Southern States Bancshares, Inc.

General Information
Business:

We are a bank holding company headquartered in Anniston, Alabama. We operate primarily through our wholly-owned subsidiary, Southern States Bank, an Alabama banking corporation formed in 2007. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in our communities. Our franchise is focused on personalized, relationship-driven service combined with local market management and expertise to serve small and medium size businesses and individuals. We believe that these services will build stronger, growing communities that will drive our success. As of March 31, 2021, we had total assets of $1.5 billion, gross loans of $1.1 billion, total deposits of $1.3 billion and total stockholders’ equity of $144.6 million.

We provide banking services from 15 offices in Alabama and Georgia. Our primary service areas in Alabama are Anniston, Auburn, Birmingham and Huntsville with a presence extending into Calhoun, Lee, Jefferson, Talladega, Madison, Cleburne and Randolph Counties of Alabama and their surrounding areas. In Georgia, we serve the Columbus metropolitan statistical area (“MSA”), as well as Carroll, Coweta, and Dallas Counties in the greater Atlanta MSA. The Bank also operates a loan production office (“LPO”) in Atlanta, Georgia.

(Note: Southern States Bancshares priced its IPO on Aug. 11, 2021, at $19 – the low end of its $19-to-$21 range – on 2 million shares, the same number of shares in the prospectus, to raise $38 million.)

 

Industry: Banking
Employees: 191
Founded: 2007
Contact Information
Address 615 Quintard Ave. Anniston, AL 36201
Phone Number (256) 241-1092
Web Address http://www.southernstatesbank.net/
View Prospectus: Southern States Bancshares, Inc.
Financial Information
Market Cap $174.2mil
Revenues $62.09 mil (last 12 months)
Net Income $15.11 mil (last 12 months)
IPO Profile
Symbol SSBK
Exchange NASDAQ
Shares (millions): 2.0
Price range $19.00 - $19.00
Est. $ Volume $38.0 mil
Manager / Joint Managers Keefe, Bruyette & Woods (a Stifel company)/ Truist Securities
CO-Managers Hovde Group LLC/ Performance Trust Capital Partners
Expected To Trade: 8/12/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
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