July 31, 2019
South Plains Financial Inc. entered into a merger agreement to acquire West Texas State Bank of Odessa, TX. The Lubbock, TX-headquartered South Plains is the parent company of City Bank, and plans to pay $76.1 million for West Texas Bank and its locations in Fort Stockton, Kermit, Monahans and Odessa. The acquisition, scheduled for closing in Q4 2019, will boost the buyer’s geographic footprint in the Permian Basin.
“We are pleased to announce the Company’s acquisition of WTSB, an exciting first step in our expansion into new West Texas communities and an important milestone since completing our IPO in May,” said South Plain’s Curtis Griffith. The financial institution has 26 branches and 13 mortgage-production offices across Texas.
South Plains’ financial advisor was Keefe, Bruyette & Woods, while Hunton Andrews Kurth LLP served as legal advisor. Piper Jaffray & Co. was WTSB’s financial advisor; Alston & Bird LLP served as legal advisor.
It’s time to register for this year’s Connect Texas Multifamily Conference on Aug. 15! For information and to register, click here.
For comments, questions or concerns, please contact Amy Sorter