South Plains Financial sells Windmark Insurance to Alliant for $35.5M

SOUTH PLAINS FINANCIAL, INC.

Sold Windmark Insurance Agency to Alliant for $35.5M cash; transaction closed April 1, 2023.
Transaction costs of ~$3.1M include legal, accounting, tail insurance, and employee payments.
South Plains and City Bank entered 5-year non-compete in TX, OK, CO, NE, KS, IA, and WY.
CEO Griffith says sale provides capital flexibility to invest in core banking and pursue growth.
Windmark generated crop insurance revenue; Alliant retains Windmark employees and customers.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOUTH PLAINS FINANCIAL, INC. entered into Securities Purchase Agreement with Alliant Insurance Services, Inc. valued at $35,500,000 (effective 2023-04-01).

Action: entry
Agreement: asset purchase
Counterparty: Alliant Insurance Services, Inc.
Value: $35,500,000
Effective: 2023-04-01

Exact text from the filing

On April 1, 2023, South Plains Financial, Inc. (“South Plains” or the “Company”) and South Plains’ banking subsidiary, City Bank (the “Bank”) entered into a Securities Purchase Agreement (the “Agreement”) with Alliant Insurance Services, Inc., a California corporation (“Alliant”), providing for the sale of the Bank’s insurance subsidiary, Windmark Insurance Agency, Inc. d/b/a Windmark Corp Division (“Windmark”) through a sale of all of the outstanding shares of capital stock of Windmark to Alliant (the “Transaction”).

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SOUTH PLAINS FINANCIAL, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-016009

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