South Plains Financial Signs Agreement To Acquire BOH Holdings In All-Stock Deal At ~$105.9M

South Plains Financial, Inc. (NASDAQ:SPFI) ("South Plains" or the "Company"), the parent company of City Bank, today announced it has entered into a definitive merger agreement with BOH Holdings, Inc., Houston, Texas ("BOH"), the parent company of Bank of Houston, whereby South Plains will acquire BOH in an all-stock transaction valued at approximately $105.9 million. As a result of the proposed transaction, BOH will be merged with and into SPFI, with SPFI continuing as the surviving entity. As of September 30, 2025, BOH had approximately $772 million in assets, $633 million in loans, and $629 million in deposits. 

The proposed transaction will strengthen South Plains' position as a leading Texas community bank with 26 branches across Texas upon completion of the proposed transaction, while enhancing its geographic footprint in the Houston MSA. The proposed transaction demonstrates South Plains' commitment to the Houston market and creating a banking franchise spanning the great State of Texas. Upon closing, the pro forma company will have approximately $5.4 billion in assets, $3.8 billion in loans and $4.6 billion in deposits, based on the balance sheets of South Plains and BOH as of September 30, 2025.