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.
This page provides a historical news archive for Southern States Bancshares, Inc. (SSBK), a former Nasdaq-listed bank holding company headquartered in Anniston, Alabama. The company operated primarily through its wholly owned subsidiary, Southern States Bank, an Alabama state-chartered commercial bank described as a full-service community banking institution serving businesses and individuals in Alabama and Georgia.
The news flow for Southern States Bancshares covers several key themes. Regular earnings releases reported net income, net interest income, net interest margin, loan growth, deposit trends, noninterest income and expense, and credit quality metrics such as nonperforming loans, provision for credit losses and allowance for credit losses. These releases also discussed the impact of the acquisition of Century Bank in 2024 on loans, deposits and noninterest income and expense.
Another recurring category of news consists of dividend announcements. The company issued press releases when its board of directors declared quarterly cash dividends on its common stock, specifying the dividend amount per share and the record and payment dates.
A major focus of later news items is the strategic merger with FB Financial Corporation, the parent company of FirstBank. Joint announcements on March 31, 2025 described the entry into a definitive merger agreement under which Southern States would merge with and into FB Financial. A subsequent release on June 12, 2025 reported receipt of all required regulatory approvals. On July 1, 2025, FB Financial announced the closing of the merger and noted that Southern States’ shares ceased trading after the market closed on June 30, 2025.
Investors and researchers can use this news archive to review how Southern States Bancshares communicated its financial performance, capital actions and corporate transactions leading up to its merger into FB Financial and the delisting of SSBK from Nasdaq.
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.
FAQ
What is the current stock price of Southern States Bancshares (SSBK)?
What is the market cap of Southern States Bancshares (SSBK)?
