Southern States Bancshares Completes Acquisition of CBB Bancorp
Southern States Bancshares (NASDAQ: SSBK) has completed its acquisition of CBB Bancorp, the holding company for Century Bank of Georgia. The merger, effective July 31, 2024, enhances Southern States' presence in Georgia, particularly in the high-growth Atlanta metro market. This strategic move positions Southern States Bank as a premier Southeastern community bank, expanding its network to 15 full-service branches and two loan production offices across Alabama and Georgia.
Former CBB Bancorp shareholders can elect to receive either 1.550 shares of Southern States common stock or $45.63 in cash per share, subject to a 10% cash consideration limit. Southern States' CEO, Mark A. Chambers, expressed enthusiasm about integrating Century Bank's leadership and team, highlighting the bank's solid core deposit base and strong liquidity position.
Southern States Bancshares (NASDAQ: SSBK) ha completato l'acquisizione di CBB Bancorp, la holding della Century Bank of Georgia. La fusione, che entrerà in vigore il 31 luglio 2024, aumenta la presenza di Southern States in Georgia, in particolare nel mercato in forte crescita dell'area metropolitana di Atlanta. Questa mossa strategica posiziona Southern States Bank come una banca comunitaria di primo piano nel sud-est degli Stati Uniti, ampliando la sua rete a 15 filiali a servizio completo e due uffici di produzione prestiti in Alabama e Georgia.
Gli azionisti dell'ex CBB Bancorp possono scegliere di ricevere 1.550 azioni del comune di Southern States o $45.63 in contanti per azione, soggetto a un limite del 10% per quanto riguarda il denaro contante. Il CEO di Southern States, Mark A. Chambers, ha espresso entusiasmo riguardo all'integrazione della leadership e del team di Century Bank, evidenziando la solida base di depositi e la forte posizione di liquidità della banca.
Southern States Bancshares (NASDAQ: SSBK) ha completado su adquisición de CBB Bancorp, la sociedad matriz de Century Bank of Georgia. La fusión, que entra en vigor el 31 de julio de 2024, mejora la presencia de Southern States en Georgia, especialmente en el mercado metropolitano de Atlanta en rápido crecimiento. Este movimiento estratégico posiciona a Southern States Bank como un banco comunitario destacado en el sureste de Estados Unidos, expandiendo su red a 15 sucursales de servicio completo y dos oficinas de producción de préstamos en Alabama y Georgia.
Los ex accionistas de CBB Bancorp pueden optar por recibir 1.550 acciones de las acciones comunes de Southern States o $45.63 en efectivo por acción, sujeto a un límite de consideración en efectivo del 10%. El CEO de Southern States, Mark A. Chambers, expresó su entusiasmo por integrar el liderazgo y el equipo de Century Bank, destacando la sólida base de depósitos y la fuerte posición de liquidez del banco.
Southern States Bancshares (NASDAQ: SSBK)가 CBB Bancorp, Century Bank of Georgia의 모회사 인수를 완료했습니다. 이 합병은 2024년 7월 31일에 발효되며, Southern States의 조지아 내 존재감을 높이고 특히 빠르게 성장하는 애틀랜타 대도시 시장에서 강화됩니다. 이 전략적 조치는 Southern States Bank를 동남부 지역의 주요 커뮤니티 뱅크로 자리매김하게 하며, 알라바마와 조지아 전역에 15개의 전체 서비스 지점과 두 개의 대출 생산 사무소 네트워크를 확장합니다.
이전 CBB Bancorp 주주들은 Southern States의 일반 주식 1.550 주 또는 주당 $45.63의 현금을 받을 것을 선택할 수 있으며, 현금 고려 한도는 10%로 제한됩니다. Southern States의 CEO인 Mark A. Chambers는 Century Bank의 리더십과 팀의 통합에 대한 열정을 표하며, 은행의 견고한 핵심 예금 기반과 강력한 유동성 위치를 강조했습니다.
Southern States Bancshares (NASDAQ: SSBK) a terminé son acquisition de CBB Bancorp, la société mère de Century Bank of Georgia. La fusion, qui sera effective le 31 juillet 2024, renforce la présence de Southern States en Géorgie, en particulier sur le marché métropolitain d'Atlanta en forte croissance. Ce mouvement stratégique positionne Southern States Bank comme une banquière communautaire de premier plan dans le sud-est, étendant son réseau à 15 agences de services complets et deux bureaux de production de prêts dans l'Alabama et la Géorgie.
Les anciens actionnaires de CBB Bancorp peuvent choisir de recevoir 1,550 actions ordinaires de Southern States ou 45,63 $ en espèces par action, sous réserve d'une limitation de 10 % pour le règlement en espèces. Le PDG de Southern States, Mark A. Chambers, a exprimé son enthousiasme pour intégrer la direction et l'équipe de Century Bank, soulignant la solide base de dépôts et la forte position de liquidité de la banque.
Southern States Bancshares (NASDAQ: SSBK) hat die Übernahme von CBB Bancorp, der Holdinggesellschaft der Century Bank of Georgia, abgeschlossen. Die Fusion, die am 31. Juli 2024 wirksam wird, stärkt die Präsenz von Southern States in Georgia, insbesondere im wachstumsstarken Metropolmarkt Atlanta. Dieser strategische Schritt positioniert Southern States Bank als eine erstklassige Gemeinschaftsbank im Südosten und erweitert ihr Netz auf 15 vollwertige Filialen und zwei Kreditproduktionsbüros in Alabama und Georgia.
Ehemalige CBB Bancorp-Aktionäre können wählen, ob sie 1,550 Aktien von Southern States oder $45.63 in bar pro Aktie erhalten möchten, wobei eine Obergrenze von 10% für die Barzahlung gilt. Der CEO von Southern States, Mark A. Chambers, äußerte sich begeistert über die Integration der Führung und des Teams der Century Bank und hob die solide Einlagenbasis sowie die starke Liquiditätsposition der Bank hervor.
- Expansion into high-growth Atlanta metro market
- Increased branch network to 15 full-service locations and 2 loan production offices
- Acquisition of Century Bank's solid core deposit base and strong liquidity position
- Enhanced product and service offerings for combined customer base
- Potential integration challenges and costs associated with merging operations
- Possible shareholder dilution due to stock-based acquisition payment option
The acquisition of CBB Bancorp by Southern States Bancshares marks a significant strategic move in the banking sector. This transaction strengthens Southern States' market position, particularly in the lucrative Atlanta metro area. From a financial perspective, there are several key points to consider:
- Expansion strategy: By increasing its branch network to 15 full-service locations and two loan production offices across Alabama and Georgia, Southern States is poised for potential revenue growth and increased market share.
- Deposit base enhancement: The acquisition brings in Century Bank's "solid core deposit base," which is important for maintaining a stable funding source and potentially lowering the cost of funds for the combined entity.
- Liquidity boost: The strong liquidity position of Century Bank will likely improve Southern States' overall liquidity profile, providing more flexibility for lending and investment activities.
- Shareholder consideration: The deal structure, offering CBB Bancorp shareholders a choice between stock and cash (subject to proration), demonstrates a balanced approach to managing capital and shareholder interests.
While the immediate financial impact is not quantified in the announcement, the strategic benefits are clear. However, investors should closely monitor upcoming financial reports to assess the actual synergies and integration costs associated with this acquisition. The success of this merger will largely depend on Southern States' ability to effectively integrate Century Bank's operations and capitalize on the expanded market presence.
This acquisition by Southern States Bancshares is a noteworthy development in the regional banking landscape, particularly for the Southeastern United States. Let's break down the market implications:
- Market penetration: By acquiring CBB Bancorp, Southern States significantly enhances its footprint in Georgia, especially in the high-growth Atlanta metro market. This move could potentially lead to increased market share and competitive advantage in a dynamic economic region.
- Growth strategy: The transaction aligns with the broader trend of community bank consolidations, aimed at achieving scale and efficiency in a highly competitive banking environment.
- Product diversification: The mention of "delivering an increased level of products and services" suggests potential cross-selling opportunities and an expanded offering to customers, which could drive revenue growth.
- Community banking focus: By positioning itself as a "premier Southeastern community bank," Southern States is leveraging the community banking model, which often benefits from strong customer relationships and local market knowledge.
The success of this acquisition will largely depend on Southern States' ability to retain Century Bank's customers, effectively cross-sell products and maintain the community banking ethos while leveraging the benefits of increased scale. Investors should watch for potential shifts in market dynamics, customer retention rates and any changes in competitive positioning following this merger.
ANNISTON, Ala., Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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
“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
FAQ
What are the terms of Southern States Bancshares' acquisition of CBB Bancorp?
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