FB Financial closes $368M stock-for-stock merger with Southern States Bancshares

FB Financial Corp

Implied transaction value of ~$36.24 per share, ~$368.4M total, based on FBK's $45.30 close on June 30.
Southern States shareholders received 0.800 shares of FB Financial common stock per share; SSBK ceased trading after June 30.
FB Financial assumed $92.7M in subordinated notes: $48M 3.50% notes due 2032, $40M 7.00% notes due 2032, $4.7M 3.50% notes due 2031.
Board increased to 13 directors; appointed J. Henry Smith IV, former Southern States director, effective immediately.
Combined company has ~$16B total assets, operates 93 full-service branches across TN, AL, KY, GA.

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