Brief: Southern States Bancshares To Enhance Georgia Franchise With Acquisition Of CBB Bancorp

Southern States Bancshares

28/02/2024 12:40

Feb 28 (Reuters) - Southern States Bancshares Inc
 SSBK.O :
    * SOUTHERN STATES BANCSHARES TO ENHANCE GEORGIA FRANCHISE
WITH
ACQUISITION OF CBB BANCORP
    * SOUTHERN STATES BANCSHARES INC: SOUTHERN STATES EXPECTS TO
MERGE
CBB BANCORP WITH AND INTO SOUTHERN STATES, WITH SOUTHERN STATES
AS SURVIVING ENTITY
    * SOUTHERN STATES BANCSHARES INC - CBB BANCORP SHAREHOLDERS
HAVE
RIGHT TO ELECT TO RECEIVE EITHER 1.550 SHARES OF SOUTHERN STATES
COMMON STOCK OR $45.63 IN CASH FOR EACH SHARE OF CBB BANCORP
COMMON STOCK THEY HOLD
    * SOUTHERN STATES BANCSHARES : CENTURY BANK OF GEORGIA WOULD
SIMILARLY BE MERGED WITH AND INTO SOUTHERN STATES BANK WITH
SOUTHERN STATES BANK SURVIVING
    * SOUTHERN STATES BANCSHARES INC - PROPOSED DEAL FOR IMPLIED
VALUE
PER SHARE IS $38.38 AND AGGREGATE TRANSACTION VALUE IS $27
MILLION
    * SOUTHERN STATES BANCSHARES: CBB BANCORP SHAREHOLDERS HAVE
RIGHT
TO ELECT TO RECEIVE 1.550 SHARES OF SOUTHERN STATES COMMON STOCK
    * SOUTHERN STATES BANCSHARES: UPON COMPLETION, SOUTHERN
STATES
BANK EXPECTED TO HAVE ABOUT $2.8 BILLION IN ASSETS, $2.3 BILLION
IN DEPOSITS, $2.0 BILLION IN LOANS
    * SOUTHERN STATES BANCSHARES : CBB BANCORP SHAREHOLDERS HAVE
RIGHT
TO ELECT TO GET $45.63 IN CASH FOR EACH SHARE OF CBB BANCORP
COMMON STOCK THEY HOLD

Source text for Eikon:  ID:nGNX84RNXx 
Further company coverage:  SSBK.O 

 ((Reuters.Briefs@thomsonreuters.com;))