Southern States Bancshares has signed a definitive agreement to acquire East Alabama Financial Group for an undisclosed sum.
As a part of the deal, Southern States’ subsidiary Southern States Bank will acquire East Alabama’s Small Town Bank.
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Under the terms of the agreement, East Alabama shareholders will receive a combination of Southern States stock and cash as consideration.
Following the completion of the deal, the combined entity will hold assets of more than $1.2bn and will operate as Southern States.
Southern State president, CEO and chairman of the board Steve Whatley said: “The common set of principles and commitment to excellence both companies share create a powerful foundation to build a stronger institution together.
“Further, Small Town Bank’s strong core deposit funding and disciplined credit culture support our strategic direction.”
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By GlobalDataThe East Alabama Financial Group acquisition has already been approved by the board of directors of each company.
The deal awaits approvals from shareholders of East Alabama and Southern States, and from regulatory authorities. The East Alabama Financial Group acquisition is expected to close in the third quarter of this year.
East Alabama chairman of the board Floyd Davis, Sr. said: “We are thrilled to partner with an organisation like Southern States that shares our values and places customers’ interest first and foremost.
“Southern States has demonstrated its strong ability to grow and we look forward to expanding and improving our customers’ experience through this merger.”
Southern States Bank is a full service community bank with $927m in assets. Headquartered in Anniston, Alabama, the company serves offers competitive banking products and services.
