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Alabama bank Southern States Bank sets terms for $40 million IPO

July 30, 2021

Southern States Bancshares, an Alabama bank with 15 branches in Alabama and Georgia, announced terms for its IPO on Friday.

The Anniston, AL-based company plans to raise $40 million by offering 2 million shares (50% secondary) at a price range of $19 to $21. At the midpoint of the proposed range, Southern States Bancshares would command a market value of $174 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.

Southern States Bancshares 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. Keefe Bruyette Woods, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of August 9, 2021.