Welcome to our dedicated page for Southern States Bancshares news (Ticker: SSBK), a resource for investors and traders seeking the latest updates and insights on Southern States Bancshares stock.
Southern States Bancshares Inc. was the holding company for Southern States Bank, an Alabama state-chartered commercial bank with a community banking franchise in Alabama and Georgia. Company news has centered on bank earnings, net interest income and margin trends, loan and deposit growth, credit quality, capital levels, common-stock dividends, and the integration of Century Bank into its Georgia footprint.
The company's later updates also covered material agreements, shareholder voting matters, governance and capital-structure disclosures tied to its completed merger with FB Financial Corporation. After the July 2025 closing, Southern States Bancshares merged into FB Financial and Southern States Bank merged into FirstBank.
Southern States Bancshares (NASDAQ: SSBK) has completed its acquisition of CBB Bancorp, the holding company for Century Bank of Georgia. The merger, effective July 31, 2024, enhances Southern States' presence in Georgia, particularly in the high-growth Atlanta metro market. This strategic move positions Southern States Bank as a premier Southeastern community bank, expanding its network to 15 full-service branches and two loan production offices across Alabama and Georgia.
Former CBB Bancorp shareholders can elect to receive either 1.550 shares of Southern States common stock or $45.63 in cash per share, subject to a 10% cash consideration limit. Southern States' CEO, Mark A. Chambers, expressed enthusiasm about integrating Century Bank's leadership and team, highlighting the bank's solid core deposit base and strong liquidity position.
Southern States Bancshares (NASDAQ: SSBK) reported Q2 2024 net income of $8.2 million, or $0.90 per diluted share. Core net income was $9.1 million, or $1.00 per diluted share. Key highlights include:
- Net interest income: $21.6 million, up 3.6% from Q1 2024
- Net interest margin: 3.56%, down 3 basis points from Q1 2024
- ROAA: 1.29%; ROAE: 14.55%; ROATCE: 15.79%
- Loans grew 10.3% annualized from Q1 2024
- Total deposits grew 12.6% annualized from Q1 2024
- Efficiency ratio: 49.78%; core efficiency ratio: 44.75%
The company maintained strong profitability metrics and experienced balanced loan and deposit growth across its major lending areas. Southern States is preparing to close its acquisition of CBB Bancorp on August 1, which is expected to strengthen its platform and expand its presence in Georgia markets.
Southern States Bancshares (NASDAQ: SSBK) has declared a quarterly cash dividend of $0.09 per share on its common stock. The dividend will be payable on August 12, 2024 to shareholders of record as of July 31, 2024. This announcement demonstrates the company's commitment to providing regular returns to its shareholders. Southern States Bancshares is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.
Summary not available.