SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

On February 27, 2024, we entered into an Agreement and Plan of Merger (the “Agreement”) to acquire Century Bank of Georgia (“Century Bank”). Under the terms of the Agreement, CBB Bancorp, the parent company of Century Bank (“CBB Bancorp”) will merge with and into us, with us surviving and Century Bank will merge with and into the Bank, with the Bank surviving (the “Merger”).

Under the terms and subject to the conditions of the Agreement, the holders of CBB Bancorp will have the right to elect to receive either 1.550 shares of our common stock or $45.63 in cash. Shareholder elections for cash are subject to proration such that no more than 10% of the shares outstanding of CBB Bancorp will receive the cash consideration.

The Merger is subject to customary closing conditions, including regulatory approval and approval by the CBB Bancorp shareholders, and is expected to close in the third quarter of 2024. Century Bank operates two branches in the Northwest Georgia markets of Cartersville and Rockmart. For additional information about the Merger, please see the Current Report on Form 8-K filed by Southern States Bancshares, Inc. on February 28, 2024.