Southern States Bancshares, Inc.
ir.southernstatesbank.netNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2025 10-Q, filed May 5, 2025. Its latest SEC filing is a 15-12G from Jul 16, 2025.
10-Q for Q1 FY2025, filed May 5, 2025
The sections below describe the company as of the FY2024 annual report.
What Did They Do?
Offers deposit, loan and other banking services to businesses and individuals in its communities.
10-K for FY2024, filed Mar 14, 2025
How Did They Make Money?
Borrowers pay interest on loans, while the bank earns interest from investments. Customers pay account fees for monthly account service or transactions, and merchant banks pay card fees as card purchases occur.
10-K for FY2024, filed Mar 14, 2025Through our Bank, we engage in the business of banking, which consists primarily of accepting deposits from the public and making loans and…View ↗
Service charges on deposit accounts – represent service fees for monthly activity and maintenance on customer accounts. Attributes can be…View ↗
Interchange Income – bank card related fees primarily includes interchange income from client use of consumer and business debit cards.…View ↗
$2M
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10-K for FY2024, filed Mar 15, 2025
$2M ↗
Who Were Their Customers?
Businesses and individuals in its communities obtain deposit, loan and other banking services through Southern States Bank, which focuses on relationship-based service and local market expertise.
10-K for FY2024, filed Mar 14, 2025We are a bank holding company headquartered in Anniston, Alabama. We operate primarily through our wholly-owned subsidiary, Southern States…View ↗
Did Revenues Turn Into Profits?
Yes. Its net income in FY2024 was larger than its revenue and turned 1887 cents into free cash flow.
How Were They Changing?
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Jul 1, 2025
Southern States merged with FB Financial and Southern States Bank merged with FirstBank
Sources
8-K, filed Jul 1, 2025
On July 1, 2025 (the “Closing Date”), Southern States Bancshares, Inc. (“Southern States”), the parent company of Southern States Bank…View ↗
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Mar 31, 2025
Southern States agreed to merge with FB Financial
The agreement called for shareholders to receive 0.800 FB Financial shares for each Southern States share.
Sources
8-K, filed Mar 31, 2025
Under the terms and subject to the conditions of the Agreement, upon the consummation of the Corporate Merger (the “Effective Time”)…View ↗
Grew. Revenue grew 39% in 4 years, from $1.5M in FY2020 to $2M in FY2024, about 9% a year.
Expanded Georgia footprint
The latest report lists Bartow, Paulding and Polk Counties among its Georgia service areas and says the Century Bank acquisition added offices in Rockmart and Cartersville.
10-K for FY2021, filed Mar 18, 2022 10-K for FY2024, filed Mar 14, 2025We provide banking services from 15 offices in Alabama and Georgia. Our primary service areas in Alabama are Anniston, Auburn, Birmingham…View ↗
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