Southern States in Alabama getting bigger with Small Town Bank deal

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Southern States Bancshares in Anniston, Ala., has agreed to buy East Alabama Financial Group in Wedowee, Ala.

The $927 million-asset Southern States said in a press release Wednesday that it expects to complete its purchase of the $241 million-asset parent of Small Town Bank in the third quarter. It did not disclose the price of the deal.

“I am confident this merger will allow us to better serve our clients and their communities,” Steve Whatley, Southern States’ chairman, president and CEO, said in the release.

“The common set of principles and commitment to excellence both companies share create a powerful foundation to build a stronger institution together," Whatley added.

Southern States was advised by SunTrust Robinson Humphrey and Jones Walker. East Alabama was advised by FIG Partners and Maynard, Cooper & Gale.

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