By Colin Kellaher
FB Financial has agreed to buy fellow bank holding company Southern States Bancshares for about $381 million in stock.
FB Financial, based in Nashville, Tenn., on Monday said it will issue 0.8 shares, worth $37.64 based on Friday's closing price of $47.05, for each share of Southern States.
The deal, slated to close late in the third quarter or early in the fourth quarter, represents a nearly 16% premium to Friday's closing price of $32.49 for shares of Southern States, based in Anniston, Ala.
FB Financial, with 77 branches in Tennessee, Alabama, Kentucky and Georgia, had about $13.2 billion in total assets at the end of 2024. Southern States, with 15 branches in Alabama and Georgia, has total assets of $2.8 billion.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 31, 2025 07:40 ET (11:40 GMT)
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