South Plains Financial terminates ESOP effective Dec 31, 2022

SOUTH PLAINS FINANCIAL, INC.

Board terminated the Employee Stock Ownership Plan (ESOP) effective December 31, 2022.
Reason: ESOP no longer serves intended purpose; administrative costs exceed benefits.
All participants become fully vested regardless of prior vesting status.
Assets to be distributed in lump sum cash and Company stock; accounts >$1,000 without consent go to IRA.
Accounts ≤$10,000 may receive lump sum cash if participant elects.

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