South Plains Financial, Inc. Announces Resumption of Share Repurchase Program
02 Novembre 2020 - 1:30PM
South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the
“Company”), the parent company of City Bank, today announced that
the board of directors of the Company (the “Board”) authorized the
resumption of its share repurchase program. The share repurchase
program commenced in March of 2020 and allows for the repurchase of
up to $10 million of the Company’s common stock. Repurchases under
the share repurchase program were temporarily suspended by the
Board in April of 2020 in light of the uncertainties presented by
the COVID-19 pandemic and surrounding events. To date, the Company
has repurchased 4,700 shares of common stock totaling approximately
$61,000 of the $10.0 million authorized for repurchase under the
stock repurchase program. The expiration of the share
repurchase program was also extended from April 15, 2021 until
November 5, 2021.
Repurchases under the share repurchase program
may be made from time to time at the Company’s discretion in open
market transactions, through block trades, in privately negotiated
transactions, and pursuant to any trading plan that may be adopted
by the Company’s management in accordance with Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended, or otherwise. The
timing and actual number of shares that may be repurchased by the
Company will depend on a variety of factors including price,
corporate and regulatory requirements, market conditions, and other
corporate liquidity requirements and priorities. The share
repurchase program does not obligate the Company to acquire a
specific dollar amount or number of shares and may be modified,
suspended or discontinued 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.
Contact: |
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Mikella Newsom, Chief Risk Officer and
Secretaryinvestors@city.bank (866) 771-3347 |
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Source: South Plains Financial, Inc.
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