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Alabama bank Southern States Bancshares files for a $35 million IPO

July 15, 2021

Southern States Bancshares, an Alabama bank with 15 branches in Alabama and Georgia, filed on Thursday with the SEC to raise up to $35 million.

Southern States Bancshares is a bank holding company that operates primarily through its wholly-owned subsidiary Southern States Bank, a full service community banking institution that offers deposit, loan, and other banking-related products and services to businesses and individuals. It provides banking services from 15 offices in Alabama and Georgia, and also operates a loan production office in Atlanta. As of March 31, 2021, Southern States Bancshares had total assets of $1.5 billion, gross loans of $1.1 billion, total deposits of $1.3 billion, and total stockholders’ equity of $145 million.

The Anniston, AL-based company was founded in 2007 and booked $55 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol SSBK. Southern States Bancshares filed confidentially on March 19, 2020. Keefe Bruyette Woods and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.