If You Invested in Southern States Bancshares, Inc. (SSBK)

Southern States Bancshares, Inc. (former Nasdaq: SSBK) was a bank holding company in the commercial banking industry, operating in the finance and insurance sector. According to company disclosures, it was headquartered in Anniston, Alabama and operated primarily through its wholly owned subsidiary, Southern States Bank, an Alabama state-chartered commercial bank. The bank was described as a full-service community banking institution offering an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities.

Southern States Bancshares focused its activities in Alabama and Georgia. Public company materials state that Southern States Bank operated 15 branches in Alabama and Georgia and maintained two loan production offices in the Atlanta metropolitan statistical area. Earlier descriptive information also referred to multiple locations in Alabama and Georgia and emphasized a community banking model with local banking professionals and a focus on personal attention and service.

As a commercial banking organization, Southern States Bancshares’ business centered on gathering deposits and extending credit through its bank subsidiary. Company reports highlighted categories such as noninterest-bearing deposits, interest-bearing deposits, brokered deposits and uninsured deposits, along with detailed loan and credit quality metrics. These disclosures underscore the company’s focus on balance sheet management, loan growth, credit quality, and deposit mix as key elements of its banking operations.

Corporate transformation and merger into FB Financial

Southern States Bancshares underwent a significant corporate change in 2025. On March 31, 2025, FB Financial Corporation, the parent company of FirstBank, and Southern States jointly announced that they had entered into a definitive merger agreement under which Southern States would be merged with and into FB Financial. Subsequent joint communications described this transaction as a combination of two community banking organizations with overlapping geographic interests in Alabama and Georgia.

On June 12, 2025, the companies announced that they had received all regulatory approvals needed to complete the proposed merger. A Form 8-K filed by Southern States Bancshares on July 1, 2025 reports that on July 1, 2025 (the “Closing Date”), Southern States Bancshares, Inc. merged with and into FB Financial Corporation, with FB Financial as the surviving corporation in the corporate merger. Immediately following that step, Southern States Bank merged with and into FirstBank, with FirstBank as the surviving bank. The same Form 8-K explains that at the effective time of the merger, each share of Southern States common stock was converted into the right to receive 0.800 shares of FB Financial common stock, subject to the terms of the merger agreement.

In connection with the completion of the merger, Southern States Bancshares’ common stock ceased trading on Nasdaq after the market closed on June 30, 2025, as described in a July 1, 2025 press release by FB Financial. The Form 8-K further notes that Nasdaq was notified that the closing of the merger would be effective as of July 1, 2025 and that a request was made to suspend trading and withdraw Southern States Bancshares’ common stock from listing on Nasdaq prior to the open of trading on that date.

Delisting and reporting status

A Form 25 filed on July 1, 2025 identifies Southern States Bancshares, Inc. as the issuer and Nasdaq Stock Market LLC as the exchange, and serves as a notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934 for the company’s common stock. The filing indicates that Nasdaq complied with its rules to strike the class of securities from listing and registration. The Form 8-K filed the same day states that, as a result, Southern States Bancshares’ common stock would no longer be listed on Nasdaq, and that FB Financial, as successor to Southern States, intended to file certifications on Form 15 to deregister the Southern States common stock and suspend its reporting obligations, since Southern States no longer existed as a separate legal entity following the merger.

Community banking focus and footprint

Public descriptions of Southern States Bancshares and Southern States Bank consistently characterized the organization as a community banking institution. Company materials emphasized service to businesses and individuals in its communities and referenced a footprint that included markets such as Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville. Southern States’ communications around the merger with FB Financial noted that its core markets included a mix of community and metropolitan markets in Alabama and Georgia that matched FB Financial’s desired areas for growth.

Financial disclosures for 2024 and 2025 highlighted loan growth, deposit trends, net interest income, net interest margin, noninterest income, noninterest expense, and credit quality metrics. These disclosures show that Southern States Bancshares reported loans, deposits and total assets in the billions of dollars, and that its management focused on factors such as deposit costs, brokered deposits, nonperforming loans, provision for credit losses and allowance for credit losses. The company also reported on acquisitions, including the acquisition of Century Bank (CBB Bancorp) in 2024, which contributed additional loans, deposits and noninterest income and expense.

Historical role in the commercial banking sector

Before its merger into FB Financial, Southern States Bancshares functioned as a regional community banking organization in the commercial banking segment of the finance and insurance sector. Through Southern States Bank, it provided deposit accounts, loans and other banking-related products and services within its Alabama and Georgia footprint. Its public reporting and press releases documented a focus on loan and deposit growth, net interest margin management, and credit quality, as well as dividend declarations on its common stock.

Following the completion of the merger on July 1, 2025, Southern States Bancshares, Inc. no longer operates as an independent public company, and its banking operations are part of FB Financial Corporation’s FirstBank platform. Historical information about Southern States Bancshares, including its SEC filings and news releases, remains relevant for understanding the background of the combined organization and for analyzing the former SSBK security.