Private company

Southern States Bancshares, Inc.

American state commercial bank that raised $88 million in 2022 (SEC Form D)2

In its 2025 annual report the company says: “We are a bank holding company headquartered in Anniston, Alabama. We operate primarily through our wholly-owned subsidiary, Southern States Bank, an Alabama banking corporation formed in 2007. Our franchise is focused on personalized, relationship-driven service combined with local market management and expertise to serve small and medium size businesses and individuals.”11

Last updated Oct 20, 2026.

Overview

  • IndustryState Commercial Banks2
  • HeadquartersAnniston, United States2
  • Incorporated inAL3
  • Business address615 Quintard Avenue, Anniston, Al 362013
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • LEI54930074ZMW7KARTWQ272
  • StatusInactive2
  • LEI statusRetired2
  • Registered addressC/O GREG SMITH, 36201 Anniston, United States2
  • Registered withSecretary of State, 000-257-0682

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

1724.4%Net margin4
13.0%Revenue growth, 20244
12.5%Return on equity4
0.47×Debt to equity4
$38.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Income tax24¢$10.7M
  • Profit76¢$34.9M

Out of $2.0M in revenue.4

Where each dollar of operating cash went, fiscal 2024

  • Capital spending3¢$1.4M
  • Dividends paid8¢$3.3M
  • Kept or used elsewhere88¢$34.8M

Out of $39.5M of cash from operations.4

Financial statements

Revenue5674$2.0M in 2024+39% since 2020
0$1.0M$2.0M$3.0M2020: $1.5M$1.5M20202021: $1.5M$1.5M2021+5%2022: $1.9M$1.9M2022+22%2023: $1.8M$1.8M2023−4%2024: $2.0M$2.0M2024+13%
Net income5674$34.9M in 2024+188% since 2020
0$10.0M$20.0M$30.0M$40.0M2020: $12.1M$12.1M20202021: $18.6M$18.6M2021+53%2022: $27.1M$27.1M2022+46%2023: $32.0M$32.0M2023+18%2024: $34.9M$34.9M2024+9%
Fiscal year201920202021202220232024
Revenue$1.5M5$1.5M6$1.9M7$1.8M4$2.0M4
Interest$8.7M5$4.9M6$11.5M7$52.1M7
Income before tax$24.3M6$34.8M7$41.0M4$45.6M4
Income tax$2.5M5$5.7M6$7.7M7$9.1M4$10.7M4
Net income$12.1M5$18.6M6$27.1M7$32.0M4$34.9M4
Earnings per share$1.585$2.266$3.087$3.634$3.724
Earnings per share (diluted)$1.565$2.236$3.027$3.534$3.674
Shares (weighted, basic)8.2M shares68.8M shares78.8M shares49.4M shares4
Shares (weighted, diluted)8.3M shares68.9M shares79.0M shares49.5M shares4

Compare Southern States Bancshares, Inc. with another company

Corporate structure

Southern States Bancshares, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Southern States Bancshares, Inc.

  • Strategic Value Investors LP Filed SCHEDULE 13G/A on Southern States Bancshares, Inc., latest Feb 12, 2025 (2 filings since Feb 14, 2024)
  • Floyd C. Davis Filed SCHEDULE 13G on Southern States Bancshares, Inc., latest Jan 29, 2025 (4 filings since Feb 14, 2022)
  • BlackRock Filed SC 13G on Southern States Bancshares, Inc., latest Nov 8, 2024 (2 filings since Oct 24, 2024)
  • Davis Partnership, LP Filed SC 13G/A on Southern States Bancshares, Inc., latest Apr 26, 2024 (2 filings since Apr 26, 2024)
  • Fourthstone LLC Filed SC 13G/A on Southern States Bancshares, Inc., latest Feb 14, 2024 (2 filings since Feb 14, 2023)
  • BANC FUNDS CO LLC Filed SC 13G/A on Southern States Bancshares, Inc., latest Feb 9, 2024 (2 filings since Feb 13, 2023)
  • Stephen W. Whatley Filed SC 13G/A on Southern States Bancshares, Inc., latest Feb 13, 2023 (2 filings since Feb 10, 2022)
  • STRATEGIC VALUE BANK PARTNERS LLC Filed SC 13G/A on Southern States Bancshares, Inc., latest Jan 31, 2023 (2 filings since Mar 14, 2022)
  • Patriot Financial Partners II, L.P. Filed SC 13D/A on Southern States Bancshares, Inc., latest Feb 18, 2022
  • Southern States Bancshares, Inc. Anniston, Alabama, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Southern States Bancshares, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$44.0M4 Dec 31, 2024$37.1M4 Dec 31, 2023+18.5%
Accumulated depreciation$12.0M4 Dec 31, 2024$10.7M4 Dec 31, 2023+11.7%
Property and equipment, net$32.0M4 Dec 31, 2024$26.4M4 Dec 31, 2023+21.3%
Operating-lease assets (leased space)$911.0K4 Dec 31, 2024$538.0K4 Dec 31, 2023+69.3%

Investments

ItemLatestA year beforeChange
Loans, net of allowance$2.2B4 Dec 31, 2024$1.9B4 Dec 31, 2023+18.2%
Deposits held (banks)$2.4B4 Dec 31, 2024$2.0B4 Dec 31, 2023+19.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$33.2M4 Dec 31, 2024$16.9M4 Dec 31, 2023+96.8%
Finite-lived intangibles, net$8.9M4 Dec 31, 2024$899.0K4 Dec 31, 2023+894.3%

Properties, in its own words

Our description of properties is contained in “Part 1—Item 1. & 2. Business and Properties” above.

Item 2 of the 10-K filed Mar 14, 2025.11

Leadership

Who has led Southern States Bancshares, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Stephen W. Whatley2021–2023
  2. Mark Chambers2023–now

President

  1. Mark Chambers2021–2023

Chief financial officer

  1. Lynn J. Joyce2021–now

Chief operating officer

  1. James Walker Swift2021–now
2025
Board members and other officers (16)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerGreg Florey Smith named Nov 1, 202232
  • Executive OfficerJack Henry Swift named Nov 1, 202232
  • Executive OfficerGreg A. Smith named Feb 14, 202233
  • Executive OfficerJack A. Swift named Feb 14, 202233

Timeline

  1. Jul 1, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights34
  2. Apr 22, 20258-K Results of operations; Regulation FD disclosure35
  3. Apr 18, 20258-K Other events36
  4. Mar 31, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure37
  5. Feb 12, 20258-K Executive or director change38
  6. Jan 22, 20258-K Results of operations; Regulation FD disclosure39
  7. Jan 16, 20258-K Other events40
  8. Oct 22, 20248-K Results of operations; Regulation FD disclosure41
  9. Oct 17, 20248-K Other events42
  10. Aug 1, 20248-K Completed an acquisition or sale; Executive or director change; Regulation FD disclosure43
  11. Jul 23, 20248-K Results of operations; Regulation FD disclosure44
  12. Jul 18, 20248-K Other events45
  13. Jul 18, 2023New chief executive Mark Chambers becomes CEO12
  14. Aug 11, 2021New chief executive Stephen W. Whatley becomes CEO13
  15. Apr 21, 2008Founded Southern States Bancshares, Inc. is founded2

Calendar

When it reported results

  1. Apr 22, 2025Reported quarterly or annual results35
  2. Jan 22, 2025Reported quarterly or annual results39
  3. Oct 22, 2024Reported quarterly or annual results41
  4. Jul 23, 2024Reported quarterly or annual results44
  5. Apr 23, 2024Reported quarterly or annual results46
  6. Jan 23, 2024Reported quarterly or annual results47
  7. Oct 24, 2023Reported quarterly or annual results48
  8. Jul 25, 2023Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

253 filings to the SEC since October 2021: 5 annual reports, 11 quarterly reports, 49 major events, 121 insider forms, 19 large holders, 2 private raises, 46 other. The latest 20:

  1. Jul 16, 202515-12G EDGAR
  2. Jul 16, 202515-12G EDGAR
  3. Jul 16, 202515-12G EDGAR
  4. Jul 16, 2025AW EDGAR
  5. Jul 9, 2025EFFECT EDGAR
  6. Jul 9, 2025EFFECT EDGAR
  7. Jul 2, 2025POS AM EDGAR
  8. Jul 2, 2025POS AM EDGAR
  9. Jul 1, 2025S-3/A S-3 EDGAR
  10. Jul 1, 2025S-8 POS S-8 EDGAR
  11. Jul 1, 20258-K EDGAR
  12. Jul 1, 20254 EDGAR
  13. Jul 1, 20254 EDGAR
  14. Jul 1, 20254 EDGAR
  15. Jul 1, 20254 EDGAR
  16. Jul 1, 20254 EDGAR
  17. Jul 1, 20254 EDGAR
  18. Jul 1, 20254 EDGAR
  19. Jul 1, 20254 EDGAR
  20. Jul 1, 20254 EDGAR

The 253 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

21 open-market trades by officers, directors and large owners since October 2021: 9 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 30, 2024Hitson Brent O.DirectorSale2,000$31.17$62.3KForm 4
Aug 26, 2024Pumroy Jay F.DirectorSale2,995$32.13$96.2KForm 4
Jul 26, 2024Hitson Brent O.DirectorSale5,747$33.22$190.9KForm 4
Jul 26, 2024JOYCE LYNN JChief Financial OfficerSale1,000$34.25$34.2KForm 4
Jul 24, 2024JOYCE LYNN JChief Financial OfficerSale2,000$32.15$64.3KForm 4
Mar 11, 2024Smith Gregory B.Chief Risk OfficerSale1,780$26.00$46.3KForm 4
Mar 1, 2024Hitson Brent O.DirectorBuy143$24.02$3.4KForm 4
Jun 15, 2023Pumroy Jay F.DirectorBuy200$22.03$4.4KForm 4
May 12, 2023Hinton JonathanDirectorBuy500$20.44$10.2KForm 4
May 8, 2023Hunsaker ChristineDirectorBuy1,000$20.60$20.6KForm 4
May 4, 2023McCarty Cynthia S.DirectorBuy1,203$20.77$25.0KForm 4
Mar 2, 2023Whatley Stephen W.Chief Executive OfficerSale1,900$28.55$54.2KForm 4
Feb 24, 2023JOYCE LYNN JChief Financial OfficerSale100$29.50$3.0KForm 4
Feb 23, 2023JOYCE LYNN JChief Financial OfficerSale140$29.50$4.1KForm 4
Feb 22, 2023JOYCE LYNN JChief Financial OfficerSale5,000$29.25$146.2KForm 4
Feb 22, 2023Swift James WalkerChief Operating OfficerSale3,453$29.09$100.4KForm 4
Feb 14, 2023Smith Gregory B.Chief Risk OfficerSale3,436$29.68$102.0KForm 4
Sep 7, 2022McCarty Cynthia S.DirectorBuy460$26.29$12.1KForm 4
Aug 5, 2022Hitson Brent O.DirectorBuy56$23.20$1.3KForm 4
Nov 4, 2021Smith J. Henry IVDirectorBuy730$19.87$14.5KForm 4

All 21 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 26, 2022Raised $40 million in a private offering of debt Form D: 36 investors so far Form D
  2. Feb 7, 2022Raised $48 million in a private offering of debt Form D: 39 investors so far Form D

SEC filer profile

How Southern States Bancshares, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSouthern States Bancshares, Inc.1
  • CIK0001689731
  • Employer ID (EIN)26-251808511
  • Filer statusAccelerated filer an emerging growth company; a smaller reporting company; not a shell company11
  • Incorporated inAlabama11
  • Fiscal year endsDecember 311
  • Industry code (SIC)6022 State Commercial Banks1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address615 Quintard Avenue, Anniston, AL 362011
  • Phone205-820-80651
  • Shares outstanding9,923,708 as of Apr 30, 202510
  • Public float$226.4M as of Jun 28, 202411
  • AuditorMauldin & Jenkins, LLC, Birmingham, Alabama PCAOB ID 669; no auditor attestation of internal control over financial reporting11
  • On EDGAR sinceDec 29, 20161
  • Filings315 in all: 4 (127), 8-K (49), 3 (20), 10-Q (12), SC 13G (10), SC 13G/A (9), CORRESP (7), EFFECT (7)1
    All 45 form types

    UPLOAD (7), 425 (6), 144 (5), 10-K (4), 15-12G (3), 424B3 (3), D (3), DEF 14A (3), DEFA14A (3), DRS/A (3), S-4 (3), ARS (2), DRSLTR (2), POS AM (2), S-3 (2), S-4/A (2), 10-K/A (1), 25-NSE (1), 4/A (1), 424B4 (1), 5 (1), 8-A12B (1), 8-K/A (1), AW (1), CERT (1), DEFM14A (1), DRS (1), FWP (1), S-1 (1), S-1/A (1), S-3/A (1), S-8 (1), S-8 POS (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) May 5, 2025
    Proxy statement (DEF 14A) Mar 22, 2024
    Latest 8-K (8-K) Jul 1, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, $5.00 par valueSSBKThe Nasdaq Stock Market, LLC

From the cover page of the 10-K filed Mar 14, 2025 (Section 12(b) of the Exchange Act).11

Risk factors and legal proceedings

The risks Southern States Bancshares, Inc. names in Item 1A of its 10-K filed Mar 14, 2025: 50 risks under these headings, as written.11

  • Risks Related to Our Business
  • Southern States’ profitability is vulnerable to interest rate fluctuations.
  • Southern States business is concentrated in, and largely dependent upon, the continued growth of, and economic conditions in, the markets where Southern States operates.
  • Southern States could suffer losses from a decline in the credit quality of the assets that Southern States holds.
  • A significant portion of Southern States’ loan portfolio is secured by real estate, and events that negatively impact the real estate market could negatively impact Southern States’ business.
  • Southern States’ allowance for estimated credit losses may not be adequate to cover actual loan losses, which may require Southern States to take a charge to earnings and adversely impact its financial condition and results of operations.
  • Any branch expansion into new markets might not be successful.
  • Acquisitions and mergers may disrupt Southern States’ business and dilute stockholder value, and integrating acquired companies may be more difficult, costly, or time-consuming than Southern States expects.
  • Southern States’ financial performance will be negatively impacted if Southern States is unable to execute its growth strategy.
  • Southern States’ liquidity needs might adversely affect Southern States’ financial condition and results of operations.
  • Southern States may not be able to adequately measure and limit the credit risks associated with its loan portfolio, which could adversely affect its profitability.
  • As a community banking institution, Southern States has smaller lending limits and different lending risks than certain of its larger, more diversified competitors.
The other 39 risks
  • Our business success and growth depends significantly on key management personnel and our ability to attract and retain key people.
  • Risks Related to Banking Regulation
  • Southern States is subject to extensive regulation in the conduct of its business, which imposes additional costs on Southern States and adversely affects its profitability.
  • Banking agencies periodically conduct examinations of Southern States’ business, including compliance with laws and regulations, and Southern States’ failure to comply with any supervisory actions to which Southern States becomes subject as a result of such examinations could materially and adversely affect Southern States.
  • FDIC deposit insurance assessments may materially increase in the future, which would have an adverse effect on earnings.
  • Southern States and Southern States Bank are subject to capital requirements by regulators.
  • The Federal Reserve may require Southern States to commit capital resources to support the Bank.
  • Southern States may need to raise additional capital in the future, including as a result of potential increased minimum capital thresholds established by regulators, but that capital may not be available when it is needed or may be dilutive to stockholders.
  • The Company is an entity separate and distinct from the Bank.
  • Southern States’ ability to pay dividends is subject to restriction by various laws and regulations and other factors.
  • Southern States operates in a highly competitive industry and faces significant competition from other financial institutions and financial services providers, which may decrease its growth or profits.
  • Southern States continually encounters technological change and may have fewer resources than its competitors to continue to invest in technological improvements.
  • Any new activities and expansion plans may require regulatory approvals, and failure to obtain them may restrict our growth.
  • Southern States is subject to numerous laws designed to protect consumers, including the CRA and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
  • Southern States is subject to the Bank Secrecy Act and other anti-money laundering statutes and regulations, and any deemed deficiency by Southern States with respect to these laws could result in significant liability and restrict our potential growth through branching and acquisitions.
  • Risks Related to Our Common Stock
  • An active, liquid market for our common stock may not develop or be sustained.
  • The market price of our common stock may be subject to substantial fluctuations, which may make it difficult for you to sell your shares at the volume, prices and times desired.
  • Future sales or the availability for sale of substantial amounts of our common stock in the public market could adversely affect the prevailing market price of our common stock and could impair our ability to raise capital through future sales of equity securities.
  • The rights of our common stockholders are subordinate to the rights of the holders of any debt instruments that we may issue and may be subordinate to the holders of any series of preferred stock that we may issue in the future.
  • Our corporate governance documents, and certain corporate and banking laws applicable to us, could make a takeover more difficult, which could adversely affect the market price of our common stock.
  • There are also substantial regulatory limitations on changes of control of bank holding companies that may discourage investors from purchasing shares of our common stock.
  • We are an “emerging growth company” as defined in the Jumpstart Our Business Startups (“JOBS”) Act and the reduced reporting requirements applicable to emerging growth companies may make our common stock less attractive to investors.
  • Any deficiencies in our financial reporting or internal controls could materially and adversely affect our business and the market price of our common stock.
  • Securities analysts may not initiate or continue coverage on us.
  • Our stock repurchase program may not enhance long-term stockholder value, and stock repurchases, if any, could increase the volatility of the price of our common stock and will diminish our cash reserves.
  • General Risk Factors
  • We are subject to risk due to increasing interest rates.
  • Use of appraisals in deciding whether to make a loan secured by real property does not ensure the value of the real property collateral.
  • Southern States uses information technology in its operations, offers online banking services to its customers, and depends on outside third party vendors for data processing services. Unauthorized access to Southern States or its customers’ confidential or proprietary information as a result of a cyber-attack or otherwise could expose Southern States to reputational harm and litigation and adversely affect Southern States’ ability to attract and retain customers.
  • The accuracy of our financial statements and related disclosures could be affected if the judgments, assumptions or estimates used in our critical accounting policies are inaccurate.
  • Southern States depends on the accuracy and completeness of information about customers and counterparties.
  • As a community bank, Southern States’ ability to maintain Southern States’ reputation is critical to the success of Southern States’ business, and the failure to do so may materially adversely affect Southern States’ performance.
  • Southern States historical growth rate and performance may not be indicative of our future growth or financial results.
  • The internal controls that Southern States has implemented in order to mitigate risks inherent to the business of banking might fail or be circumvented.
  • Changes in accounting standards could materially impact Southern States’ financial statements.
  • Severe weather, natural disasters, pandemics, epidemics, tariffs, trade wars, acts of war or terrorism or other external events could have significant effects on our business.
  • Southern States is or may become involved from time to time in suits, legal proceedings, information-gathering requests, investigations, and proceedings by governmental agencies and third parties that may lead to adverse consequences.
  • Changes in laws and government regulation may have a material effect on Southern States’ results of operations.
  • Our profitability and liquidity may be affected by changes in interest rates and interest rate levels, the shape of the yield curve and economic conditions.
  • Liquidity risks could affect operations and jeopardize our financial condition.
  • The obligations associated with being a public company require significant resources and management attention.

Legal proceedings

Southern States and Southern States Bank are parties to various legal proceedings in the ordinary course of their respective businesses, including proceedings to collect loans or enforce security interests. In the opinion of management, none of these legal proceedings currently pending will, when resolved, have a material adverse effect on the financial condition or the results of operations of Southern States or Southern States Bank. However, given the nature, scope and complexity of the extensive legal and regulatory landscape applicable to our business, including laws and regulations governing consumer protection, fair lending, fair labor, privacy, information security and anti-money laundering and anti-terrorism laws, we, like all banking organizations, are subject to heightened legal and regulatory compliance and litigation risks.

The opening of Item 3, Legal Proceedings.11

Sources

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