South Plains Financial, Inc. Launches Initial Public Offering of Common Stock
29 Aprile 2019 - 1:30PM
South Plains Financial, Inc. (NASDAQ: SPFI) (“South Plains” or the
“Company”), 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.
The offering will be made only by means of a prospectus. Copies
of the preliminary 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.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold, nor may offers
to buy these securities be accepted, prior to the time the
registration statement becomes effective. This press release shall
not constitute an offer to sell or a solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such an 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 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).
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements. These
forward-looking statements reflect South Plains’ current views with
respect to, among other things, the commencement and completion of
the initial public offering of its common stock. 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. Actual results, performance or achievements could differ
materially from those contemplated, expressed, or implied by the
forward-looking statements. 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: |
Curtis C. Griffith, Chairman and CEO |
|
cgriffith@city.bank |
|
806-792-7101 |
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