Form 4: Southern States Bancshares Director Converts Holdings Following Merger with FB Financial

J. Henry Smith IV, a director of Southern States Bancshares, Inc., disposed of all his direct and indirect holdings in SSBK common stock on July 1, 2025, as part of the company's merger with FB Financial Corp.

Summary

• J. Henry Smith IV, a director of Southern States Bancshares, Inc. (SSBK), reported the disposal of all his beneficial ownership in SSBK common stock.
• The transactions occurred on July 1, 2025, in connection with the merger of SSBK into FB Financial Corp. (FBK).
• Directly, 52,725 shares of SSBK common stock were disposed of.
• Indirectly, 245 shares held by a son (CGS), 245 shares held by a daughter (EHS), and 240 shares held by another daughter (VWS) were also disposed of.
• At the effective time of the merger, each outstanding share of SSBK common stock converted into the right to receive 0.8 share of FBK common stock, with cash payable in lieu of fractional shares.
• The closing price of FBK's stock on June 30, 2025, the last trading day before the merger, was $45.30 per share.
• Following these transactions, J. Henry Smith IV's beneficial ownership of SSBK common stock is 0 shares.

Sentiment

Score: 7

Explanation: The document reports a standard insider transaction resulting from a completed merger, which is a neutral to positive event for the company as it signifies the successful execution of a strategic initiative. For the insider, it represents a conversion of assets as per the merger terms.

Positives

• The completion of the merger between Southern States Bancshares, Inc. and FB Financial Corp. indicates a successful strategic transaction.
• The conversion of SSBK shares into FBK shares provides SSBK shareholders, including the reporting person, with equity in the acquiring entity.

Negatives

• The reporting person no longer holds any direct or indirect beneficial ownership in Southern States Bancshares, Inc., as the company has merged out of existence.

Future Outlook

NA

Industry Context

The merger of Southern States Bancshares, Inc. into FB Financial Corp. reflects a continuing trend of consolidation within the U.S. banking sector, driven by factors such as economies of scale, increased regulatory burdens, and the pursuit of expanded market share and operational efficiencies. Such mergers aim to create larger, more competitive financial institutions.

Stakeholder Impact

• Shareholders of Southern States Bancshares, Inc. have had their shares converted into FB Financial Corp. common stock, impacting their future investment exposure to the combined entity.
• Employees of Southern States Bancshares, Inc. may experience changes in their employment status or roles as a result of the integration with FB Financial Corp.

Key Dates

Keywords

Southern States Bancshares, SSBK, FB Financial Corp, FBK, Merger, Acquisition, Form 4, Insider Trading, Beneficial Ownership, Stock Conversion, Banking, Financial Services