South Plains Financial, Inc. Prices Initial Public Offering of Common Stock
09 Maggio 2019 - 2:39AM
South Plains Financial, Inc. (“South Plains” or the “Company”), the
bank holding company for City Bank, today announced the pricing of
its initial public offering of 3,380,000 shares of common stock at
a price to the public of $17.50 per share. The shares are expected
to begin trading on the NASDAQ Global Select Market on May 9, 2019
under the symbol “SPFI.” South Plains is offering 2,700,000 shares
of its common stock and a selling shareholder is offering 680,000
shares. The offering is expected to close on May 13, 2019, subject
to customary closing conditions.
In addition, South Plains has granted the underwriters a 30-day
option to purchase up to 507,000 additional shares of South Plains
common stock at the initial public offering price less underwriting
discounts.
Keefe, Bruyette & Woods, A Stifel Company and Sandler
O’Neill + Partners, L.P. are acting as joint book-running
managers.
The offering will be made only by means of a prospectus. When
available, copies of the 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, when available,
may also be obtained free of charge from the website of the U.S.
Securities and Exchange Commission (the “SEC”) at
http://www.sec.gov.
The SEC declared the registration statement relating to these
securities effective on May 8, 2019. 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).
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
CEOcgriffith@city.bank806-792-7101
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