2023-04-04 07:51:18 ET
- South Plains Financial ( NASDAQ: SPFI ) the parent company of City Bank, sold City Bank’s wholly-owned subsidiary , Windmark Insurance Agency to Alliant Insurance Services.
- The transaction closed on April 1, 2023.
- Curtis Griffith, South Plain's Chairman and CEO, commented, “We’ve entered into this transaction in an advantageous position given our strong balance sheet, ample liquidity with no borrowings from the Federal Home Loan Bank or the Federal Reserve Bank, and a deposit base which has modestly grown through the first quarter of 2023, with an estimated 17% of our deposits uninsured. Additionally, the completion of this transaction provides South Plains with the flexibility to further invest in our core business while augmenting our capital base."
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South Plains Financial sold Windmark Insurance Agency to Alliant Insurance Services