Southern States Bancshares, Inc. announced the completion of a private placement of $48 million in aggregate principal amount of 3.50% Fixed-to-Floating Rate Subordinated Notes due 2032 (the Notes) to certain qualified institutional buyers and accredited investors. Southern States expects to use the net proceeds from the Notes for general corporate purposes, including capital and liquidity to support its growth and temporary repayment of borrowings under its line of credit. The Notes mature on February 7, 2032 and bear interest at an initial fixed rate of 3.50% per annum, payable quarterly in arrears.

From and including February 7, 2027, to but excluding the maturity date or early redemption date, the interest rate will reset quarterly to a Three-Month Term Secured Overnight Financing Rate plus 205 basis points, payable quarterly in arrears. Southern States will be entitled to redeem the Notes, in whole or in part, on any interest payment on or after February 7, 2027, and to redeem the Notes in whole upon certain other events. The Notes have been structured to qualify as Tier 2 capital for regulatory capital purposes.