News Summary
Knoxville is abuzz with the news of a significant merger between FB Financial Corporation and Southern States Bancshares. This deal expands their banking reach across Alabama and Georgia, set to reshape the regional financial landscape. With Southern States bringing 15 branches and FB Financial’s robust asset portfolio, shareholders are poised for potential benefits. The merger is on track for completion pending regulatory approval and offers promising leadership opportunities and projected earnings growth. As this strategic partnership unfolds, Knoxville’s banking scene is ready for transformation.
Knoxville Buzz: Exciting Merger in the Banking World!
In a thrilling turn of events, Knoxville is buzzing with the news of a major merger announcement! FB Financial Corporation, the proud parent of FirstBank, is joining forces with Southern States Bancshares, the company behind Southern States Bank. It’s a deal that’s set to shake things up in the banking sector, expanding their reach in both Alabama and Georgia.
What’s Happening?
So, what does this merger mean? Well, Southern States, which is based in the charming city of Anniston, Alabama, will officially become part of FB Financial. Southern States boasts an impressive presence with 15 branches spread across Alabama and Georgia, plus two loan production offices right in the bustling Atlanta area. Their core markets include major cities like Atlanta, Auburn-Opelika, Birmingham, Columbus, and Huntsville, making this merger quite a strategic move!
Financials on the Rise!
Now, let’s talk numbers! As of December 31, 2024, Southern States reported total assets of $2.8 billion, with loans amounting to $2.2 billion and deposits at a whopping $2.4 billion. In comparison, FB Financial has total assets around $13.2 billion, with a network of 77 full-service branches scattered over Tennessee, Alabama, Kentucky, and North Georgia.
The terms of the merger offer some sweet benefits to Southern States shareholders, who will receive 0.800 shares of FB Financial common stock for each share they own. Based on FB Financial’s closing stock price of $47.05 on March 28, 2025, the estimated value per Southern States share is around $37.64. This brings the total transaction value to about $381 million. Not too shabby!
Moving Forward
Both companies’ boards of directors have given this merger a hearty thumbs up, and they’re aiming to wrap things up by late this year or early next year, pending regulatory approval and the nod from shareholders at both firms. It’s a big step that could set the stage for how banking operates in the region!
Leadership and Exciting Opportunities
With the merger comes new opportunities for leadership. The executives from both Southern States and FB Financial are stepping up, with a Southern States director expected to join FB Financial’s Board of Directors. The possibilities for collaboration and growth are bright!
Looking Ahead
Both organizations are enthusiastic about the potential of the merger. The combination is expected to deliver a notable 12% earnings per share accretion by 2026, as well as maintain a strong common equity tier 1 capital ratio of 12.1%. Folks are also anticipating approximately 25% in cost savings from Southern States’ annual non-interest expenses. Now, that’s quite an efficient plan!
Final Thoughts
FB Financial has been on an acquisition spree — their last big acquisition was back in 2020 when they snatched up Franklin Financial Network. They’re clearly not stopping here, as their executives are keeping their eyes peeled for other strategic opportunities that may pop up before the Southern States deal is sealed.
This merger is poised to reshape the banking landscape as we know it, with enhanced services and a broader market presence. Keep an eye on Knoxville as these two banking giants join forces to make waves in the industry!
Deeper Dive: News & Info About This Topic
- Business Wire: FB Financial to Expand in Alabama and Georgia
- Banking Dive: FB Financial Acquiring Southern States
- Huntsville Business Journal: FB Financial and Southern States Announce Merger Agreement
- Business Alabama: Southern States Bancshares Acquired by FB Financial Corp
- Investing.com: Southern States Bancshares Q1 2025 Slides Strong Growth Amid FB Financial Merger
- Wikipedia: Merger
- Google Search: FB Financial Southern States merger
- Google Scholar: FB Financial Southern States merger
- Encyclopedia Britannica: Merger
- Google News: FB Financial Southern States merger
Author: STAFF HERE HUNTSVILLE WRITER
The HUNTSVILLE STAFF WRITER represents the experienced team at HEREHuntsville.com, your go-to source for actionable local news and information in Huntsville, Madison County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Panoply Arts Festival, Rocket City Brewfest, and Huntsville Comic & Pop Culture Expo. Our coverage extends to key organizations like the Huntsville/Madison County Chamber of Commerce and HudsonAlpha Institute for Biotechnology, plus leading businesses in aerospace, defense, and manufacturing that power the local economy such as Boeing, SAIC, and Mazda Toyota Manufacturing. As part of the broader HERE network, including HEREBirmingham.com, we provide comprehensive, credible insights into Alabama's dynamic landscape.
