South Plains Financial, Inc. (NASDAQ:SPFI) has just announced a stock repurchase program for up to $10.0 million of its outstanding common stock. The program will run until February 23, 2027, or until the designated amount is depleted.
The company, which acts as the bank holding company for City Bank, a Texas state-chartered bank, will be repurchasing shares through various means, including open market purchases and privately negotiated transactions. The repurchases will be conducted in accordance with the limitations set forth in rule 10b-18 promulgated under the Securities Exchange Act of 1934.
South Plains Financial, Inc. operates in various markets, including Dallas, El Paso, Greater Houston, the Permian Basin, and College Station in Texas, as well as the Ruidoso market in New Mexico. Its principal business activities include commercial and retail banking, along with investment, trust, and mortgage services.
The company stated that the stock repurchase program's extent and timing will depend upon factors such as stock price performance, market and economic conditions, regulatory requirements, and the availability of funds.
This move comes as South Plains Financial, Inc. aims to enhance shareholder value and potentially indicates confidence in its financial position. It will be interesting to see how this program impacts the company's financial metrics and the market's perception of its future prospects. As a result of these announcements, the company's shares have moved -0.83% on the market, and are now trading at a price of $40.78. If you want to know more, read the company's complete 8-K report here.
