First Bank of Alabama (“FBA”), subsidiary of Firstbanc of Alabama, Inc. and Southern States Bank (“Southern States”), subsidiary of Southern States Bancshares, Inc. (NASDAQGS: SSBK) announced today that they have entered into an agreement whereby FBA will acquire the physical locations and most of the loan and deposit accounts associated with 2 of Southern States’ branches.
Olsen Palmer LLC served as exclusive financial advisor to Firstbanc of Alabama Inc.
The proposed transaction is subject to customary closing conditions as well as approval by applicable bank regulatory authorities. It is expected to be completed in the second half of 2022.
Following completion of the transaction, FBA will have total assets in excess of $920 million and will have twelve full-service branch locations.
Olsen Palmer LLC remains one of the top 3 bank M&A advisory firms nationwide according to S&P Global, as ranked by the total number of whole-bank M&A transactions advised upon over the last three years.