Southern States Bancshares, Inc.: M&A transaction — Southern States Bancshares closes acquisition of CBB Bancorp, adds Georgia branches

Southern States Bancshares, Inc.

Acquisition of CBB Bancorp (Century Bank of Georgia) closed effective July 31, 2024.
Each CBB share exchanged for 1.550 SSBK shares or $45.63 cash; max 10% cash subject to proration.
Richard E. Drews Jr., former CBB CEO, appointed to SSBK board and committees; base salary $264,259.
Southern States now operates 15 full-service branches and 2 loan production offices across AL and GA.
Deal strengthens presence in high-growth Atlanta metro market.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Richard E. Drews, Jr.

Board of Directors

Southern States Bancshares, Inc.

Effective: 2024-07-31
Filed: August 1, 2024, 7:59 PM ET

Richard E. Drews, Jr. was appointed to the Board of Directors of the Company and the Bank.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard E. Drews, Jr. was appointed as Board of Directors at Southern States Bancshares, Inc..

Action: appointed
Role: Board of Directors

Exact text from the filing

Richard E. Drews, Jr. was appointed to the Board of Directors of the Company and the Bank.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Southern States Bancshares, Inc. completed an acquisition involving CBB Bancorp for 1.550 shares of Southern States Bancshares common stock or $45.63 in cash (closed 2024-07-31).

Action: acquisition
Counterparty: CBB Bancorp
Consideration: 1.550 shares of Southern States Bancshares common stock or $45.63 in cash
Closing: 2024-07-31

Exact text from the filing

special meeting held on July 9, 2024. Under the terms and subject to the conditions of the Merger Agreement, the holders of CBB Bancorp have the right to elect to receive either 1.550 shares of Southern States Bancshares common stock or $45.63 in cash for each share of CBB Bancorp common stock they hold. Shareholder elections for cash are subject to proration

View on SEC.gov

15 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Source: SEC EDGAR

accession 0001628280-24-033910

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