M&A · Financials · State Commercial Banks
FB Financial Corp to acquire Southern States Bancshares, Inc.
Announced Mar 31, 2025 · Closed Jul 1, 2025
Deal value$381M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$37.64 per share
Transaction
- Acquirer
- FB Financial Corp (FBK)
- Target
- Southern States Bancshares, Inc.
- Buyer type
- Strategic
- Offer price per share
- $37.64
- Enterprise value
- —
- Status
- Closed Jul 1, 2025
Deal protections
- Break fee (target pays)
- $15.0M · 3.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stifel
- To the target
- Performance Trust
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 3.9% vs. 3.5% sector median
Timeline
- AnnouncedMar 31, 2025
- Proxy filedMay 21, 2025
- Definitive proxyMay 21, 2025
- Shareholder voteJun 26, 2025
- ClosedJul 1, 2025
Valuation · fairness opinions
Precedent transactionsPerformance Trust$28.64$36.74
Precedent transactionsPerformance Trust$26.46$33.43
Precedent transactionsPerformance Trust$34.98$42.88
Precedent transactionsPerformance Trust$38.30$45.62
Discounted cash flowStifel$39.29$54.77
Discounted cash flowStifel$32.46$48.66
Offer $37.64
Implied value per Southern States Bancshares, Inc. share by analysis, from Performance Trust and Stifel · DCF discount rate 11.64%–13.64%.