Form 4: Southern States Bancshares CFO Lynn J. Joyce Reports Stock and Options Grant

Lynn J. Joyce, CFO of Southern States Bancshares, reports the acquisition of restricted stock and stock options.

Summary

• On February 19, 2025, Lynn J. Joyce, the Chief Financial Officer of Southern States Bancshares, Inc. [SSBK], acquired 1,424 shares of common stock with a par value of $5.00 per share.
• These shares were granted as restricted stock.
• Joyce also acquired 2,076 stock options with an exercise price of $33.14.
• These options were granted on February 19, 2025, and vest in one-third increments over three years, becoming fully vested and exercisable on February 19, 2028.
• Following these transactions, Joyce beneficially owns 44,612 shares of common stock, including 19,976 vested restricted units and 3,022 unvested restricted shares which will incrementally vest annually by 2/19/2028.
• Joyce also directly owns 2,076 stock options.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing regarding stock and option grants, and does not inherently convey positive or negative sentiment. It's a neutral disclosure of information.

Positives

• The grant of restricted stock and stock options to the CFO could be seen as an incentive to align her interests with those of the shareholders.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the compensation structure and equity ownership of key executives.

Comparison to Industry Standards

• Stock option grants are a common form of executive compensation in the banking industry.
• The vesting schedule of one-third increments over three years is also a typical arrangement.
• Comparable companies such as Pinnacle Financial Partners (PNFP) and First Horizon National Corporation (FHN) also utilize stock options and restricted stock as part of their executive compensation packages.

Stakeholder Impact

• Shareholders may view the stock and option grants as an incentive for the CFO to improve company performance.
• Employees may see this as a standard part of executive compensation.

Key Dates

Keywords

Southern States Bancshares, SSBK, Lynn J. Joyce, CFO, Form 4, Stock Options, Restricted Stock, Beneficial Ownership, Insider Trading