Southern States Bancshares to acquire CBB Bancorp for ~$27M in stock/cash

Southern States Bancshares, Inc.

Aggregate transaction value ~$27M based on SSBK price $24.24; implied value $38.38 per CBB share.
CBB holders may elect 1.550 SSBK shares or $45.63 cash per share; cash capped at 10% of shares.
Combined bank: ~$2.8B assets, $2.3B deposits, $2.0B loans; 15 branches in AL and GA.
Expected close Q3 2024, subject to regulatory and CBB shareholder approval.

item 1.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Southern States Bancshares, Inc. entered into Agreement and Plan of Merger with CBB Bancorp (effective 2024-02-27).

Action: entry
Agreement: merger
Counterparty: CBB Bancorp
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, Southern States Bancshares, Inc. (“Southern States Bancshares”), the parent company of Southern States Bank (“Southern States Bank”), and CBB Bancorp (“CBB Bancorp”), the parent company of Century Bank of Georgia (“Century Bank”), entered into an Agreement and Plan of Merger (the “Agreement”)

View on SEC.gov

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Source: SEC EDGAR

accession 0001628280-24-007401

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