LUBBOCK, Texas, April 29, 2019 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ: SPFI), the bank holding company for City Bank, today announced the launch of its initial public offering of common stock. South Plains intends to offer 2,700,000 shares of its common stock and a selling shareholder intends to offer 680,000 shares. The initial public offering price is currently expected to be between $17.50 and $19.50 per share. South Plains expects to grant the underwriters a 30-day option to purchase up to an additional 507,000 shares of its common stock. In connection with the initial public offering, the Company has applied to list its common stock on the Nasdaq Global Select Market under the trading symbol “SPFI.”
The Company intends to use the net proceeds from the proposed offering to support future growth of its business, including through strategic acquisitions and organic growth, and for general corporate purposes. South Plains will not receive any proceeds from the sale of shares of common stock by the selling shareholder in the offering.
Keefe, Bruyette & Woods, A Stifel Company and Sandler O’Neill + Partners, L.P. are acting as joint book-running managers in the proposed offering.
About South Plains Financial, Inc.
South Plains Financial, Inc. 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).
