Southern States Bancshares to Enhance Georgia Franchise With Acquisition of CBB Bancorp
Portfolio Pulse from Benzinga Newsdesk
Southern States Bancshares, Inc. (SSBK) announced the acquisition of CBB Bancorp, aiming to enhance its Georgia franchise. The merger, expected to close in Q3 2024 pending regulatory approval, will result in a combined entity with $2.8 billion in assets. This move will expand Southern States Bank's presence, especially in the Atlanta metro market, with 15 branches and two loan production offices across Alabama and Georgia.
February 28, 2024 | 12:33 pm
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Southern States Bancshares, Inc.'s acquisition of CBB Bancorp is expected to significantly enhance its Georgia franchise, increasing its assets to $2.8 billion.
The acquisition of CBB Bancorp by Southern States Bancshares is a strategic move to enhance its market presence in Georgia, particularly in the high-growth Atlanta metro area. The merger is expected to significantly increase Southern States' assets, deposits, and loan portfolio, indicating a positive outlook for the company's growth and financial stability. This expansion and the increased market share in a growing region are likely to be viewed positively by investors, potentially leading to an increase in stock price in the short term.
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