South Plains Financial, Inc. Declares Regular Quarterly Cash Dividend and Suspends Stock Repurchase Program
16 Aprile 2020 - 10:15PM
South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the
“Company”), the parent company of City Bank, today announced that
its Board of Directors has declared a regular quarterly cash
dividend of $0.03 per share of common stock, payable on May 11,
2020, to shareholders of record as of the close of business on
April 27, 2020. The amount and timing of any future dividend
payments to the Company’s shareholders will be subject to the
discretion of the Company’s Board of Directors.
In addition, the Company announced that it has
temporarily suspended its stock repurchase program in response to
the ongoing COVID-19 pandemic. The Company’s Board of
Directors previously authorized the Company to purchase up to $10.0
million of its outstanding shares of common stock from time to time
in open market purchases or privately negotiated transactions.
Suspending the stock repurchase program will allow the
Company to preserve capital and provide liquidity to meet the
credit needs of the customers, small businesses and local
communities served by the Company and its wholly-owned banking
subsidiary, City Bank. The Company believes that it remains
strong and well-capitalized, and the Company may reinstate the
stock repurchase program in the future.
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.
Forward Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Any statements about our expectations,
beliefs, plans, strategies, predictions, forecasts, objectives or
assumptions of 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
“anticipates,” “believes,” “expects,” “can,” “could,” “may,”
“predicts,” “potential,” “opportunity,” “should,” “will,”
“estimate,” “plans,” “projects,” “continuing,” “ongoing,”
“expects,” “seeks,” “intends” and similar words or phrases.
Accordingly, these statements involve estimates, known and unknown
risks, assumptions and uncertainties that could cause actual
strategies, actions or results to differ materially from those
expressed in them, and are not guarantees of timing, future results
or other events or performance. Because forward-looking
statements are based on management’s current expectations,
assumptions and estimates on the date hereof, and there can be no
assurance that actual strategies, actions or results will not
differ materially from expectations, you are cautioned not to place
undue reliance on such statements. Additional information
regarding certain risks, uncertainties and other factors that could
cause actual strategies, actions and results to differ materially
from those contemplated in forward-looking statements is included
from time to time in our filings with the SEC, including under the
heading “Risk Factors” in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2019 and any updates to those risk
factors set forth in SPFI’s Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other filings with the SEC, which are
available on the SEC’s website at www.sec.gov. Any
forward-looking statement speaks only as of the date on which it is
made, and except as required by law, SPFI undertakes no obligation
to update any forward-looking statement, whether to reflect events
or circumstances after the date on which the statement is made, to
reflect new information or the occurrence of unanticipated events,
or otherwise.
Contact: |
Mikella
Newsom, Chief Risk Officer and Secretary |
|
investors@city.bank |
|
(866) 771-3347 |
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Source: South Plains Financial, Inc.
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