The Bank Slate


Southern States in Alabama raises $16M from IPO

Southern States Bancshares in Anniston, Ala., raised $15.8 million from its initial public offering. 

The $1.5 billion-asset company said in a press release Monday that it sold more than 996,000 shares of its common stock at $19 a share. The stock has been listed under the symbol “SSBK.”

Certain shareholders sold roughly 1 million shares of stock as part of the IPO. Those shareholders included Patriot Financial Partners, EJF Sidecar Fund, EJF Small Financial Equities Fund III and Ithan Creek Investors USB, according Southern States’ prospectus.

Southern States said it expects to use the net proceeds from the shares it sold for general corporate purposes that include capital and liquidity to support growth and potential acquisitions.

The underwriters have a 30-day option to buy up to 300,000 additional shares of stock at the IPO price. If fully exercised, Southern States’ net proceeds would increase to about $21.1 million.

Keefe, Bruyette & Woods and Truist Securities were the joint book-running managers, while Hovde Group and Performance Trust Capital Partners were co-managers.

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