South Plains Financial Merger Employment Agreement Filed

South Plains Financial, Inc. filed an SEC 8-K exhibit containing an employment agreement between City Bank, Texas and James D. Stein. The agreement is structured around a contemplated merger where BOH Holdings, Inc. will merge into South Plains Financial with SPFI as the surviving entity.

The exhibit also contemplates that Bank of Houston, a wholly-owned subsidiary of BOH, will merge into the City Bank entity, with the Bank continuing as the surviving entity. The employment agreement is intended to take effect immediately upon consummation of the merger, and it includes post-merger transition duties for assimilating Bank of Houston employees and customers.

The agreement further provides for Stein to be appointed as a director of SPFI as a Class II member and to be nominated for shareholder election, with board service contemplated for a three-year period following the effective date.