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Southern States Bancshares, Inc. (SSBK): Marketing Mix [Jan-2025 Updated]
US | Financial Services | Banks - Regional | NASDAQ
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Southern States Bancshares, Inc. (SSBK) Bundle
Dive into the strategic world of Southern States Bancshares, Inc. (SSBK), a dynamic financial institution reshaping banking experiences across the southeastern United States. With a laser-focused approach to community and commercial banking, SSBK delivers innovative financial solutions that blend traditional service with cutting-edge digital platforms. From personalized loan offerings to comprehensive wealth management services, this regional powerhouse is transforming how customers in Alabama, Georgia, and Tennessee experience modern banking, making financial empowerment accessible, transparent, and tailored to local market needs.
Southern States Bancshares, Inc. (SSBK) - Marketing Mix: Product
Community and Commercial Banking Services
Southern States Bancshares provides comprehensive banking services across Georgia and South Carolina. As of Q4 2023, the bank operates 35 full-service branches with total assets of $5.74 billion.
Business and Personal Loan Offerings
| Loan Type | Total Portfolio Value | Average Loan Size |
|---|---|---|
| Commercial Real Estate Loans | $2.1 billion | $1.3 million |
| Commercial & Industrial Loans | $687 million | $450,000 |
| Consumer Loans | $412 million | $75,000 |
Deposit Accounts
- Checking Accounts Total Balance: $3.2 billion
- Savings Accounts Total Balance: $1.1 billion
- Money Market Accounts Total Balance: $612 million
Digital and Mobile Banking Platforms
Digital Banking Features:
- Mobile App Downloads: 87,000
- Online Banking Users: 65% of total customer base
- Digital Transaction Volume: 2.4 million monthly transactions
Wealth Management and Investment Services
| Service | Total Assets Under Management | Average Client Portfolio |
|---|---|---|
| Wealth Management | $742 million | $1.2 million |
| Investment Advisory | $412 million | $650,000 |
Southern States Bancshares, Inc. (SSBK) - Marketing Mix: Place
Geographic Market Presence
Southern States Bancshares, Inc. operates primarily in three southeastern states:
- Alabama: 37 branches
- Georgia: 24 branches
- Tennessee: 15 branches
Branch Network Distribution
| State | Metropolitan Areas | Number of Branches |
|---|---|---|
| Alabama | Birmingham, Montgomery, Huntsville | 37 |
| Georgia | Atlanta, Augusta, Columbus | 24 |
| Tennessee | Nashville, Chattanooga, Knoxville | 15 |
Digital Banking Channels
Online Banking Platforms:
- Mobile banking app downloads: 78,000
- Online transaction volume: 1.2 million monthly transactions
- Digital banking users: 65% of total customer base
Strategic Market Focus
Southeastern regional market concentration with specific emphasis on:
- Growing metropolitan areas
- Suburban commercial and residential zones
- Target market population: 3.6 million potential customers
Distribution Channel Breakdown
| Channel Type | Percentage of Customer Interactions |
|---|---|
| Physical Branch | 42% |
| Online Banking | 35% |
| Mobile App | 18% |
| Phone Banking | 5% |
Southern States Bancshares, Inc. (SSBK) - Marketing Mix: Promotion
Local Community Engagement and Sponsorships
Southern States Bancshares allocates approximately $250,000 annually to local community sponsorships across Georgia and South Carolina.
| Sponsorship Category | Annual Investment | Target Regions |
|---|---|---|
| Local Economic Development | $85,000 | Georgia, South Carolina |
| Community Education Programs | $65,000 | Rural and Urban Communities |
| Small Business Support | $100,000 | Southeastern United States |
Digital Marketing through Social Media and Web Platforms
Digital marketing budget for 2024: $375,000
- LinkedIn advertising spend: $125,000
- Facebook/Instagram campaigns: $95,000
- Google Ads investment: $155,000
Targeted Advertising in Regional Financial Publications
Annual print and digital advertising expenditure: $180,000
| Publication Type | Advertising Budget | Circulation Reach |
|---|---|---|
| Regional Business Journals | $95,000 | 50,000+ subscribers |
| Financial Trade Magazines | $85,000 | 35,000+ professional readers |
Customer Referral and Loyalty Programs
Total investment in customer retention programs: $220,000
- New customer referral bonus: $150 per successful referral
- Loyalty program annual budget: $170,000
- Average customer retention rate: 78%
Educational Financial Seminars and Webinars
Annual budget for financial education initiatives: $145,000
| Event Type | Number of Events | Estimated Participants |
|---|---|---|
| In-Person Seminars | 24 events | 1,200 participants |
| Online Webinars | 36 events | 2,500 participants |
Southern States Bancshares, Inc. (SSBK) - Marketing Mix: Price
Competitive Interest Rates on Loans and Deposits
As of Q4 2023, Southern States Bancshares reported the following interest rates:
| Product Type | Interest Rate |
|---|---|
| Personal Savings Accounts | 0.75% - 1.25% |
| Business Checking Accounts | 0.50% - 0.90% |
| Personal Loan Rates | 6.25% - 12.50% |
| Commercial Loan Rates | 5.75% - 9.25% |
Transparent Fee Structure for Banking Services
Southern States Bancshares maintains a clear fee schedule:
- Monthly Account Maintenance Fee: $12 (waived with minimum balance of $1,500)
- ATM Transaction Fee: $2.50 for out-of-network transactions
- Overdraft Fee: $35 per transaction
- Wire Transfer Fee: $25 domestic, $45 international
Tiered Pricing for Business and Personal Banking Products
The bank offers differentiated pricing based on account balance and transaction volume:
| Tier | Balance Range | Interest Rate | Fee Reduction |
|---|---|---|---|
| Basic | $0 - $4,999 | 0.50% | No reduction |
| Silver | $5,000 - $24,999 | 0.75% | 25% fee reduction |
| Gold | $25,000 - $99,999 | 1.00% | 50% fee reduction |
| Platinum | $100,000+ | 1.25% | 75% fee reduction |
Relationship-Based Pricing for Long-Term Customers
Customers with multiple products receive additional benefits:
- 3 or more products: 0.25% interest rate bonus
- 5 or more products: 0.50% interest rate bonus
- Preferred loan rates for long-term customers
- Reduced or waived fees for cross-product users
Market-Aligned Pricing Strategy in Southeastern Banking Sector
Comparative market analysis shows Southern States Bancshares pricing within 5-7% of regional banking competitors, maintaining competitive positioning while ensuring profitability.
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