The $1.5 billion-asset company said in a press release Monday that
it sold more than 996,000 shares of its common stock at $19 a share. The stock
has been listed under the symbol “SSBK.”
Certain shareholders sold roughly 1 million shares of stock as
part of the IPO. Those shareholders included Patriot Financial Partners, EJF
Sidecar Fund, EJF Small Financial Equities Fund III and Ithan Creek Investors
USB, according Southern States’ prospectus.
Southern States said it expects to use the net proceeds from the
shares it sold for general corporate purposes that include capital and
liquidity to support growth and potential acquisitions.
The underwriters have a 30-day option to buy up to 300,000
additional shares of stock at the IPO price. If fully exercised, Southern
States’ net proceeds would increase to about $21.1 million.
Keefe, Bruyette & Woods and Truist Securities were the joint
book-running managers, while Hovde Group and Performance Trust Capital Partners
were co-managers.
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