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, Inc. (NASDAQ: SSBK) has declared a cash dividend of $0.09 per share on its common stock. This dividend will be payable on February 16, 2023, to shareholders of record as of February 3, 2023. The announcement highlights the company’s commitment to returning value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, providing a range of banking services across 13 branches in Alabama and Georgia, as well as two loan production offices in Atlanta. This dividend reflects the company’s financial health and confidence in its future growth.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced the completion of a private placement of $40 million in 7.00% Fixed-to-Floating Rate Subordinated Notes due 2032. These notes will enhance the company's capital structure and allow it to leverage market opportunities. The initial interest rate is set at 7.00% per annum, with a reset period starting October 26, 2027. The net proceeds will be used for general corporate purposes. The offering reflects strong market confidence in the company’s performance, as stated by CEO Stephen Whatley.
In the third quarter of 2022, Southern States Bancshares (SSBK) reported a net income of $6.7 million ($0.75 per diluted share), reflecting a significant increase from $5.2 million in Q2 2022. Core net income also rose to $6.8 million ($0.77 per diluted share).
Loan growth was robust at 26.3% annualized, with total loans reaching $1.5 billion. Net interest income surged 18.8% from the prior quarter, driven by rising interest rates and increased interest-earning assets.
However, noninterest income fell 4.6% from Q2, primarily due to higher losses on securities.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on November 16, 2022, to shareholders of record as of November 3, 2022. This decision reflects the company’s ongoing commitment to providing value to its shareholders. Southern States operates through its subsidiary, Southern States Bank, offering various banking services across 13 branches in Alabama and Georgia.
Southern States Bancshares reported a strong second quarter of 2022, achieving net income of $5.2 million or $0.59 per diluted share, a rise from $4.6 million in Q1 2022. The company experienced an impressive 36.8% annualized loan growth quarter-over-quarter, driving net interest income up by 11.7% to $16.4 million. The net interest margin also improved to 3.84%, up 31 basis points. However, total stockholders’ equity slightly decreased to $167.9 million due to market conditions impacting securities portfolio values.
Southern States Bancshares, Inc. (NASDAQ: SSBK) announced a cash dividend of $0.09 per share, payable on August 17, 2022, to shareholders recorded by August 4, 2022. This decision reflects the company's dedication to delivering value to its shareholders. Southern States Bancshares operates through its subsidiary, Southern States Bank, which provides a comprehensive range of banking services across 15 branches in Alabama and Georgia.
Southern States Bancshares, Inc. (NASDAQ: SSBK) has extended its exchange offer for up to $48 million of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032. The offer, initially set to expire on June 23, 2022, is now extended to June 30, 2022. As of June 22, 2022, $18 million, or 37.5%, of the outstanding notes have been tendered for exchange. The terms of the exchange offer remain unchanged, as detailed in the prospectus dated May 25, 2022.
Talladega's First Bank of Alabama (FBA) announced its agreement to acquire the Heflin and Ranburne branches of Anniston's Southern States Bank (NASDAQGS: SSBK). This acquisition will enhance FBA's market presence in East Central Alabama, providing a 32% share of Cleburne County's bank deposits. Post-transaction, FBA is projected to have assets exceeding $920 million and operate twelve branches in the region. Regulatory approvals are pending, with completion expected in the second half of 2022.
Southern States Bancshares (SSBK) reported net income of $4.6 million or $0.50 diluted earnings per share for Q1 2022, up from $4.1 million in Q4 2021 but down from $5.7 million in Q1 2021. Core net income was $4.8 million or $0.53 per diluted core share. The company achieved a 19.4% annualized loan growth linked-quarter and implemented a $10 million stock repurchase program, purchasing approximately 287,000 shares. Noninterest income fell 23.9% from Q4 2021, while total loans increased to $1.3 billion.
Southern States Bancshares (NASDAQ: SSBK) declared a cash dividend of $0.09 per share, payable on May 16, 2022, to shareholders of record as of May 4, 2022. The company operates through its subsidiary, Southern States Bank, providing a range of banking products and services in Alabama and Georgia, with 15 branches and a loan production office in Atlanta. This dividend declaration reflects the company's ongoing commitment to returning value to its shareholders.
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