[Form 4] Southern States Bancshares, Inc. Common Insider Trading Activity

Rhea-AI Filing Summary

Southern States Bancshares, Inc. (SSBK) – Form 4 insider transaction

Director Lewis C. Beavers reported the disposition of 3,603 shares of SSBK common stock on 07/01/2025, leaving him with 0 shares in the issuer. The transaction is coded “D,” indicating a disposition rather than an open-market sale.

The shares were exchanged in connection with the merger of SSBK with and into FB Financial Corp. (FBK), which became effective the same day. Under the merger agreement, each SSBK share automatically converted into the right to receive 0.8 share of FBK common stock plus cash in lieu of fractional shares. FBK’s closing price on 06/30/2025—the trading day immediately prior to closing—was $45.30, implying a conversion value of roughly $36.24 per SSBK share (0.8 × $45.30).

This filing confirms (1) that the merger has closed, (2) that SSBK directors no longer hold the legacy shares, and (3) that SSBK investors are now equity holders in FBK. Future performance will therefore be tied to FBK’s fundamentals rather than SSBK’s standalone operations.

Positive

• Merger consummation: Filing confirms SSBK’s merger into FB Financial Corp. closed on 07/01/2025, with each SSBK share converted to 0.8 FBK share, implying ~$36.24 value at the stated price.

Negative

• None.

Insights

Financial Analyst

TL;DR – Routine Form 4 confirms share-for-share conversion as SSBK–FBK merger closes; neutral valuation impact.

The filing is administrative, documenting the mandatory conversion of Director Beavers’ 3,603 SSBK shares into FBK stock at the agreed 0.8 exchange ratio. No cash proceeds were received; the disposition reflects the elimination of SSBK equity following the merger’s legal consummation. The implied $36.24 per-share value is consistent with market expectations based on FBK’s pre-close price, suggesting no unexpected premium or discount. Because the exchange ratio and closing price were already disclosed in prior merger materials, today’s Form 4 carries minimal incremental information. Impact for investors is neutral; attention should now shift to FBK’s post-merger integration and earnings trajectory.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JOYCE LYNN J

(Last) (First) (Middle)

615 QUINTARD AVE

(Street)

ANNISTON AL 36201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Southern States Bancshares, Inc. [ SSBK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $5.00 per share	06/30/2025		F		4,467	D	$34.27	75,012	D
Common Stock, par value $5.00 per share	07/01/2025		D		75,012	D	(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
STOCK OPTIONS (RIGHT TO BUY)	$30.23	07/01/2025		D			2,120	(2)	02/15/2033	Common Stock	2,120	(2)	0	D
STOCK OPTIONS (RIGHT TO BUY)	$26.42	07/01/2025		D			2,602	(2)	02/21/2034	Common Stock	2,602	(2)	0	D
STOCK OPTIONS (RIGHT TO BUY)	$33.14	07/01/2025		D			2,076	(2)	02/19/2035	Common Stock	2,076	(2)	0	D

Explanation of Responses:

1. Disposed of in connection with the merger of Southern States Bancshares, Inc. (SSBK) with and into FB Financial Corp. (FBK) effective July 1, 2025 (the Merger). At the effective time of the Merger (the Effective Time), each outstanding share of SSBK's common stock, restricted stock and restricted stock unit converted into the right to receive 0.8 share of FBK's common stock, with cash payable in lieu of fractional shares. On June 30, 2025, the last trading day before the Effective Time, the closing price of FBK's stock was $45.30 per share.

2. At the Effective Time and in connection with Merger, each outstanding option was cancelled and exchanged into the right to receive a cash payment equal to the product of (a) the difference, if positive, between (i) the Per Share Cash Equivalent Consideration (as defined in the agreement relating to Merger) and (ii) the exercise price of the option immediately prior to the Effective Time, multiplied by (b) the number of shares SSBK common stock underlying option, rounded up to the nearest cent.

Remarks:

	/s/ Lynn J. Joyce, by Jeff Shanks as Attorney-in-Fact	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did SSBK report on July 1 2025?

Director Lewis C. Beavers disposed of 3,603 SSBK shares as they were converted into FBK stock under the merger agreement.

What is the SSBK to FBK exchange ratio in the merger?

Each SSBK share converts into 0.8 share of FBK common stock plus cash for any fractional shares.

When did the Southern States Bancshares (SSBK) merger with FB Financial Corp. become effective?

The merger became effective on July 1, 2025.

What closing stock price was used to illustrate the merger conversion value?

FBK’s closing price on 06/30/2025 was $45.30, the last trading day before the merger closed.

How many SSBK shares does Lewis C. Beavers own after the transaction?

He now owns 0 shares of SSBK; his holdings have been converted into FBK shares.

What does transaction code "D" signify on Form 4?

Code "D" indicates a disposition of the security, such as a sale, surrender, or, in this case, conversion due to merger.