Houston, Texas, December 3, 2025

South Plains Financial, Inc. announced a merger agreement to acquire BOH Holdings, Inc., the parent company of Bank of Houston, valued at approximately $105.9 million. This acquisition aims to strengthen South Plains’ presence in the thriving Houston market and enhance community banking services. The merger is expected to close in the second quarter of 2026, contingent upon regulatory approvals, with both banks projected to have combined assets of approximately $5.4 billion. Leadership continuity is assured as Jim Stein will continue to lead operations in Houston, ensuring stability for customers.

South Plains Financial to Acquire Bank of Houston in Major Merger

Strategic Move to Expand in the Houston Market

LUBBOCK, Texas, December 3, 2025 – South Plains Financial, Inc. (NASDAQ: SPFI) has stepped into the spotlight with its announcement of a definitive merger agreement to acquire BOH Holdings, Inc., the parent company of Bank of Houston. Valued at approximately $105.9 million, this all-stock transaction positions South Plains as a formidable player in the bustling financial landscape of Texas.

This acquisition not only reinforces South Plains’ commitment to the Houston metropolitan area, one of the nation’s fastest-growing markets, but also highlights the potential for enhanced community banking services across the region. Such initiatives are essential in fostering local growth and supporting Texas entrepreneurs who drive our economy forward.

Financial Strengthening Through Collaboration

The merger is expected to close in the second quarter of 2026, contingent upon regulatory approvals and the consent of BOH shareholders. Upon completion, the new entity will showcase impressive financial metrics with combined assets of approximately $5.4 billion, $3.8 billion in loans, and $4.6 billion in deposits. These figures underline the robust foundation on which both banks will assemble their future operations.

Analysis suggests that this merger will be 11% accretive to South Plains’ earnings per share in 2027, reflecting strong operational synergies. With the tangible book value per share expected to earn back in less than three years, the merger creates an exciting opportunity not only for shareholders but also for the communities served by both banks.

Leadership Continuity Ensures Customer Confidence

Jim Stein, the existing Chairman, President, and CEO of Bank of Houston, will continue to lead operations in Houston and join the boards of both South Plains and City Bank. This familiar leadership presence is crucial for maintaining customer trust and ensuring a smooth transition as the two organizations combine their strengths to enhance service offerings.

A Positive Outlook for Customers and Services

For current customers of Bank of Houston, it will be largely business as usual as the merger unfolds. All account numbers, routing numbers, debit cards, pensions, ATM and branch access, and other services are expected to remain unchanged until at least May 2026. This customer-focused approach emphasizes the banks’ commitment to a seamless transition and continued support for their clientele.

Further, Bank of Houston branches are expected to remain open, ensuring that customers will continue to have local access to their banking services without disruption. This stability illustrates how strategic mergers can bolster local economies while enhancing service delivery.

Empowering Local Economies Through Expansion

The planned acquisition reflects a broader trend in which financial institutions are seeking consolidation to create added value for shareholders and customers alike. By focusing on strategic growth in Texas, such alliances promote innovation and community involvement, which are vital ingredients for economic success. As organizations align their goals with those of their communities, Texas entrepreneurs and small businesses can thrive, contributing to a more dynamic economy.

Conclusion: Looking Forward to Texas Economic Growth

South Plains Financial’s acquisition of BOH Holdings showcases the resilience and ingenuity of Texas-based banks to adapt and thrive in a competitive landscape. As these two entities prepare to unite their capabilities, it is essential for local businesses and communities to remain engaged and support one another. This merger not only represents a pivotal moment for the banks involved but also signifies broader economic growth opportunities for San Antonio and the larger state economy. Let’s champion our local financial institutions as they embark on this promising journey.

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Key Features of the Acquisition

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