FB Financial (FBK) and Southern States Bancshares (SSBK) said Monday they have agreed to merge in a stock-based transaction valued at roughly $381 million.
Southern States investors will receive 0.8 shares of FB Financial for each of their existing shares, translating to about $37.64 per share, according to a joint statement.
The merger will expand FB Financial's presence in Alabama and Georgia, adding 15 branches and two loan offices, the companies said.
The deal is expected to close in late Q3 or early Q4, pending shareholder and regulatory clearance, the companies added.
Shares of Southern States were up over 9%, while FB Financial stock was off 0.3% in recent premarket activity Monday.
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