Business
South Plains Financial, Inc. Completes Acquisition of West Texas State Bank, Odessa, Texas
LUBBOCK, Texas, Nov. 12, 2019 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City
About this update from South Plains Financial, Inc.
[{"type":"text","content":"LUBBOCK, Texas, Nov. 12, 2019 (GLOBE NEWSWIRE) -- 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.\n 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-lookin...