South Plains Financial, Inc. completes merger with BOH Holdings, Inc.

Rhea-AI Summary

South Plains Financial (NASDAQ:SPFI) completed its merger with BOH Holdings and the merger of BOH’s Bank of Houston into City Bank, effective April 1, 2026. The deal folds BOH’s banking operations into South Plains’ City Bank platform.

As of December 31, 2025, BOH reported $744 million total assets, $624 million total loans, and $603 million total deposits. Raymond James and Hillworth Bank Partners provided financial advice and fairness opinions; Hunton Andrews Kurth and Fenimore Kay Harrison served as legal advisors.

Positive

• Transaction closed effective April 1, 2026
• BOH total assets $744M as of December 31, 2025
• BOH total loans $624M as of December 31, 2025
• BOH total deposits $603M as of December 31, 2025

Negative

• Integration risk for combined bank operations post-merger
• Potential short-term costs from merger integration and systems consolidation

Key Figures

BOH total assets: $744 million BOH total loans: $624 million BOH total deposits: $603 million

3 metrics

BOH total assets $744 million As of December 31, 2025

BOH total loans $624 million As of December 31, 2025

BOH total deposits $603 million As of December 31, 2025

Market Reality Check

Price: $41.90 Vol: Volume 92,960 is below th...

normal vol

$41.90 Last Close

Volume Volume 92,960 is below the 109,600 20-day average (relative volume 0.85), suggesting no outsized trading response yet. normal

Technical Price at 41.90 is trading above the 39.30 200-day moving average and about 4.8% below the 52-week high of 44.00.

Peers on Argus

Peers show mixed moves, with some up (e.g., HIFS +2.08%, IBCP +0.24%) and others...

Peers show mixed moves, with some up (e.g., HIFS +2.08%, IBCP +0.24%) and others down (e.g., FCBC -1.80%, EGBN -0.20%), indicating this merger completion looks more stock-specific than sector-driven.

Previous Acquisition Reports

3 past events · Latest: Mar 23 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Mar 23	Merger approvals	Positive	-0.3%	All regulatory and shareholder approvals received for the proposed BOH merger.
Dec 04	KBRA deal comment	Positive	+1.5%	KBRA report on BOH acquisition terms, pro forma metrics, and expected cost savings.
Dec 01	Merger announcement	Positive	-0.5%	Initial agreement to acquire BOH in all-stock deal with defined exchange ratio.

Pattern Detected

Acquisition-related headlines have produced mixed, often modest, price reactions, with both gains and declines following prior BOH merger updates.

Recent Company History

Over the last few months, South Plains has steadily advanced the BOH acquisition from announcement to approvals and now closing. Earlier acquisition updates in Dec 2025 outlined deal terms and pro forma metrics, while the Mar 23, 2026 notice confirmed all regulatory and shareholder approvals. Today’s completion formalizes the transaction and the integration of Bank of Houston into City Bank, continuing this multi-step strategic expansion.

Historical Comparison

+0.2% avg move · Past acquisition updates around the BOH deal led to average next-day moves of about 0.22%, indicatin...

acquisition

+0.2%

Average Historical Move acquisition

Past acquisition updates around the BOH deal led to average next-day moves of about 0.22%, indicating historically modest market reactions to this transaction theme.

Acquisition news shows a clear progression: initial BOH deal announcement in Dec 2025, followed by rating-agency commentary and approvals in Mar 2026, and now formal merger completion and bank combination.

Market Pulse Summary

This announcement finalizes South Plains’ acquisition of BOH, adding BOH’s $744 million in assets, $...

Analysis

This announcement finalizes South Plains’ acquisition of BOH, adding BOH’s $744 million in assets, $624 million in loans, and $603 million in deposits as of year-end 2025. It caps a sequence of prior approvals and deal disclosures. Investors may watch upcoming filings and earnings for integration updates, cost trends, and loan quality data as City Bank absorbs Bank of Houston and the combined franchise scales in the Houston market.

Key Terms

wholly-owned subsidiary, fairness opinion

2 terms

wholly-owned subsidiary financial

"the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank"

A wholly-owned subsidiary is a company whose entire ownership is held by another company, called the parent, so the parent controls all shares, board appointments and major decisions. For investors this matters because the subsidiary’s profits, losses, assets and liabilities are treated as part of the parent’s financial picture, affecting valuation and risk exposure — imagine a parent owning a single storefront outright and consolidating its receipts and bills into the parent’s books.

fairness opinion financial

"Raymond James & Associates, Inc. served as financial advisor to South Plains and rendered a fairness opinion"

A fairness opinion is a professional assessment that evaluates whether the terms of a financial deal, such as a merger or acquisition, are fair from a financial point of view. It helps investors and stakeholders understand if the deal is reasonable and balanced, much like an independent expert giving an unbiased judgment on whether a price or agreement is fair. This assurance can increase confidence that the transaction is fair for all parties involved.

AI-generated analysis. Not financial advice.

LUBBOCK, Texas, April 01, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank”), today announced the completion of the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains, with South Plains continuing as the surviving corporation, and the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank, with City Bank continuing as the surviving bank. The mergers became effective on April 1, 2026. As of December 31, 2025, BOH had total assets of $744 million, total loans of $624 million, and total deposits of $603 million.

Raymond James & Associates, Inc. served as financial advisor to South Plains and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as South Plains’ legal advisor. Hillworth Bank Partners served as financial advisor to BOH and rendered a fairness opinion to its board of directors. Fenimore Kay Harrison LLP served as BOH’s legal advisor.

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, New Mexico market. 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 investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Available Information

The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	(866) 771-3347
	investors@city.bank

Source: South Plains Financial, Inc.

FAQ

When did South Plains Financial (SPFI) complete the merger with BOH Holdings?

The merger closed and became effective on April 1, 2026. According to the company, BOH was merged into South Plains and Bank of Houston merged into City Bank, completing the legal combination of the entities.

What were BOH Holdings' reported assets, loans, and deposits at closing for SPFI investors?

BOH reported $744 million in assets, $624 million in loans, and $603 million in deposits as of December 31, 2025. According to the company, these December 31, 2025 balances reflect the scale of the acquired banking operations.

How might the BOH merger affect South Plains Financial (SPFI) shareholders in the near term?

Shareholders may face integration-related costs and operational transition risks in the near term. According to the company, advisors provided fairness opinions, and integration timing and expenses could affect short-term earnings.

Which advisers supported South Plains Financial (SPFI) on the BOH merger transaction?

Raymond James served as South Plains' financial adviser and Hunton Andrews Kurth as legal adviser. According to the company, Hillworth Bank Partners and Fenimore Kay Harrison advised BOH and also provided fairness opinions to BOH's board.

Did the merger change City Bank's corporate status under South Plains (SPFI)?

Yes. City Bank continued as the surviving bank after Bank of Houston merged into it, effective April 1, 2026. According to the company, the transaction consolidates BOH’s banking operations under City Bank.