Nashville-based FB Financial Corp., parent company of FirstBank and FirstBank Insurance Agency, plans to merge with Southern States Bancshares, the parent of Southern States Bank, headquartered in Anniston, Alabama, the bank announced this week.
Southern States does not offer insurance products but has 15 branches in Alabama and Georgia. The merger will expand FB’s operations into those states. FirstBank, through its insurance division, offers homeowners and other property and liability insurance. It has 77 branches in Tennessee, Alabama, Kentucky and north Georgia.
Southern States CEO Mark Chambers and CFO Lynn Joyce will be part of the merged company, FB said in a news release.
Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock. Based on FB Financial’s closing stock price of $47.05 per share as of March 28, 2025, the implied transaction value is approximately $37.64 per Southern States share, or $381 million, in the aggregate, the firm said.
The merger has been approved by both companies’ boards of directors and is expected to close later this year. FB officials did not respond to questions about the merger.
Topics Alabama
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