South Plains Financial, a West Texas commercial bank with 21 full-service locations, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
South Plains is a bank holding company headquartered in Lubbock, Texas, and its wholly-owned subsidiary, City Bank, is one of the largest independent banks in West Texas.
The company was founded in 1941 and booked $148 million in revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol SPFI. South Plains Financial filed confidentially on January 17, 2019. Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal. No pricing terms were disclosed.
