City Bank announces merger with West Texas State Bank
Lubbock-based South Plains Financial Inc., the parent company of City Bank, recently announced they are merging with West Texas State Bank, Odessa. South Plains will acquire WTSB in an all-cash transaction valued at $76.1 million.
As a result of the transaction, WTSB will be merged with and into SPFI’s wholly owned banking subsidiary, City Bank, with City Bank continuing as the surviving bank. As of June 30, WTSB had $429 million in assets, $205 million in loans and $376 million in deposits.
The transaction strengthens South Plains’ position as a leading Texas community bank with 26 branches and 13 mortgage production offices across Texas, while expanding its geographic footprint into the Permian Basin, including the Midland and Odessa areas. Upon closing, South Plains will have approximately $3.2 billion in assets, $2.1 billion in loans and $2.7 billion in deposits, based on the June 30 balance sheets of South Plains and WTSB.
“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 Curtis Griffith, chairman and CEO of South Plains.
The merger is expected to close in the fourth quarter of 2019.