South Plains Financial, Inc. Announces Closing of Initial Public Offering of Common Stock
14 May 2019 - 5:15AM
South Plains, Financial, Inc. (“South Plains” or the “Company”),
the bank holding company for City Bank, today announced that it has
completed its initial public offering of 3,380,000 shares of its
common stock at a price to the public of $17.50 per share,
2,700,000 shares of which were offered by South Plains and 680,000
shares of which were offered by a selling shareholder. South
Plains’ common stock began trading on the NASDAQ Global Select
Market on May 9, 2019, under the symbol “SPFI.”
The underwriters have a 30-day option, which commenced May 8,
2019, to purchase up to 507,000 additional shares of common stock
at the initial public offer price less underwriting discounts to
cover over-allotments, if any.
Keefe, Bruyette & Woods, A Stifel Company and Sandler
O’Neill + Partners, L.P. acted as joint book-running
managers. South Plains was represented by Hunton Andrews
Kurth LLP. The underwriters were represented by Fenimore,
Kay, Harrison & Ford, LLP.
The U.S. Securities and Exchange Commission (the “SEC”) declared
the registration statement relating to these securities effective
on May 8, 2019. The offering was made only by means of a
prospectus. Copies of the final prospectus relating to the
offering may be obtained from Keefe, Bruyette & Woods, Inc.,
Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor,
New York, NY 10019, or by calling 1-800-966-1559, or from Sandler
O’Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor,
New York, New York 10020, by phone, toll-free at (866) 805-4128 or
by email at syndicate@sandleroneill.com. Copies of the registration
statement relating to these securities and the prospectus may also
be obtained free of charge from the website of the SEC at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas
chartered bank headquartered in Lubbock, Texas. City Bank is
one of the largest independent banks in West Texas and has
additional banking operations in the Dallas and El Paso markets, as
well as in the Greater Houston, College Station, and Ruidoso and
Eastern New Mexico markets. South Plains provides a wide range of
commercial and consumer financial services to small and
medium-sized businesses and individuals in its market areas. Its
principal business activities include commercial and retail
banking, along with insurance, investment, trust and mortgage
services. As of December 31, 2018, South Plains had on a
consolidated basis total assets of $2.7 billion, gross loans held
for investment of $2.0 billion, total deposits of $2.3 billion, and
total shareholders’ equity of $154.6 million (pro forma
shareholders’ equity of $212.8 million including existing
ESOP-owned shares).
Contact: Curtis C. Griffith,
Chairman and CEO
cgriffith@city.bank
806-792-7101
South Plains Financial (NASDAQ:SPFI)
Historical Stock Chart
From Jun 2024 to Jul 2024
South Plains Financial (NASDAQ:SPFI)
Historical Stock Chart
From Jul 2023 to Jul 2024