South Plains Financial, Inc. Completes Acquisition of West Texas State Bank, Odessa, Texas
13 November 2019 - 10:10AM
South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the
“Company”), the parent company of City Bank, completed its
acquisition of West Texas State Bank (“WTSB”) on November 12,
2019. Under the terms of the definitive agreement, WTSB
shareholders were paid an aggregate of $76.1 million in cash merger
consideration.
As of September 30, 2019, South Plains reported,
on a consolidated basis, total assets of $2.8 billion, total
deposits of $2.3 billion and total loans of $2.0 billion and WTSB
reported total assets of $430 million, total deposits of $375
million and total loans of $200 million. Based on financial
information as of September 30, 2019, the combined company will
have approximately $3.2 billion in total assets, 26 branch offices
and 11 mortgage production offices across Texas and New
Mexico.
Curtis Griffith, Chairman and Chief Executive
Officer of South Plains, commented, “We are extremely excited to
welcome WTSB’s employees, loyal customers, and communities to the
South Plains family. WTSB has accomplished a great deal over
the last 80 years, while providing a real commitment to the
communities that they serve. Together, we will carry the same
values, outstanding service and similar cultures, while offering
WTSB’s customers an exciting array of new banking, mortgage, wealth
management and trust products. Together, we intend to expand
our position as a premier bank in West Texas as we work to build
value for all of our shareholders.”
About South Plains Financial,
Inc.
South Plains is the bank holding company for
City Bank, a Texas state-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, the Permian
Basin, and College Station Texas markets, and the 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. Please visit https://www.spfi.bank for
more information.
Forward Looking Statements
This press release contains forward-looking
statements. These forward-looking statements reflect South
Plains’ current views with respect to, among other things, the
completion of its acquisition of WTSB and other future events.
Any statements about South Plains’ expectations, beliefs,
plans, predictions, forecasts, objectives, assumptions or future
events or performance are not historical facts and may be
forward-looking. These statements are often, but not always,
made through the use of words or phrases such as “anticipate,”
“believes,” “can,” “could,” “may,” “predicts,” “potential,”
“should,” “will,” “estimate,” “plans,” “projects,” “continuing,”
“ongoing,” “expects,” “intends” and similar words or phrases.
South Plains cautions that the forward-looking statements in
this press release are based largely on South Plains’ expectations
and are subject to a number of known and unknown risks and
uncertainties that are subject to change based on factors which
are, in many instances, beyond South Plains’ control.
Additional information regarding these risks and
uncertainties to which South Plains’ business and future financial
performance are subject is contained in South Plains’ Prospectus
filed with the U.S. Securities and Exchange Commission (“SEC”),
dated May 8, 2019 (“Prospectus”), and other documents South Plains
files with the SEC from time to time. South Plains urges
readers of this press release to review the Risk Factors section of
that Prospectus and the Risk Factors section of other documents
South Plains files with the SEC from time to time. Actual
results, performance or achievements could differ materially from
those contemplated, expressed, or implied by the forward-looking
statements due to additional risks and uncertainties of which South
Plains is not currently aware or which it does not currently view
as, but in the future may become, material to its business or
operating results. Due to these and other possible
uncertainties and risks, readers are cautioned not to place undue
reliance on the forward-looking statements contained in this press
release. Any forward-looking statements presented herein are
made only as of the date of this press release, and South Plains
does not undertake any obligation to update or revise any
forward-looking statements to reflect changes in assumptions, new
information, the occurrence of unanticipated events, or otherwise,
except as required by law.
Contact: |
Mikella Newsom, Chief Risk Officer and Secretary |
|
investors@city.bank |
|
(866) 771-3347 |
Source: South Plains Financial, Inc.
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