Southern States Bancshares, Inc., the parent company of Southern States Bank, has recently announced its acquisition of CBB Bancorp, the holding company for Century Bank of Georgia. This merger agreement will see Southern States taking over CBB Bancorp, with Southern States being the surviving entity. The finalization of this transaction is anticipated to take place in the third quarter of 2024, pending regulatory approval.
Following the completion of this acquisition, Southern States Bank is expected to have around $2.8 billion in assets, $2.3 billion in deposits, and $2.0 billion in loans. The bank will operate 15 full-service branches and two loan production offices in Alabama and Georgia. Notably, 48% of its deposits will be situated in Georgia, showcasing a strengthened presence in the thriving Atlanta metro market.
This strategic decision aligns with Southern States Bank’s history of expansion through acquisitions. Previous successful integrations of other banks into their network, such as Columbus Community Bank and Small Town Bank, have contributed to their growth and presence in Alabama and Georgia.
Southern States Bank is dedicated to providing customers with an exceptional banking experience through tailored products and services, while also enhancing shareholder value. With a commitment to community banking and building strong relationships with customers, Southern States Bank aims to further expand its services and offerings across Alabama and Georgia.
Date: February 28, 2024
SSBK Stock Shows Positive Momentum, Gains $0.32 on February 28, 2024
On February 28, 2024, SSBK stock showed positive momentum as it closed the trading day at $24.24, marking a $0.32 increase from the previous close. This represents a 1.34% rise in the stock price for the day. Additionally, in after-hours trading, the stock continued to climb, with an additional $0.49 increase, further boosting its performance.
Looking at the stock’s overall performance, SSBK is currently trading in the middle of its 52-week range, indicating stability in its price movement. Furthermore, the stock is trading above its 200-day simple moving average, which is a bullish signal for investors.
The positive price momentum seen in SSBK on February 28th suggests that investors are optimistic about the company’s prospects. This could be driven by a variety of factors, such as strong financial performance, positive industry trends, or favorable market conditions.
Overall, SSBK’s performance on February 28, 2024, reflects a positive trend, with the stock showing resilience and potential for further growth. Investors will be watching closely to see how the stock continues to perform in the coming days and weeks.
SSBK Stock Performance Analysis: Revenue, Net Income, and EPS Show Strong Growth in 2023
On February 28, 2024, SSBK stock showed strong performance based on the financial data provided by CNN Money. The company reported a total revenue of $141.13 million for the past year, which represents a significant increase of 58.44% compared to the previous year. Additionally, the total revenue for the fourth quarter was $39.29 million, showing a 6.97% increase from the previous quarter.
In terms of net income, SSBK reported a net income of $31.95 million for the past year, reflecting an 18.03% increase from the previous year. The net income for the fourth quarter was $8.90 million, showing an impressive 34.2% increase from the previous quarter.
Furthermore, the earnings per share (EPS) for SSBK stood at $3.53 for the past year, indicating a 16.78% increase from the previous year. The EPS for the fourth quarter was $0.99, showing a notable 35.12% increase from the previous quarter.
Overall, these financial indicators demonstrate a positive trend in SSBK’s performance, with consistent growth in total revenue, net income, and EPS. Investors may view these results as a sign of the company’s strong financial health and potential for future growth.
