ATLANTA, May 9, 2019 — Southern States Bancshares, Inc., parent of Southern States Bank, has announced a definitive merger agreement with East Alabama Financial Group, Inc., parent of Small Town Bank.
East Alabama shareholders will receive Southern States stock and cash as consideration. The transaction is expected to close in the third quarter of 2019. The combined company will operate under the Southern States brand and have assets of more than $1.2 billion.
Floyd Davis, Sr., Chairman of the Board of East Alabama, said, “We are thrilled to partner with an organization 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.”