Southern States Bancshares, an Alabama bank with 15 branches in Alabama and Georgia, raised $38 million by offering 2 million shares (50% secondary) at $19, the low end of the range of $19 to $21.
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 plans to list on the Nasdaq under the symbol SSBK. Keefe Bruyette Woods and Truist Securities acted as joint bookrunners on the deal.
