Form 4: Southern States Bancshares Director Disposes of Shares Following Merger with FB Financial

Southern States Bancshares, Inc. Director Daniel Andrew Cummings has reported the disposal of all his beneficial ownership in SSBK common stock effective July 1, 2025, as a result of the company's merger with FB Financial Corp.

Summary

• Director Daniel Andrew Cummings disposed of all his beneficial ownership in Southern States Bancshares, Inc. (SSBK) common stock.
• The disposal occurred on July 1, 2025, in connection with the merger of SSBK into FB Financial Corp. (FBK).
• Cummings directly disposed of 1,599 shares of SSBK common stock.
• An additional 5,171 shares were indirectly disposed of by the DAC Family Trust, which included 163 shares from the Southern States Bancshares, Inc. Dividend Reinvestment and Common Stock Purchase Plan.
• Following these transactions, Daniel Andrew Cummings beneficially owns 0 shares of SSBK common stock.
• 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's effective time, was $45.30 per share.

Sentiment

Score: 5

Explanation: The document is a factual report of an insider transaction related to a merger, providing no explicit positive or negative sentiment regarding the company's performance or outlook beyond the completion of the merger itself.

Positives

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

Negatives

• No explicit negatives are detailed in this Form 4 filing, which primarily reports a mandatory insider transaction related to a merger.

Future Outlook

This filing reports a completed transaction related to a merger and does not provide forward-looking statements or guidance regarding future financial performance or strategic direction of the combined entity.

Management Comments

• The disposal of shares was in connection with the merger of Southern States Bancshares, Inc. with and into FB Financial Corp. effective July 1, 2025.

Industry Context

The merger of Southern States Bancshares, Inc. with FB Financial Corp. represents a consolidation trend within the regional banking sector, where smaller institutions are often acquired by larger ones to achieve economies of scale, expand market reach, and enhance competitive positioning.

Comparison to Industry Standards

• Not applicable. This Form 4 filing details a specific insider transaction resulting from a merger, rather than providing performance metrics or operational results that can be compared to industry benchmarks or specific comparable companies.

Related Party Transactions

• The indirect disposal of 5,171 shares by the DAC Family Trust represents a transaction involving a related party to Director Daniel Andrew Cummings.

Stakeholder Impact

• Shareholders of Southern States Bancshares, Inc. were impacted by the merger, as their shares were converted into FB Financial Corp. common stock, affecting their ownership structure and future investment vehicle.

Key Dates

Keywords

Southern States Bancshares, SSBK, FB Financial Corp, FBK, Merger, Acquisition, Insider Transaction, Form 4, Director, Common Stock, Beneficial Ownership, Financial Services, Banking