South Plains Financial Authorizes $10M Share Repurchase Through February 2027
South Plains Financial’s board approved a $10.0 million stock repurchase program to conclude by February 23, 2027, enabling open-market and Rule 10b5-1 share purchases. Repurchase timing, amount and method will depend on stock price, economic conditions and regulatory requirements.
1. Board Approval of Repurchase Program
The board approved a new stock repurchase program authorizing up to $10.0 million of common shares, effective immediately and set to conclude February 23, 2027, unless earlier terminated or extended by the board.
2. Repurchase Mechanics and Discretionary Factors
Under the program, repurchases may occur via open market transactions compliant with Rule 10b-18 and through Rule 10b5-1 trading plans, with timing, amount and method contingent on stock performance, market conditions, regulatory requirements and capital availability.
3. Company Overview
South Plains Financial, Inc. is the bank holding company for City Bank, providing commercial and retail banking, investment, trust and mortgage services across West Texas and New Mexico markets.