FB Financial also announces the appointment of J. Henry Smith IV to its board of directors
FB Financial Corporation, the parent company of FirstBank, announced that it has completed its merger with Southern States Bancshares, Inc. (“Southern States”), the parent company of Southern States Bank.
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Shares of Southern States ceased trading after the market closed on June 30, 2025. Pursuant to the terms of the merger agreement, Southern States’ shareholders received 0.800 shares of FB Financial common stock for each share of Southern States stock. Based on FB Financial’s closing stock price of $45.30 per share as of June 30, 2025, the implied transaction value is approximately $36.24 per Southern States share, or $368.4 million, in total.
“Today marks a significant milestone in the histories of our two companies,” said Christopher T. Holmes, President and CEO of FB Financial. “We are excited about joining forces with Southern States and look forward to continuing their history of exemplary service in their communities. We are confident that this combination will deliver long-term value for our customers, associates, shareholders, and communities.”
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As of March 31, 2025, Southern States reported total assets of $2.9 billion, loans of $2.3 billion, and deposits of $2.4 billion, and FB Financial reported total assets of $13.1 billion, loans of $9.9 billion, and deposits of $11.2 billion.
FB Financial also announced today the appointment of J. Henry (“Hank”) Smith IV to its board of directors effective immediately. Mr. Smith served on the board of directors of Southern States and Southern States Bank. For over 20 years, Mr. Smith has served as President of Interstate Sheet Metal Company, a sheet metal contractor specializing in public works projects and other large contract projects throughout Alabama. Mr. Smith holds a Bachelor of Arts degree from Vanderbilt University.
“We are thrilled to have Hank Smith join our board,” Holmes noted. “His extensive business management experience and bank governance experience will serve FB Financial well as we grow and expand our footprint.”
FB Financial intends to release its 2025 second quarter results of operations on Monday, July 14, 2025, after the close of market trading. FB Financial will host a conference call at 8:00 a.m. Central Time on Tuesday, July 15, 2025, to discuss its second quarter results of operations. For investors or analysts who want to attend the call, the dial-in number is 877-883-0383, confirmation code 4376121. A telephonic replay will be available approximately two hours after the call through July 22, 2025, by dialing 877-344-7529 and entering confirmation code 1412332. In addition, a live webcast of FB Financial’s conference call will begin at 8:00 a.m. Central Time on Tuesday, July 15, 2025, and will be available via this link. An online replay will be available for 12 months following the conclusion of the call.
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Keefe, Bruyette, & Woods, Inc. served as financial advisor to FB Financial, and Alston & Bird LLP served as legal advisor. Performance Trust Capital Partners, LLC served as financial advisor to Southern States, and Jones Walker LLP served as legal advisor.
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Source: businesswire