By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – Southern States Bancshares, Inc. sold $40 million of fixed-to-floating rate subordinated notes due 2032 to qualified institutional investors through a private placement, according to a news release.
The notes have an initial interest rate of 7% and become callable on Oct. 26, 2027, on which date the coupon will reset quarterly at SOFR plus 306 basis points.
The placement agent was Performance Trust Capital Partners, LLC.
Proceeds will be used for general corporate purposes.
The Anniston, Ala.-based issuer is the holding company for Southern States Bank, an Alabama state-chartered commercial bank.
| Issuer: | Southern States Bancshares, Inc.
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| Amount: | $40 million
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| Issue: | Fixed-to-floating rate subordinated notes
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| Maturity: | Oct. 26, 2032
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| Placement agent: | Performance Trust Capital Partners, LLC
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| Coupon: | 7% for first five years, then resets quarterly at SOFR plus 306 bps
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| Call option: | Callable after five years
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| Announcement date: | Oct. 26
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| Distribution: | Regulation D and Rule 144A
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