Southern States Bancshares, Inc. (SSBK): History, Ownership, Mission, How It Works & Makes Money

How does a community-focused bank like Southern States Bancshares, Inc. (SSBK) navigate a rapidly consolidating market, especially when its own story culminates in a major acquisition in 2025?

This regional powerhouse, which reported Q1 2025 net income of $10.4 million and managed approximately $2.9 billion in total assets just before its strategic move, was a key player in the Southeast's financial landscape, providing essential real estate and commercial financing across Alabama and Georgia.

The company's journey, including a strong net interest margin of 3.75% in Q1 2025, demonstrates the value of its model right up until its merger with FB Financial Corporation closed in July, a transaction valued at roughly $368.4 million.

If you're looking to defintely understand what drove that valuation, and how this community bank structure works and makes money, you need to see the mechanics behind these numbers.

Southern States Bancshares, Inc. (SSBK) History

If you're looking at the history of Southern States Bancshares, Inc. (SSBK), the direct takeaway is that its independent journey culminated in a major, strategic exit in 2025. This community bank, built on a high-touch service model, successfully scaled to a regional player before being acquired by FB Financial Corporation, securing a significant return for shareholders.

The company's trajectory is a classic example of disciplined, organic growth followed by a strategic merger. It started with a clear vision to invest in experienced people and technology to offer superior personal service, a strategy that paid off handsomely in the end.

Given Company's Founding Timeline

Year established

The bank was founded in August 2007, right before the Great Financial Crisis, which speaks volumes about the founding team's resilience and conviction.

Original location

The bank holding company, Southern States Bancshares, Inc., has always been headquartered in Anniston, Alabama, with its subsidiary, Southern States Bank, focusing on the Alabama and Georgia markets.

Founding team members

The company was founded by a group of financial executives and prominent business leaders, with Stephen Whatley as the central figure. Mr. Whatley served as the Founder and CEO from 2007 until his retirement in April 2023. Another key executive, Mark Chambers, joined in 2007 and ultimately succeeded Mr. Whatley as CEO in 2023.

Initial capital/funding

While the precise initial capital is not public, the bank's founding in 2007 by a group of prominent business leaders suggests substantial private backing to launch a full-service community bank just before a major economic downturn. They had to be well-capitalized to navigate that period.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is defintely defined by two major financial events: the 2021 IPO and the 2025 acquisition. The IPO was the first step in unlocking the value created over 14 years of organic growth, giving it the currency to eventually engage in a large-scale merger.

The 2025 merger with FB Financial Corporation, parent company of FirstBank, was the ultimate transformative decision. It was a clear, calculated move to maximize shareholder value, trading independence for scale and financial strength.

• Scaling for Exit: As of March 31, 2025, just before the merger closed, Southern States Bancshares reported total assets of $2.9 billion, loans of $2.3 billion, and deposits of $2.4 billion. [cite: 12 from 1st search] This strong, clean balance sheet made it a highly attractive target.
• Value Realization: The merger was valued at approximately $368.4 million based on the closing price on June 30, 2025. [cite: 12 from 1st search] This provided a clear, profitable exit for investors who backed the bank from its founding.
• Geographic Expansion: The deal instantly expanded the bank's reach, combining its 15 branches in Alabama and Georgia with FB Financial's extensive network across the Southeast.

What this estimate hides is the cultural integration risk, but the combined company was confident, citing cultural alignment. You can read more about the principles that drove their growth and merger decision here: Mission Statement, Vision, & Core Values of Southern States Bancshares, Inc. (SSBK).

Here's the quick math on their Q1 2025 performance: the bank reported revenue of $25.76 million for the quarter ending March 31, 2025, showing continued strong growth right up to the acquisition. [cite: 1 from 1st search] That kind of momentum is what drives a premium valuation in a merger.

Southern States Bancshares, Inc. (SSBK) Ownership Structure

As of November 2025, Southern States Bancshares, Inc. (SSBK) no longer exists as an independent entity; it was acquired by and merged into FB Financial Corporation (FBK) on July 1, 2025, in an all-stock transaction valued at approximately $381 million.

The former SSBK shareholders now hold shares in the combined, larger institution, which has consolidated assets of over $16 billion, up from SSBK's pre-merger total assets of $2.9 billion as of March 31, 2025.

Given Company's Current Status

Southern States Bancshares, Inc. was a publicly traded bank holding company, listed on the NASDAQ under the ticker SSBK, until the merger with FB Financial Corporation closed on July 1, 2025.

The company is now a wholly-owned subsidiary brand operating under the umbrella of FB Financial Corporation, which is the parent company of FirstBank. This means SSBK is no longer publicly traded and has been delisted, so you cannot buy its stock directly. The merger was based on an exchange ratio where SSBK shareholders received 0.800 shares of FB Financial common stock for each SSBK share.

To be fair, this is a much simpler structure for investors now: you own a piece of the larger, combined bank. Exploring Southern States Bancshares, Inc. (SSBK) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The table below reflects the final pre-merger ownership structure of Southern States Bancshares, Inc. prior to the July 2025 acquisition, as well as the pro forma ownership of the combined FB Financial Corporation, which is the current reality.

Given Company's Leadership

The former leadership of Southern States Bancshares, Inc. transitioned into the management structure of FB Financial Corporation and its subsidiary, FirstBank, following the July 2025 closing.

The goal of the merger was to keep key talent, so the former executives now hold important roles in the expanded organization.

• Mark A. Chambers: The former President and CEO of Southern States Bancshares, Inc. was expected to fill a meaningful role in the combined company.
• Lynn J. Joyce: The former Chief Financial Officer (CFO) of Southern States Bancshares, Inc. was also expected to take on a meaningful role in the larger organization.
• Board Representation: One individual, mutually agreed upon by both entities, was appointed from the former Southern States Board of Directors to the current FB Financial Board of Directors.

This continuity of leadership helps ensure a smoother integration of the SSBK operations-specifically its 15 branches across Alabama and Georgia-into the FirstBank network.

Southern States Bancshares, Inc. (SSBK) Mission and Values

Southern States Bancshares, Inc. (SSBK) built its foundation on a community-first approach, prioritizing deep, multi-generational relationships and local decision-making over transactional banking. This focus on cultural DNA-high-quality people and community investment-was the core purpose that drove the bank's growth to $2.9 billion in total assets before its 2025 merger with FB Financial Corporation.

Southern States Bancshares' Core Purpose

For a community bank, the mission isn't just a plaque on the wall; it's the operating procedure. Southern States Bancshares' purpose was always to blend sophisticated financial services with the personal touch of a local bank, ensuring that capital supported the communities where it was generated. This approach is what kept nonperforming loans at a low 0.32% of gross loans in Q1 2025-soundness is a value you can measure.

Official Mission Statement

While not a single, formal sentence, the bank's core beliefs-the foundation of its culture-served as its mission, especially leading up to the merger. It's all about people and place, honestly.

• Be built on high-quality people and local decision-making.
• Foster relationships that last for generations, valuing the long-term connection over the immediate transaction.
• Provide personalized, relationship-driven service to small and medium-sized businesses and individuals.
• Ensure local market expertise guides financial solutions.

Vision Statement

The company's vision was established by its founders in 2007: to create a full-service community banking institution that could compete with larger regional players by offering superior personal service and investing heavily in both experienced talent and technology. This vision is what made Southern States Bancshares an attractive partner, culminating in the July 2025 acquisition by FB Financial Corporation.

• Invest in highly experienced people and technology to offer high levels of personal service to clients.
• Be a financial cornerstone by giving back to the communities where associates and customers work and live.
• Maintain a strong financial position, evidenced by Q1 2025 net income of $10.4 million, to ensure long-term stability and service.

If you're looking at the combined entity's future, you need to understand the cultural pillars that FirstBank is inheriting. Exploring Southern States Bancshares, Inc. (SSBK) Investor Profile: Who's Buying and Why?

Southern States Bancshares Slogan/Tagline

Southern States Bancshares did not widely promote a single, snappy tagline, preferring to let their action speak for their brand. Their operational focus, however, was consistently on the concept of being a true community partner. The most accurate descriptor of their brand identity is their commitment to being a 'full-service community banking institution,' always emphasizing the local, relationship-driven nature of their work. That's a defintely more authentic brand statement than any catchy phrase.

Southern States Bancshares, Inc. (SSBK) How It Works

Southern States Bancshares, Inc. (SSBK) operated as a traditional, community-focused bank holding company, generating revenue primarily through net interest income-the spread between what it earned on loans and securities and what it paid out on deposits. Its business model was successfully integrated into FB Financial Corporation (FirstBank's parent company) on July 1, 2025, expanding FirstBank's footprint across the Southeast.

Given Company's Product/Service Portfolio

Before the merger, the company's value proposition centered on a full suite of community banking services, targeting local businesses and affluent individuals in its core markets of Alabama and Georgia. This focus allowed for relationship-based lending and deposit gathering, which is a defintely solid approach for a regional bank.

Given Company's Operational Framework

The operational framework was built on a high-touch, decentralized community banking model supported by strategic acquisitions to fuel growth. This model prioritized local decision-making, which is crucial for underwriting commercial loans in regional markets.

• Value Creation Engine: The primary driver was the net interest margin (NIM), which improved to 3.75% in Q1 2025, reflecting effective cost management and asset pricing.
• Growth Strategy: The company combined organic loan and deposit growth with disciplined mergers and acquisitions (M&A), such as the Century Bank acquisition in 2024, which bolstered its presence in the Georgia market.
• Efficiency Focus: Management maintained a strong focus on operational efficiency, evidenced by an efficiency ratio of 46.42% in Q1 2025. This is a very competitive number for a regional bank.
• Geographic Footprint: Operations centered around a network of 13 branches in Alabama and Georgia, plus two loan production offices in Atlanta, allowing for deep market penetration before the merger.

For the first half of 2025, the bank reported net interest income of $51.28 million, showing the scale of its core lending operation right up to the merger.

Given Company's Strategic Advantages

The company's strategic edge came from its localized expertise and its ability to execute accretive acquisitions, which ultimately made it an attractive target for a larger regional player like FB Financial Corporation.

• Local Market Expertise: Deep, multi-decade relationships with commercial clients and developers in the Alabama and Georgia markets, leading to a strong, high-quality loan pipeline.
• M&A Execution: A proven track record of integrating smaller banks, like the 2024 acquisition of Century Bank, which immediately expanded its asset base and geographical reach.
• Strong Capital Base: The bank maintained a robust balance sheet, with total assets reaching $2.9 billion as of March 31, 2025, providing a solid foundation for growth and a significant contribution to the combined entity's over $16 billion in total assets post-merger.
• Community Focus: A commitment to customer-centric banking that built strong depositor loyalty, resulting in a stable and lower-cost funding base compared to larger, less-localized competitors.

You can see the full financial picture that drove the merger by Exploring Southern States Bancshares, Inc. (SSBK) Investor Profile: Who's Buying and Why?

Southern States Bancshares, Inc. (SSBK) How It Makes Money

Southern States Bancshares, Inc. (SSBK) primarily makes money the way most banks do: by borrowing money cheaply from depositors and lending it out at a higher rate, a process called maturity transformation. The bulk of its revenue-over 93% in the first quarter of 2025-comes from the net interest income (NII) generated by its loan and investment portfolios.

Southern States Bancshares, Inc.'s Revenue Breakdown

Southern States Bancshares' financial engine is overwhelmingly focused on interest income, reflecting its core community banking model in the southeastern United States. For the first quarter of 2025, the company reported total revenue of approximately $26.6 million, with the vast majority coming from loans to businesses and individuals.

The Net Interest Income stream, which is the difference between interest earned on assets (like loans) and interest paid on liabilities (like deposits), saw a substantial year-over-year increase of 19.4% in Q1 2025, driven by strong organic loan growth and the acquisition of Century Bank in 2024. Noninterest income, which includes service charges and fees, declined sequentially due to the absence of a one-time Employee Retention Credit (ERC) gain recorded in late 2024.

Business Economics

The core economic driver for Southern States Bancshares is its Net Interest Margin (NIM), which measures how profitable its lending activities are. In the first quarter of 2025, the company achieved a NIM of 3.75%, an improvement from the prior quarter, which tells you they're successfully managing the cost of their deposits relative to the yield on their loans. That's a strong number for a regional bank in the current rate environment.

• Loan Portfolio Mix: The bank's income is heavily tied to its loan portfolio, which totaled $2.3 billion as of March 31, 2025, showing an annualized growth rate of 6.1% in the quarter.
• Deposit Cost Management: A key to the NIM expansion was a reduction in the interest rates paid on interest-bearing deposits, a critical lever for any bank.
• Strategic Merger Impact: A major near-term factor is the planned merger with FB Financial Corporation. This move is defintely a scale play, expected to enhance capabilities and expand the bank's geographical reach, fundamentally changing its economic footprint and risk profile.

Here's the quick math: If your average loan yields 6.00% and your average deposit costs 2.25%, your spread is 3.75%; that's the NIM, and every basis point of improvement directly hits the bottom line. What this estimate hides, though, is the risk associated with that loan book, which is why credit quality is so important.

Southern States Bancshares, Inc.'s Financial Performance

Southern States Bancshares has demonstrated solid profitability and asset quality metrics through the first half of 2025, giving investors a clear picture of its health before the full effects of the merger. The bank's focus on efficiency and credit risk is evident in its key ratios.

• Profitability Metrics: For the first quarter of 2025, the bank reported a Net Income of $10.4 million, translating to a strong Return on Average Assets (ROAA) of 1.48% and a Return on Average Tangible Common Equity (ROATCE) of 17.19%. For the half year ended June 30, 2025, Net Interest Income reached $51.28 million.
• Operational Efficiency: The Efficiency Ratio-a measure of noninterest expense to total revenue-improved to 46.42% in Q1 2025. This means the bank spends less than 47 cents to generate a dollar of revenue, which is a sign of good cost control.
• Credit Quality: The Allowance for Credit Losses (ACL) stood at 1.28% of total loans as of March 31, 2025, indicating a prudent buffer against potential loan defaults.

The bank's deposit base remained robust at $2.4 billion as of March 31, 2025, with linked-quarter deposit growth of 2.4% annualized, showing continued customer trust and funding stability. You can dive deeper into the ownership structure and investor sentiment in Exploring Southern States Bancshares, Inc. (SSBK) Investor Profile: Who's Buying and Why?

Southern States Bancshares, Inc. (SSBK) Market Position & Future Outlook

The story of Southern States Bancshares, Inc. (SSBK) is now one of successful regional consolidation, as the company completed its merger with FB Financial Corporation (FirstBank's parent company) on July 1, 2025. This move instantly transformed the combined entity into a stronger, more geographically diversified regional bank with approximately $16.2 billion in total assets as of Q3 2025, significantly expanding its footprint across the high-growth markets of Alabama and Georgia.

The near-term focus is squarely on realizing the projected cost savings and revenue synergies from the integration, which is expected to drive improved profitability metrics for the combined platform. The former SSBK franchise now serves as a key growth engine for the larger organization, particularly in metropolitan areas like Atlanta, Birmingham, and Huntsville.

Competitive Landscape

In the Southeast regional banking sector, the combined FirstBank/Southern States entity competes with institutions of varying sizes, from smaller community banks to much larger regional powerhouses. The merger elevated FirstBank's standing, moving it into a more competitive tier with a stronger capital base and a wider array of services, including wealth management and capital markets.

Here's the quick math: This relative scale is based on the combined total assets of the three firms as of Q3 2025, showing the market dominance of the largest regional players. What this estimate hides is the combined entity's targeted local market share strength in specific Alabama and Georgia metropolitan statistical areas (MSAs), which is where the real value lies.

Opportunities & Challenges

The post-merger environment presents clear paths to enhanced performance, but also carries the inherent risks of integrating two complex financial institutions. You need to watch both sides of this equation defintely.

Industry Position

The acquisition positions the former Southern States Bancshares franchise as a key driver of FirstBank's strategy to become a premier regional bank in the Southeast. The combined company now operates 91 full-service bank branches across Tennessee, Kentucky, Alabama, and Georgia.

• Gain Scale: The merger pushed the combined entity's total assets past the $16 billion threshold, providing greater capacity for larger commercial loans.
• Enhanced Profitability: The Net Interest Margin (NIM) for the combined entity saw a strong increase to 3.95% in Q3 2025, up from 3.68% in the prior quarter, partially fueled by the acquired loan portfolio.
• Talent Retention: Key Southern States executives and producers were retained to ensure continuity and local decision-making, a critical component of community banking.

For a deeper dive into the financial metrics that underpinned this strategic decision, you should read Breaking Down Southern States Bancshares, Inc. (SSBK) Financial Health: Key Insights for Investors.