On December 1, South Plains Financial Inc. (SPFI), the parent company of Lubbock-based City Bank, announced that it has entered into a definitive merger agreement with Houston-based BOH Holdings Inc. (BOH), the parent company of Bank of Houston, whereby South Plains will acquire BOH in an all-stock transaction valued at approximately $105.9 million. As a result of the proposed transaction, BOH will be merged with and into SPFI, with SPFI continuing as the surviving entity. As of September 30, BOH had approximately $772 million in assets, $633 million in loans and $629 million in deposits. The proposed transaction is expected to close in the second quarter of 2026.
The completion of the proposed transaction will strengthen South Plains’ position as a leading Texas community bank with 26 branches across the state while enhancing its geographic footprint in the Houston MSA. Upon closing, the pro forma company will have approximately $5.4 billion in assets, $3.8 billion in loans and $4.6 billion in deposits, based on the balance sheets of South Plains and BOH as of September 30.
“Over the past year, we have been executing a strategy designed to accelerate the earnings power of City Bank by adding experienced lenders across our markets to drive organic loan growth while also exploring accretive M&A to expand our reach,” notes Curtis Griffith, chairman and CEO of South Plains. “Our proposed acquisition of BOH is an important step in achieving our goal, given the impressive franchise they have built in the fast-growing Houston market.”
“Houston is a dynamic community banking market, and this partnership provides needed resources to help accelerate our combined growth,” adds Jim Stein, chairman, president and CEO of BOH. Upon completion of the transaction, Stein will join South Plains and continue leading his team in Houston. Additionally, he will be appointed to the boards of South Plains Financial Inc. and City Bank.
Raymond James & Associates Inc. served as financial advisor to South Plains and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as South Plains’ legal advisor. Hillworth Bank Partners served as financial advisor to BOH and rendered a fairness opinion to its board of directors. Fenimore Kay Harrison LLP served as BOH’s legal advisor.
Established in 1987, City Bank is one of the largest independent banks in West Texas, with additional banking operations in the Dallas, El Paso, Greater Houston, Permian Basin and College Station markets, as well as the Ruidoso, New Mexico, market.
