South Plains Financial, Inc. Announces Closing of Over-Allotment Option in its Initial Public Offering
May 20 2019 - 3:59PM
South Plains Financial, Inc. (“South Plains” or the “Company”), the
bank holding company for City Bank, today announced that in
connection with its initial public offering of 3,380,000 shares of
its common stock, at a price of $17.50 per share, the underwriters
exercised their over-allotment option to purchase an additional
507,000 shares from South Plains. South Plains’ common stock
began trading on the NASDAQ Global Select Market on May 9, 2019,
under the symbol “SPFI.”
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