Southern States Bancshares, Inc. and FB Financial Corporation jointly announced a definitive merger agreement where Southern States will merge into FB Financial. Under the terms, 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, totaling $381 million in the aggregate. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes for Southern States stockholders receiving FB Financial common stock.
The merger agreement has been unanimously approved by both companies' boards of directors and is expected to close late in the third quarter or early in the fourth quarter of 2025. The completion is subject to regulatory approvals, shareholder approvals from both companies, and other customary closing conditions.
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