Southern States Bancshares of Alabama files $ 35 million IPO


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SOuthern States Bancshares, an Alabama bank with 15 branches in Alabama and Georgia, filed with the SEC on Thursday to raise up to $ 35 million.

Southern States Bancshares is a banking holding company that operates primarily through its wholly-owned subsidiary Southern States Bank, a full-service community banking institution that provides deposit, loan and other banking products and services to businesses and to individuals. It provides banking services from 15 offices in Alabama and Georgia, and also operates a loan production office in Atlanta. As of March 31, 2021, Southern States Bancshares had total assets of $ 1.5 billion, gross loans of $ 1.1 billion, total deposits of $ 1.3 billion, and total equity of $ 145 million. dollars.

The Anniston, AL-based company was founded in 2007 and reported sales of $ 55 million for the 12 months ended March 31, 2021. It plans to list on Nasdaq under the symbol SSBK. Southern States Bancshares filed a confidential file on March 19, 2020. Keefe Bruyette Woods and Truist Securities are the associated bookkeepers in the transaction. No pricing conditions were disclosed.

The article Southern States Bancshares of Alabama files $ 35 million IPO originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.

Disclosure of investments: The information and opinions expressed in this document have been prepared by Renaissance Capital research analysts and do not constitute an offer to buy or sell any securities. Renaissance capital Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of the companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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