Press Release

LUBBOCK, Texas, April 29, 2019 (GLOBE NEWSWIRE) -- 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, 4^th 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, 6^th 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.