Southern States Bancshares, Inc. Announces Leadership Transition
01 Mayo 2023 - 7:00AM
Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States”
or the “Company”), the holding company for Southern States Bank, an
Alabama state-chartered commercial bank (the “Bank”), today
announced the appointment of Mark Chambers as Chief Executive
Officer. He succeeds retiring Chief Executive Officer and Founder
Stephen Whatley. The changes were effective April 28, 2023.
Mr. Whatley, 71, also retired from his positions as Chairman of
the Company’s Board of Directors and Chairman of the Bank’s Board
of Directors. His successor on each Board is J. Henry Smith, IV,
who previously served as Lead Director. For more than 20 years, Mr.
Smith has served as President of Interstate Sheet Metal Co., Inc.,
a metal components fabrication company specializing in parts
fabrication for original equipment manufacturers around the
country.
"Founding and leading Southern States for nearly two decades has
been the highlight of my career, but after careful consideration, I
am ready to enjoy retirement,” Mr. Whatley said. “I have the
utmost confidence that the bank will continue to thrive with
Mark leading our strong management team along with the
expertise we have on the board of directors."
The leadership change is part of the Company’s succession plan.
In addition to serving as President of both the Company and the
Bank since 2019, Mr. Chambers was appointed CEO of the Bank in
March 2022. From 2007 until 2019, he served as Senior Executive
Vice President and President of the Bank’s Southeast Region. Prior
to joining Southern States, Mr. Chambers worked as a Market
President at Wachovia Bank from 2004 until 2007, and as a
Commercial Lender at Aliant Bank from 1998 until 2004.
“Mark is a proven banker and veteran leader with a long history
of delivering for customers, stockholders, employees and
communities,” said Mr. Smith. “We are very confident that he will
continue to drive strong results and position Southern States for
ongoing success.”
Mr. Chambers said, “It’s an honor to succeed our founder and
long-time CEO, and I am excited to further build upon the strong
foundation and standout team that Southern States established under
Steve’s 16 years at the helm of our Company. We have a deep bench
of leadership talent across some of the most vibrant markets in the
South, and together, we are committed to disciplined growth and
further strengthening of our franchise value.”
Mr. Whatley had served as Southern States Chief Executive
Officer since 2007 and Chairman of the Board of Directors since
2014. Mr. Whatley worked in the banking industry since 1973. Prior
to joining Southern States, he served as Market President of
Colonial Bank from 1982 through 2006. From 1980 until 1982, he
served as Vice President Commercial Lender of AmSouth Bank and,
from 1978 until 1982, as Vice President of Trust Company Bank.
About Southern States Bancshares,
Inc.Headquartered in Anniston, Alabama, Southern States
Bancshares, Inc. is a bank holding company that operates primarily
through its wholly-owned subsidiary, Southern States Bank. The Bank
is a full service community banking institution, which offers an
array of deposit, loan and other banking-related products and
services to businesses and individuals in its communities. The Bank
operates 13 branches in Alabama and Georgia and two loan production
offices in Atlanta.
Forward-Looking StatementsThis press release
contains forward-looking statements within the meaning of the
federal securities laws, which reflect our current expectations and
beliefs with respect to, among other things, future events and our
financial performance. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about our industry, management's beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond our control. This may
be especially true given recent events and trends in the banking
industry, the inflationary environment, the COVID-19 pandemic and
governmental responses. Although we believe that the expectations
reflected in such forward-looking statements are reasonable as of
the dates made, we cannot give any assurance that such expectations
will prove correct and actual results may prove to be materially
different from the results expressed or implied by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are set forth in the Company's Annual
Report on Form 10-K for the year ended December 31, 2022 and other
reports filed with the Securities and Exchange Commission under the
section entitled "Cautionary Note Regarding Forward-Looking
Statements" and "Risk Factors". Accordingly, we caution you that
any such forward-looking statements are not guarantees of future
performance and are subject to risks, assumptions and uncertainties
that are difficult to predict.
These statements are often, but not always, made through the use
of words or phrases such as "may," "can," "should," "could," "to
be," "predict," "potential," "believe," "will likely result,"
"expect," "continue," "will," "likely," "anticipate," "seek,"
"estimate," "intend," "plan," "target," "project," "would" and
"outlook," or the negative version of those words or other similar
words or phrases of a future or forward-looking nature.
Forward-looking statements appear in a number of places in this
press release and may include statements about business strategy
and prospects for growth and operations.
Contact Information: Lynn Joyce(205)
820-8065ljoyce@ssbank.bank
Kevin Dobbs(310) 622-8245ssbankir@finprofiles.com
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