South Plains Financial Launches $15 Million Stock Repurchase Program

South Plains Financial, Inc. (NASDAQ: SPFI) announced on February 21, 2025, that its Board of Directors has authorized a new stock repurchase program designed to acquire up to $15.0 million of the company’s outstanding common stock. The program is scheduled to run until February 21, 2026, although it may be terminated or extended earlier, or conclude once the designated funds are fully expended.

Under the approved program, South Plains Financial may repurchase shares through various methods, including open market purchases and privately negotiated transactions. Open market transactions will be conducted in accordance with the limitations of Rule 10b-18 of the Securities Exchange Act of 1934, while some repurchases could occur under a trading plan established pursuant to Rule 10b5-1. The program does not obligate the company to repurchase any specific number or amount of shares, and the exact number and value of shares repurchased will depend on a number of factors, such as the performance of the company’s stock price, prevailing market and economic conditions, and the availability of funds.

The filing, made via Form 8-K and accompanied by a press release attached as Exhibit 99.1, highlights the company’s intention to use its discretion throughout the repurchase period. The program is one component of South Plains Financial’s ongoing efforts to manage its capital structure while providing flexibility in times when repurchasing shares may be advantageous under both market and regulatory conditions.

South Plains Financial, which serves as the bank holding company for City Bank headquartered in Lubbock, Texas, remains committed to transparency with investors. The company plans to continue providing updates through its public filings and press releases.

Investors and interested parties are advised to review the company’s future disclosures to better understand the progress and impact of the repurchase program.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read South Plains Financial’s 8K filing here.

About South Plains Financial

South Plains Financial, Inc operates as a bank holding company for City Bank that provides commercial and consumer financial services to small and medium-sized businesses and individuals. The company operates through two segments, Banking and Insurance. It offers deposit products, including demand deposit accounts, interest-bearing products, savings accounts, and certificate of deposits.