Southern States Bancshares to acquire East Alabama Financial Group

Southern States Bancshares, community bank, parent of Southern States Bank, to acquire East Alabama Financial Group, parent of Small Town Bank, community bank for a mix of Southern States stock and cash as consideration. The transaction has been approved by the board of directors of each company, is expected to close in the third quarter of 2019, and is subject to customary closing conditions, including approval from the shareholders of East Alabama and the Southern States and approval of bank regulatory authorities. The combined company will operate under the Southern States brand and have assets in excess of $1.2bn. “After spending time with Mr. Floyd Davis and the broader Small Town Bank organization, I am confident this merger will allow us to better serve our clients and their communities. 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.” Steve Whatley, Southern State’s President, Chief Executive Officer, and Chairman of the Board.