Southern States Bancshares, Inc. (SSBK): Business Model Canvas [Dec-2025 Updated]

You're looking at the final blueprint of Southern States Bancshares, Inc. (SSBK) right before it joined forces with FB Financial on July 1, 2025-a real snapshot in time for a community bank that was performing quite well. Honestly, before the deal closed, SSBK was running a tight ship, boasting $2.9 billion in assets as of March 31, 2025, and managing a $2.3 billion loan book with a sharp efficiency ratio of 46.42% in Q1 2025, all while sticking to that relationship-driven community banking vibe in Alabama and Georgia. This canvas breaks down exactly how they generated that $10.3 million core net income in the first quarter by focusing on local expertise and conservative underwriting. Dive in below to see the nine building blocks that defined SSBK's business right up to its acquisition.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Key Partnerships

You're looking at the partnerships that underpinned Southern States Bancshares, Inc. (SSBK) right up to its integration into a larger structure. Honestly, the most significant 'partnership' event of 2025 was the merger itself, which fundamentally changed the structure.

FB Financial Corporation (FBK) merger partner

The definitive merger agreement saw Southern States Bancshares, Inc. merge with FB Financial Corporation, closing on July 1, 2025. This wasn't just a handshake; it was a specific exchange. Southern States shareholders received 0.800 shares of FB Financial common stock for every share of Southern States stock they held. The implied transaction value at the time of closing, based on FB Financial's closing stock price of $45.30 per share on June 30, 2025, was approximately $368.4 million in total. Before the close, 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. The combined entity, following the integration, now operates with consolidated assets exceeding $16 billion.

Here's a quick look at the scale shift from the pre-merger snapshot:

Correspondent banks for treasury and liquidity

Southern States Bank, the primary subsidiary, maintained arrangements with correspondent banks, specifically mentioning those in Atlanta, to help meet the Bank's liquidity needs. This was detailed in their Form 10-K filed on March 14, 2025. The bank operated 15 branches in Alabama and Georgia, plus two loan production offices in Atlanta, all of which relied on these external arrangements alongside internal capital generation.

• Pre-merger branch count: 15 full-service offices in AL/GA.
• Pre-merger LPOs: 2 in Atlanta.
• Liquidity reliance: Correspondent bank arrangements and internal capital.

Technology vendors for core banking systems

Specific, named technology vendors for Southern States Bancshares, Inc.'s core banking systems aren't publicly detailed in the latest filings, which is common for community banks. What we do know is that the integration process following the July 1, 2025, merger included an expected systems conversion to be completed by the end of 2025. This conversion is a massive undertaking, aligning the former Southern States operations onto the platform used by FirstBank. Industry context from the American Bankers Association's 2025 survey suggests that 53% of bankers are satisfied with their core platform provider, indicating a critical, though often invisible, partnership area.

FDIC for deposit insurance and regulatory oversight

The Federal Deposit Insurance Corporation (FDIC) is the essential partner ensuring deposit insurance coverage up to the standard maximum deposit insurance amount. This oversight is non-negotiable for any US bank holding company like Southern States Bancshares, Inc. and its successor, FB Financial Corporation. The regulatory framework dictates capital adequacy, risk management, and consumer protection standards that the bank must adhere to. The merger itself required approval from regulatory authorities, including the Federal Reserve, which oversees bank holding companies.

• Role: Deposit insurance and primary regulatory oversight.
• Requirement: Adherence to capital standards and risk management rules.
• Approval for merger: Required from necessary regulatory authorities.

Finance: draft post-merger liquidity contingency plan by October 15th.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Key Activities

You're looking at the core functions Southern States Bancshares, Inc. performed right before its absorption into FB Financial, focusing on the data from late Q1 2025, which sets the stage for the July 1, 2025, closing. These activities define how the firm created and managed its value right up to the merger.

Commercial and real estate loan origination was a primary driver, evidenced by the portfolio expansion leading up to the transaction. The bank was actively growing its asset base through new business. The gross loan portfolio grew to $2.3 billion as of March 31, 2025. This represented a quarterly loan growth rate annualized at 6.1%. While specific origination dollar amounts aren't itemized here, this growth rate reflects consistent activity in originating commercial and real estate loans across their footprint in Alabama and Georgia, plus the impact of the Century Bank acquisition finalized in 2024.

Deposit gathering and liability management focused on securing a stable, low-cost funding base to support loan demand. Total deposits reached $2.4 billion by the end of the first quarter of 2025. The annualized growth rate for deposits for the quarter was 2.4%. The liability structure showed a healthy mix, with commercial accounts making up 54% of the total deposits and retail accounts comprising the remaining 46%. Brokered deposits were a smaller component, standing at $162.5 million as of March 31, 2025. The Loans to Deposits ratio was tight at 93.17% at the quarter's end.

Managing a $2.3 billion loan portfolio (Q1 2025) required constant monitoring of credit quality and yield. The portfolio was diversified, with 46% in fixed-rate loans and 54% in variable-rate loans as of Q1 2025. The Net Interest Margin (NIM) for the quarter was 3.75%. The bank maintained a conservative Allowance for Credit Losses (ACL) relative to the loan book. Here's a quick look at the portfolio and credit health metrics from that period:

Regulatory compliance and risk management involved handling the credit deterioration seen in early 2025 while preparing for the new regulatory environment post-merger. The nonperforming loan balance rose to $7.2 million, representing 0.32% of gross loans. This increase was attributed to one significant commercial real estate loan and one commercial and industrial loan being placed on nonaccrual status. The provision for credit losses recorded for the quarter was $775,000. Net charge-offs for Q1 2025 annualized to 0.04% of average loans, totaling $237,000. The bank's core activities included adhering to all banking regulations, which was critical given the pending acquisition by the larger FB Financial Corporation.

Integrating operations post-merger with FirstBank became the most significant activity following the shareholder approval on June 26, 2025, and the official closing on July 1, 2025. The key activity here was the actual execution of the Bank Merger, where Southern States Bank merged into FirstBank, with FirstBank surviving as the bank entity. The combined organization was set to have consolidated assets exceeding $16 billion, up from Southern States' standalone assets of $2.9 billion as of March 31, 2025. Integration teams were established to adopt best-in-class products and technology, with systems conversion anticipated to follow during the third quarter of 2025.

• The corporate merger saw Southern States Bancshares merge into FB Financial Corporation.
• Southern States' stock was delisted from Nasdaq post-merger.
• The combined entity is led by Chris Holmes, President and CEO of FirstBank.
• The bank operated 13 branches in Alabama and Georgia and two loan production offices in Atlanta prior to the merger.

Finance: draft post-merger operational expense forecast by next Tuesday.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Key Resources

You're looking at the core assets that powered Southern States Bancshares, Inc. before its merger with FB Financial Corporation closed in mid-2025. These aren't just line items; they are the tangible and human capital that defined its value proposition as a community bank.

The foundation of the bank's scale, as reported for the first quarter of 2025, was its balance sheet size. As of March 31, 2025, Southern States Bancshares, Inc. held $2.9 billion in total assets. This asset base supported $2.3 billion in loans and $2.4 billion in total deposits at that same date.

The physical footprint and local expertise are critical for a community bank. You need to know where they physically connect with customers. Southern States Bank operated a network consisting of 15 branches across Alabama and Georgia and maintained two loan production offices (LPOs) specifically in the Atlanta MSA. This physical presence supported their relationship-driven service model.

The human element is just as important. The bank was founded on a vision to invest in highly experienced people, which is a key resource in community banking where local decision-making is paramount. Post-merger plans indicated that key personnel, including President and CEO Mark A. Chambers and CFO Lynn J. Joyce, were expected to take on meaningful roles in the combined entity, suggesting a retention of core management talent.

For technology, the bank relied on its core banking platform, though you should note that a systems conversion to the acquiring bank's platform was anticipated by the end of 2025. This indicates that the existing digital platforms were functional but slated for replacement as part of the integration.

A strong capital base and sound credit quality are non-negotiable for any financial institution. Southern States Bancshares, Inc. maintained solid regulatory ratios leading up to the transaction. Here's a quick look at the capital and credit metrics from March 31, 2025:

These figures show a bank operating with a healthy buffer. The Tier 1 capital ratio of 9.14% to average assets and the CET1 ratio at 10.18% demonstrate compliance and a strong capital position. Furthermore, the allowance for credit losses stood at 1.28% of total loans, reflecting management's view on potential credit risk at that time.

The bank's operational setup also included its real estate holdings. As of its March 14, 2025, 10-K filing, the bank owned its main office building plus thirteen of its banking centers, with the remaining facilities under lease agreements of one to five years. That's a significant portion of owned physical infrastructure.

You can see the key physical and financial anchors here:

• Total Assets: $2.9 billion (March 31, 2025).
• Branch Footprint: 15 branches in Alabama/Georgia plus 2 LPOs in Atlanta.
• Core Equity: Stockholders' Equity of $290.2 million.
• Credit Coverage: ACL at 1.28% of total loans.

Finance: draft 13-week cash view by Friday.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Value Propositions

Relationship-driven community banking service

You value a bank that knows your name, not just your account number. Southern States Bancshares, Inc. positions its value proposition around this local connection, which is reinforced by the cultural alignment noted during the March 31, 2025, merger announcement with FB Financial Corporation, emphasizing a culture grounded on strong values focusing on associate and customer experiences and community involvement. This commitment to local ties is central to their offering.

Local market expertise in Alabama and Georgia

The bank's operational footprint is deeply rooted in the Southeast, specifically in Alabama and Georgia. Southern States Bancshares, Inc. has historically focused on being a dominant bank in its smaller markets while maintaining a competitive presence in larger metropolitan areas, such as Birmingham and Atlanta. The planned merger with FB Financial Corporation is explicitly stated to further expansion strategy in Alabama and Georgia, creating a franchise positioned in what are described as the Southeast's best markets.

Full-service offerings for businesses and individuals

Southern States Bancshares, Inc., operating as Southern States Bank, an Alabama state-chartered commercial bank, provides a comprehensive suite of financial tools. Post-merger projections indicate the combined entity will operate 77 full-service bank branches across Tennessee, Alabama, Kentucky, and North Georgia, complemented by a regional mortgage business across the Southeast. This scale supports a full-service approach for both commercial clients and individuals.

Here's a quick look at the financial strength underpinning these services as of the first quarter of 2025:

Conservative underwriting with low nonperforming loans (0.32% in Q1 2025)

A core element of the value proposition is the demonstrated commitment to prudent risk management, which translates directly into asset quality for depositors and investors. This conservative credit culture is a key reason cited for the strategic fit with the FB Financial merger. The numbers from the first quarter of 2025 clearly reflect this discipline.

• Nonperforming Loans (NPLs) to Gross Loans ratio stood at 0.32% as of March 31, 2025.
• This NPL ratio compares favorably to the 0.17% reported in March 31, 2024.
• The Allowance for Credit Losses (ACL) to total loans was maintained at 1.28% at March 31, 2025.
• Net Charge-Offs (NCOs) to average loans for Q1 2025 annualized to 0.04%.

The bank maintained strong credit quality with nonperforming loans at 0.32% of gross loans in Q1 2025. That's stability you can bank on.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Customer Relationships

You're running a community bank holding company, Southern States Bancshares, Inc., focused on high-touch service in Alabama and Georgia, but you're also navigating a major merger expected to close in late 2025. Your customer relationships are built on local presence and experienced bankers, which is how you've maintained strong credit quality.

Dedicated relationship managers for commercial clients

Southern States Bancshares, Inc. focuses its lending activities primarily on commercial relationships across its markets in Alabama and Georgia. The bank operates 13 branches in Alabama and Georgia, plus two loan production offices in Atlanta, which supports direct engagement with commercial clients. As of December 31, 2024, commercial real estate loans made up 60.4% of total gross loans, showing a deep commitment to this segment, which relies heavily on dedicated relationship managers for structuring and servicing. This focus on relationship-based commercial lending is a core differentiator from larger, more transactional institutions.

High-touch, personalized service model

The bank's founding vision centered on investing in highly experienced people to offer high levels of personal service. This model appears to be working; as of March 31, 2025, Southern States Bancshares, Inc. maintained strong credit quality, with nonperforming loans at just 0.32% of gross loans. The allowance for credit losses stood at 1.28% of total loans on that date, providing substantial coverage. This low nonperforming loan ratio suggests that the personalized underwriting and ongoing client management are effective risk mitigators. Honestly, keeping NPLs that low while growing loans is a testament to the relationship focus.

Community engagement and local decision-making

Local decision-making is inherent in the community bank structure, allowing relationship managers and local leadership to act quickly for clients in Alabama and Georgia. The bank's operational footprint is concentrated in these two states, supporting deep local ties. While specific 2025 Southern States Bancshares, Inc. community investment figures are pending the full year, similar regional institutions reported significant commitments, such as making $5.75 billion in CRA-eligible loans and awarding grants totaling $7.1 million to 2,393 organizations in a recent reporting period, illustrating the expected level of community integration for a bank of this type.

Standardized digital self-service for consumers

For the consumer segment, the relationship model is supplemented by standardized digital tools. You know that consumer expectations are driven by the broader market, where, as of 2025 data, a significant majority of consumers-about 78%-prefer to manage their accounts through a mobile app or online banking website. Specifically, 42% of consumers prefer a mobile app, making it the most popular choice, while 36% prefer the website. To keep pace, Southern States Bancshares, Inc. must ensure its digital channels offer reliable self-service options, especially since 32% of U.S. consumers reported switching banks in 2025 due to poor digital service experiences. The bank's reported total deposits reached $2.43 billion as of March 31, 2025, showing a large base that requires efficient digital servicing alongside the high-touch commercial support.

Here's a quick look at the balance sheet supporting these customer-facing operations as of the First Quarter 2025 close:

The customer relationship strategy is clearly bifurcated:

• Maintain deep, high-touch relationships for commercial clients.
• Provide efficient, standardized digital access for consumers.
• Support lending with experienced people and local oversight.
• Focus on relationship-driven commercial real estate lending, which was 60.4% of loans at year-end 2024.

If onboarding for new digital services takes longer than two weeks, churn risk rises, especially given that nearly 1 in 5 consumers were likely to change financial institutions in 2025.

Finance: draft the pro-forma balance sheet impact of the FB Financial merger closing by Friday.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Channels

You're looking at how Southern States Bancshares, Inc. (SSBK) reached its customers right before the FB Financial merger finalized in mid-2025. The channel strategy was a classic community bank mix, balancing face-to-face service with necessary digital tools. Honestly, for a bank with $2.4 billion in deposits as of March 31, 2025, this physical and digital footprint was their lifeline.

Here's a quick look at the core distribution points that defined the SSBK customer experience leading up to the July 1, 2025, closing date:

The physical network was concentrated in Alabama and Georgia, which were the core markets for Southern States Bancshares, Inc. These 15 locations were the primary touchpoints for relationship banking, which is key for a community institution. To supplement this, they maintained two dedicated Loan Production Offices (LPOs) specifically targeting the Atlanta MSA, showing a focused effort to capture lending opportunities in that metro area, separate from the full-service branch structure.

It's important to note the timing; by late 2025, these physical assets were being absorbed into the larger FB Financial structure following the merger close on July 1, 2025. Still, the Q1 2025 results, which showed a net income of $10.4 million, were generated using this specific footprint.

Digital channels provided the necessary convenience layer on top of the physical structure. You'd expect any modern bank serving a customer base with $2.4 billion in deposits to have these in place. These digital tools supported daily transactions, which is crucial for efficiency, especially when you consider the bank's disciplined efficiency ratio of 46.42% reported for Q1 2025.

The digital offerings included:

• Online banking applications for account management.
• Mobile banking applications for on-the-go access.
• ATM network access for cash services.

The ATM network access likely involved a partnership or shared network, as the search results don't specify the exact number of proprietary machines, but it was a standard feature alongside their online and mobile banking suite. These digital touchpoints helped manage the daily flow for the bank's customer base, which supported the 6.1% annualized loan growth seen in the first quarter of 2025.

Finance: draft 13-week cash view by Friday.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Southern States Bancshares, Inc. right before its integration with FB Financial Corporation, which closed on July 1, 2025. The bank's focus was clearly on serving the communities across Alabama, Georgia, Tennessee, and Kentucky through relationship banking, which means knowing the local players well.

Southern States Bancshares, Inc. defined its customer base across three primary portfolio segments: Real estate, Commercial and industrial, and Consumer and other. The entire institution, as of March 31, 2025, held total assets of $2.85 Billion, with total loans standing at $2.26 Billion and total deposits at $2.43 Billion. This loan volume is the key metric we use to size the segments.

The emphasis on real estate is quite clear from the data we have, even looking back to the end of 2024. As of December 31, 2024, a significant 85.2% of the loan portfolio was secured by real estate. This concentration directly speaks to the importance of real estate investors and developers as a core segment.

Here is a breakdown mapping the loan portfolio, based on the latest available segment data for Southern States Bancshares, Inc. as of March 31, 2025, using the 12/31/2024 real estate concentration as the best proxy for segment size:

The small and medium-sized businesses (C&I lending) segment is the engine for local economic activity, and Southern States Bancshares, Inc. focused on personalized, relationship-driven service for these entities. The bank's overall strategy was to serve these businesses and individuals with local market management expertise.

For affluent individuals and mass-market consumers, the bank offered its array of deposit, loan, and other banking-related products. While the consumer portion is grouped into the 'Consumer and other' segment, the bank's community focus suggests a high-touch service model for these retail customers, similar to its commercial approach.

Community-based organizations are served through the bank's overall commitment to being a full-service community banking institution. This segment is less about direct loan volume and more about the bank's operational philosophy, which includes community involvement and local decision-making, a value shared with its acquirer, FB Financial Corporation.

• The bank operates in communities across Alabama, Georgia, Tennessee, and Kentucky.
• The efficiency ratio as of Q1 2025 was 46.42%, reflecting disciplined expense management across all customer service delivery.
• Credit quality was strong, with nonperforming loans at 0.32% of gross loans as of a recent report.
• The Net Interest Margin (NIM) improved to 3.75% in Q1 2025, driven by the performance across its loan segments.

To be fair, the exact split between C&I and Consumer/Other within the remaining 14.8% of the loan book isn't explicitly broken out in the Q1 2025 filings, so the table uses the $2.26 Billion total loan figure and the 85.2% real estate concentration to derive the remainder. Finance: draft the pro-forma loan segment breakdown post-merger by end of October.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine of Southern States Bancshares, Inc. (SSBK) operations, especially as it integrated following the merger closing around July 2025. For a community bank, managing the cost of funds and operational overhead is defintely key to maintaining that strong efficiency ratio.

Interest expense on deposits and borrowings

The cost of funding your loan book is always front and center. For the third quarter of 2025, Southern States Bancshares, Inc. saw a positive trend, reporting a decrease in interest expense on deposits compared to the second quarter of 2025. This suggests either a favorable shift in the deposit mix or better management of funding costs relative to the rising rate environment.

To give you a snapshot of the income side that offsets these costs, the Net Interest Income for the first quarter of 2025 was $24.9 million.

Personnel and compensation costs (approx. 209 employees)

Your people are a major cost center, and for Southern States Bancshares, Inc., the headcount was listed at approximately 209 employees. Personnel costs are a significant part of noninterest expense, which for Q1 2025 totaled $12.3 million.

Here's a look at how noninterest expenses trended, showing where compensation fits in:

Honestly, the jump in total noninterest expense from Q1 to Q3 2025 likely reflects the full impact of the merger integration costs and expanded operations.

Branch network and occupancy expenses

The physical footprint is another fixed cost you have to manage. Before the merger, Southern States Bank operated a network that included locations across Alabama and Georgia. Specifically, this meant seven full-service bank branches in Alabama and two in Georgia, totaling nine branches, plus a regional mortgage business.

The merger with FB Financial Corporation brought in a much larger network, as Southern States contributed 15 branches to the combined entity.

Occupancy costs, which cover these physical locations, showed some quarterly fluctuation:

• Occupancy expenses decreased in the third quarter of 2025 compared to the second quarter of 2025.
• Occupancy expenses were higher in the third quarter of 2025 compared to the third quarter of 2024.

Technology and data processing costs

Keeping the systems running for 209 employees and an expanding asset base requires investment. Post-merger, there was an expectation for a systems conversion by the end of 2025.

In terms of reported costs, the third quarter of 2025 saw an increase in outside service and data processing costs when compared to the third quarter of 2024, indicating rising technology overhead, perhaps related to integration efforts.

Efficiency ratio of 46.42% (Q1 2025)

This metric tells you how much noninterest expense it takes to generate a dollar of revenue, and Southern States Bancshares, Inc. achieved a very strong result early in the year.

The efficiency ratio for the first quarter of 2025 was reported at 46.42%. This reflects disciplined expense management, especially considering the pending merger activity at that time.

Finance: draft pro-forma efficiency ratio analysis incorporating Q3 2025 noninterest expense by next Tuesday.

Southern States Bancshares, Inc. (SSBK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Southern States Bancshares, Inc. brings in money, which is pretty standard for a community bank but with some recent growth dynamics given the pending merger with FB Financial Corporation. The primary engine is interest earned on the assets they deploy, mainly loans.

The foundation of the interest income stream is the loan book. As of the first quarter of 2025, Southern States Bancshares, Inc. reported gross loans totaling $2.3 billion. This portfolio size directly drives the interest income component of their revenue.

The resulting profitability from that loan book and deposit base is captured in the Net Interest Income (NII). For Q1 2025, the NII was $24.9 million, which is a key top-line figure. To give you context on margin management, the Net Interest Margin (NIM) improved to 3.75% in Q1 2025. You specifically asked about the NIM from the prior quarter, which stood at 3.66% for Q4 2024. That quarter-over-quarter margin improvement, even with a slight dip in NII to $25.1 million in Q4 2024, shows they were getting better at managing funding costs, which is defintely important for near-term performance.

Beyond the core lending business, non-interest income provides a secondary, albeit smaller, revenue source. For Q1 2025, this category, which includes service charges and fees, amounted to $1.7 million. Honestly, this number was down significantly, dropping 44.7% from the $3.0 million reported in Q4 2024. That large drop is something to watch, as it suggests a one-time item, perhaps related to the Employee Retention Credit (ERC) mentioned in their Q4 2024 filings, was booked in the prior period.

When you look at the bottom line derived from these operations, the Core Net Income for Southern States Bancshares, Inc. in Q1 2025 was $10.3 million. This figure excludes certain non-recurring items, giving you a cleaner view of the recurring profitability from their business model.

Here's a quick snapshot of the primary revenue drivers from the Q1 2025 results:

The loan portfolio itself is structured to generate this income, and you can see how it was split as of that Q1 2025 report:

• Loan growth annualized quarter-over-quarter was 6.1%.
• The portfolio was split between fixed-rate (46%) and variable-rate (54%) loans.
• The average yield on loans for the quarter was 7.06%.

The revenue streams are heavily reliant on the spread between what they earn on assets and what they pay for liabilities, which is why that NIM figure is so closely watched.