4/A: Southern States Bancshares Director Richard E. Drews Jr. Amends Filing to Reflect Updated Merger Share Proration

Richard E. Drews Jr., a director of Southern States Bancshares, Inc., amended his Form 4 filing to reflect an updated proration factor related to the merger with CBB Bancorp, resulting in an adjustment to the number of shares received.

Summary

• Richard E. Drews Jr., a director of Southern States Bancshares, Inc. (SSBK), filed an amendment to his Form 4, originally filed on September 5, 2024.
• The amendment reflects an adjustment to the number of shares acquired due to an updated proration factor related to the merger of CBB Bancorp with and into Southern States Bancshares, Inc.
• On September 4, 2024, Drews became entitled to receive 26,723 shares of SSBK common stock, and cash, in exchange for shares of CBB Bancorp.
• The updated proration factor resulted in an additional 200 shares compared to the original Form 4 filing, bringing the total shares beneficially owned following the reported transaction to 27,119.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to a merger. The sentiment is neutral to slightly positive as it reflects the completion of a corporate action.

Positives

• The amendment provides transparency regarding the final share allocation following the CBB Bancorp merger.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The amended filing provides shareholders with updated information regarding insider ownership following the CBB Bancorp merger.

Key Dates

Keywords

Form 4, Amendment, Southern States Bancshares, SSBK, Richard E. Drews Jr., CBB Bancorp, Merger, Proration Factor, Beneficial Ownership, Director