Stephen Wheatley, CEO and founder of Southern States Bank, is embarking on a new financial journey. This bank announced an initial public offering (IPO) of stock. Read more to learn about this independent bank’s growth.
What is Southern States Bank?
Southern States Bank, also known as The Common Sense Bank, has a humble beginning. Back in 2007, they first opened offices in Anniston and Opelika simultaneously, then opened a building in Birmingham. Today they have 15 branches in Alabama and a loan production office in Atlanta, Georgia.
They hope this IPO will allow them to expand further to be a Southeastern regional bank. This means Southern States Bank is transitional from a privately owned to a publically owned bank, so you can be part of the company.
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What is the IPO plan?
The beginning of the IPO journey is an expensive and slow process. But don’t fret investors, this move has improved liquidity and helps Southern States to make the business even stronger in navigating any economic headwinds.
The bank first rolled out this plan in 2020 but was postponed due to the pandemic. You’ll be glad to know that they are thriving with their IPO plan because of their dedication to their clientele. Since 2007, Southern States has grown to $1.9 billion in assets and is ready to make the switch. To assist them with this change, the bank is focusing on hiring experienced investment bankers, who play a pivotal role in finding potential investors.
Currently, Southern States trades on NASDAQ under the stock symbol SSBK. Keep an eye on their growth next few years and on.
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