FB Financial and Southern States Bancshares are poised for a significant merger, having received all necessary regulatory approvals. This strategic move is anticipated to finalize on July 1, 2025, with subsequent system integration slated for the third quarter of the year. The merger was initially agreed upon in March, with a valuation of $381 million.
As of March 31, 2025, Southern States Bancshares reported assets totaling $2.9 billion, loans amounting to $2.3 billion, and deposits at $2.4 billion. Meanwhile, FB Financial reported assets of $13.1 billion, loans of $9.9 billion, and deposits of $11.2 billion.
Christopher T. Holmes, CEO and president of FB Financial, expressed satisfaction with the swift regulatory approval, emphasizing the shared commitment to community banking between the two institutions. Holmes stated, “We’re excited about bringing our teams together to continue delivering long-term value for our customers, associates, shareholders, and communities.”
FB Financial is headquartered in Nashville, Tennessee, and operates through its banking subsidiary, FirstBank. The bank boasts 77 full-service branches across Tennessee, Alabama, Kentucky, and North Georgia, complemented by mortgage offices throughout the Southeast.
Southern States Bancshares, based in Anniston, Alabama, operates predominantly through Southern States Bank. It manages 15 branches in Alabama and Georgia, alongside two loan production offices in Atlanta.
The merger is expected to bolster the regional presence of both financial institutions, enhancing their ability to serve a broader customer base while maintaining a focus on community-oriented service.
Note: This article is inspired by content from https://www.retailbankerinternational.com/news/fb-financial-southern-states-merger/. It has been rephrased for originality. Images are credited to the original source.