---
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"
generated_at: "2026-06-17T06:17:27.892214+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-016009
- JSON: https://secwatch.observer/filing/0001140361-23-016009.json
- Plain text: https://secwatch.observer/filing/0001140361-23-016009.txt

## Key facts
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1163668/000114036123016009/0001140361-23-016009-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.