Southern States Bancshares Completes Acquisition of CBB Bancorp
2024年8月1日 - 8:30PM
Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern
States”), the holding company for Southern States Bank, announced
today the completion of its previously announced acquisition of CBB
Bancorp (“CBB Bancorp”), the holding company for Century Bank of
Georgia (“Century Bank”). Effective July 31, 2024, CBB Bancorp has
been merged with and into Southern States, with Southern States
surviving, and Century Bank has been merged with and into Southern
States Bank, with Southern States Bank surviving.
The acquisition of CBB Bancorp enhances Southern
States’ presence in Georgia, especially in the high-growth Atlanta
metro market. With this transaction, Southern States Bank furthers
its position as a premier Southeastern community bank, with 15
full-service branches and two loan production offices across
Alabama and Georgia.
Southern States will be mailing an Election Form
and Letter of Transmittal to former shareholders of CBB Bancorp,
pursuant to which they may make their election to receive 1.550
shares of Southern States common stock or $45.63 in cash (subject
to proration such that no more than 10% of the shares outstanding
of CBB Bancorp common stock will receive the cash
consideration).
“We are excited to welcome aboard Century Bank’s
proven leadership and talented team of associates,” said Southern
States President and CEO Mark A. Chambers, “Century Bank has a
solid core deposit base and strong liquidity position, and we look
forward to delivering an increased level of products and services
to the communities we serve together.”
About Southern States Bancshares,
Inc.
Headquartered in Anniston, Alabama, Southern
States is a bank holding company that operates primarily through
its wholly owned subsidiary, Southern States Bank. Southern States
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 its communities. Prior to
the acquisition of CBB Bancorp and Century Bank, Southern States
Bank operated 13 branches in Alabama and Georgia and two loan
production offices in Atlanta.
Forward-Looking Statements
This press release contains estimates,
predictions, opinions, projections and other “forward-looking
statements” as that phrase is defined in the Private Securities
Litigation Reform Act of 1995. Such statements include, without
limitation, statements relating to the impact Southern States
expects the merger to have on the combined entities’ operations,
financial condition, and financial results, and other benefits
Southern States expects to realize as a result of the merger.
Forward-looking statements also include, without limitation,
predictions or expectations of future business or financial
performance as well as Southern States’ goals and objectives for
future operations, financial and business trends, business
prospects, and management’s outlook or expectations for earnings,
revenues, expenses, capital levels, liquidity levels, asset quality
or other future financial or business performance, strategies or
expectations, and are subject to risks and uncertainties. These
statements often, but not always, are preceded by, are followed by
or otherwise include the words such as “may,” “can,” “should,”
“could,” “to be,” “predict,” “potential,” “believe,” “will likely
result,” “expect,” “continue,” “will,” “likely,” “anticipate,”
“seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would”
and “outlook,” or the negative version of those words or other
similar words or phrases of a future or forward-looking nature.
These forward-looking statements are not historical facts, and are
based on current expectations, estimates and projections about the
banking industry, management’s beliefs and certain assumptions made
by management, many of which, by their nature, are inherently
uncertain and beyond our control. This may be especially true given
recent events and trends in the banking industry and interest rate
volatility. Although Southern States believes that the expectations
reflected in such forward-looking statements are reasonable as of
the dates made, it cannot give any assurance that such expectations
will prove correct and actual results may prove to be materially
different from the results expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
but are not limited to, the outcome of any legal proceedings that
may be instituted against Southern States; the risk that the
businesses of Southern States and CBB Bancorp will not be
integrated successfully; the possibility that the cost savings and
any synergies or other anticipated benefits from the merger may not
be fully realized or may take longer to realize than expected;
disruption from the merger making it more difficult to maintain
relationships with employees, customers or other parties with whom
Southern States or CBB Bancorp have business relationships;
diversion of management time on merger-related issues; risks
relating to the potential dilutive effect of the shares of Southern
States common stock issued in the merger; the reaction to the
merger of the companies’ customers, employees and counterparties;
and other factors, many of which are beyond the control of Southern
States. For additional information, refer to the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of Southern States’ Annual Report
on Form 10-K for the year ended December 31, 2023 and any updates
to those risk factors set forth in Southern States’ Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other
filings, which have been filed by Southern States with the SEC and
are available on the SEC’s website at www.sec.gov. You should not
place undue reliance on any such forward-looking statements. All
forward-looking statements, expressed or implied, included herein
are expressly qualified in their entirety by the cautionary
statements contained or referred to herein. Any forward-looking
statement speaks only as of the date on which it is made, and we do
not undertake any obligation to publicly update or revise any
forward-looking statement, whether written or oral, and whether as
a result of new information, future developments or otherwise,
except as specifically required by law.
Contact Information
Lynn Joyce(205) 820-8065 ljoyce@ssbank.bank
Southern States Bancshares (NASDAQ:SSBK)
過去 株価チャート
から 8 2024 まで 9 2024
Southern States Bancshares (NASDAQ:SSBK)
過去 株価チャート
から 9 2023 まで 9 2024