LUBBOCK, Texas, March 16, 2020 (GLOBE NEWSWIRE) -- South Plains Financial, Inc.  (Nasdaq: SPFI) the parent company of City Bank, today announced that the board of directors of SPFI (the “Board”) has authorized a stock buyback program pursuant to which the Company may, from time to time, purchase up to $10 million of its outstanding shares of common stock. The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to a Rule 10b5-1 trading plan adopted by the Company, and in accordance with applicable regulations of the SEC. The Company is not obligated to purchase any shares of its common stock under the stock buyback program, and the timing and exact amount of any repurchases will depend on various factors, including the performance of the Company’s stock price, general market and other conditions, applicable legal requirements and other factors. The stock buyback program has an expiration date of April 15, 2021. The stock buyback program may be terminated or amended by the Board at any time prior to the expiration date.

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, El Paso, 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.