Southern States Bancshares, Inc. (SSBK) filed a Form 4 disclosing that director Richard E. Drews Jr. disposed of his entire SSBK position on 1 July 2025. The disposal was not an open-market sale; it reflects the closing of SSBK’s previously announced merger with FB Financial Corp. (FBK). At the effective time of the merger, each SSBK share automatically converted into the right to receive 0.8 share of FBK common stock, with cash for fractional shares. Drews’ holdings converted as follows:
- 25,524 shares held directly converted into FBK stock.
- 775 shares held indirectly through a granddaughter converted on the same terms.
No cash sale price is listed because consideration was delivered in FBK shares; the filing cites $45.30 as FBK’s closing price on 30 June 2025, the last trading day before closing. Following the transaction, Drews reports zero SSBK shares, confirming that SSBK equity has been fully extinguished. This filing is largely administrative, documenting insider ownership changes driven by a corporate action already disclosed to the market.