{"schema_version":"secwatch.filing_event.v1","accession":"0001140361-23-016009","form_type":"8-K","ticker":"SPFI","cik":"0001163668","company_name":"SOUTH PLAINS FINANCIAL, INC.","filed_at":"2023-04-04T23:59:59+00:00","discovered_at":"2026-05-14T18:03:38.093562+00:00","generated_at":"2026-06-17T06:17:27.892214+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"South Plains Financial sells Windmark Insurance to Alliant for $35.5M","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001140361-23-016009","json":"https://secwatch.observer/filing/0001140361-23-016009.json","markdown":"https://secwatch.observer/filing/0001140361-23-016009.md","text":"https://secwatch.observer/filing/0001140361-23-016009.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1163668/000114036123016009/0001140361-23-016009-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1163668/000114036123016009/brhc10050915_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-17T06:17:27.892214+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"55abf19baf2440a37ea1904f1f81ce1f0a3905c0","claim":"SOUTH PLAINS FINANCIAL, INC. entered into Securities Purchase Agreement with Alliant Insurance Services, Inc. valued at $35,500,000 (effective 2023-04-01).","evidence_excerpt":"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”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1163668/000114036123016009/0001140361-23-016009-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"Alliant Insurance Services, Inc."},{"label":"Value","value":"$35,500,000"},{"label":"Effective","value":"2023-04-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}