Lubbock, Texas-based South Plains Financial is acquiring Houston-based BOH Holdings Inc. for nearly $106 million. .The all-stock deal is expected to close in the second quarter of next year. South Plains Financial is the parent company of City Bank. BOH Holdings is the parent company of Bank of Houston. The deal deepens South Plains’ presence in the Houston metropolitan area and as a growing Texas-based community bank. As of Sept. 30, BOH reported $772 million in assets, $633 million in loans and $629 million in deposits. Upon completion of the transaction, South Plains is expected to have roughly $5.4 billion in assets, $3.8 billion in loans and $4.6 billion in deposits, with 26 branches across Texas.BOH shareholders are expected to own about 14.5 percent of the combined company after the merger. The transaction is projected to be 11 percent accretive to earnings per share in 2027, with a tangible book value earnback period of less than three years.“This acquisition adds scale to our existing Houston operations and brings long-standing customer relationships to City Bank,” said South Plains Chair and CEO Curtis Griffith. He called the deal a key step to boost earnings power through organic growth and accretive M&A.BOH Chair, President and CEO Jim Stein will join South Plains after the merger, continue leading the Houston team and be appointed to the boards of South Plains and City Bank.
