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Jones Walker directs the $ 38 million IPO of PE-backed Alabama Bank

Law360 (Aug 12, 2021, 6:54 p.m. EDT) – Private equity-funded Southern States Bancshares Inc., Alabama, completed a $ 38 million initial public offering Thursday, under the legal guidance of Jones Walker LLP is at the lower end of the price range and underwriters advise Jones Day.

Anniston-based Southern States sold 2 million shares at $ 19 each, marking the lower end of their $ 19-21 range. The company directly sold 996,429 shares, or nearly half of the offering, while existing shareholders including Patriot Financial Partners, a private equity fund that supports community banking, and other investors sold the remaining shares.

Southern stocks rose 77 cents, or 4%, to close at …

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