a Vision
At the helm of this merger is Christopher T. Holmes, the President and CEO of FB Financial, who is truly excited about blending operations with Southern States. This isn’t just about numbers; it’s about a shared vision, values, and a long-standing commitment to serving their communities. Mark A. Chambers, the President and CEO of Southern States, is equally optimistic, emphasizing the advantages this merger brings for shareholders and customers alike. It sounds like a win-win, doesn’t it?
Leadership Changes Coming Our Way
With the merger comes some changes in leadership. Mark Chambers and Lynn J. Joyce, the CFO of Southern States, will take on significant roles in the newly merged organization. And good news for staff: several key employees from Southern States will also have opportunities to stay on board, ensuring continuity and expertise remain in place.
Generous Shareholder Benefits
For those holding shares in Southern States, there’s more good news: they will be receiving 0.800 shares of FB Financial stock for each Southern States share. The total value of this transaction is set to be around $381 million, with an implied value of approximately $37.64 per Southern States share based on FB Financial’s stock price from March 28, 2025. Plus, the deal qualifies as a tax-free reorganization for Southern States stockholders, which is icing on the cake!
When’s the Big Day?
Mark your calendars because this merger is expected to close between late third quarter and early fourth quarter of 2025. Of course, it still hinges on regulatory and shareholder approvals, but all signs point to a smooth transition. And with both boards of directors already giving the green light, things are looking bright!
Future Outlook
FB Financial is also planning ahead. Following the merger, they anticipate a 12% increase in earnings per share for 2026. There are also estimated cost savings projected to be about 25% of Southern States’ annual non-interest expenses. Nice savings can mean more options and improved services for customers!
What Could This Mean for Birmingham?
For local residents, this merger could mean exciting new financial products, improved banking experiences, and even more community engagement from a larger bank. With Fall on the horizon, many will be keeping a close eye on how this merger evolves and what opportunities it may present. More options and a push for better service? Count us in!
As the changes unfold, there’s no doubt that Birmingham is ready to embrace this new chapter in the banking industry. So, stay tuned for more news as this exciting merger progresses!
Deeper Dive: News & Info About This Topic
- Business Wire: FB Financial to Expand in Alabama and Georgia by Merger With Southern States
- Banking Dive: FB Financial Acquiring Southern States for $381M
- Business Alabama: Southern States Bancshares Acquired by FB Financial Corp
- Seeking Alpha: FB Financial to Expand via Merger with Southern States
- Wikipedia: Banking in the United States
