ANNISTON, Ala. - Southern States Bancshares, Inc. (NASDAQ: SSBK), the parent company of Southern States Bank, has announced the retirement of its Chief Operating Officer, Jack Swift, set for May 31, 2024. Swift's departure marks the end of an 18-year tenure with the company, where he has served as COO for the last five years.
Swift has been with the Southern States since its inception, contributing to its growth as a notable community banking institution in Alabama and Georgia. His banking career, spanning over four decades, includes previous leadership roles at Colonial Bank and SouthTrust Bank before his time at Southern States.
Mark Chambers, CEO and President of Southern States, expressed gratitude for Swift's dedication and leadership, crediting him as a key figure in the bank's success. Swift expressed pride in the bank's achievements and confidence in its continued growth and performance. Upon Swift's retirement, his responsibilities will be assumed by Lynn Joyce, the Chief Financial Officer, and Greg Smith, the Chief Risk Officer.
The bank operates 13 branches across Alabama and Georgia, along with two loan production offices in Atlanta.
This transition in leadership is based on a press release statement from Southern States Bancshares, Inc.
InvestingPro Insights
As Southern States Bancshares, Inc. (NASDAQ: SSBK) prepares for the retirement of its COO, Jack Swift, investors may be considering the impact on the company's financial health and future prospects. Here are some insights based on recent data and InvestingPro Tips that could be of interest:
InvestingPro Data shows that Southern States Bancshares is trading with a P/E Ratio of 7.35, which is adjusted to 7.22 when looking at the last twelve months as of Q4 2023. This indicates that the company is trading at a low earnings multiple, which could suggest that the stock is undervalued compared to its earnings capacity. Additionally, the company's PEG Ratio for the same period stands at 0.42, hinting at potential undervaluation relative to its earnings growth.
In terms of profitability, Southern States Bancshares has been profitable over the last twelve months, with an Operating Income Margin of 50.93%. This robust margin underscores the company's ability to manage its expenses effectively relative to its revenue. Moreover, analysts predict that the company will maintain profitability this year, which could provide a sense of stability to investors amid the leadership transition.
InvestingPro Tips further reveal that while the company suffers from weak gross profit margins, it is trading at a low P/E ratio relative to near-term earnings growth. This combination of factors could present an opportunity for investors looking for value stocks with potential for growth.
For those interested in exploring more about Southern States Bancshares, there are additional InvestingPro Tips available. To access them and gain deeper insights into the company's financials and future outlook, visit https://www.investing.com/pro/SSBK. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are currently 5 additional InvestingPro Tips listed for SSBK that could further guide investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.