South Plains Financial Sets Course for Future with Planned CEO Succession

LUBBOCK, TX – June 17, 2026 – In a move signaling stability and a clear vision for the future, South Plains Financial, Inc. (NASDAQ:SPFI) today announced a meticulously planned executive leadership transition. Curtis Griffith, the company’s long-serving Chairman and Chief Executive Officer, will retire from his CEO role effective December 31, 2026. He will continue to guide the institution as Chairman of the Board. Cory Newsom, the current President and a director, has been appointed to succeed Griffith as Chief Executive Officer, marking the culmination of a multi-year succession strategy for the parent company of City Bank.

This transition is not a sudden shift but a deliberate and carefully managed handover designed to ensure seamless continuity. Griffith will remain deeply involved, not only as Chairman but also as a consultant to the company following his retirement, providing ongoing counsel and preserving the institutional knowledge amassed over a four-decade career. The announcement underscores the company's commitment to stable governance and its confidence in a leadership team that has been groomed from within.

A Deliberate Path to New Leadership

The transition at South Plains Financial stands as a case study in deliberate corporate succession. The board’s appointment of Cory Newsom is the result of what the company describes as “many years of deliberate planning.” This long-term approach is designed to mitigate the disruption that often accompanies leadership changes, providing clarity and confidence to investors, employees, and customers.

Newsom is a veteran of the organization, bringing a profound understanding of its operations and culture to the CEO role. His career with City Bank began in 1984, and he has since progressed through a series of critical leadership positions. He has served as President and CEO of City Bank since 2008 and President of the holding company, South Plains Financial, since its 2019 initial public offering—an event in which he was instrumental. His deep experience has been pivotal in steering the bank’s daily operations and executing its growth strategy, including the recent successful acquisition and integration of Bank of Houston.

In his statement, Curtis Griffith praised his successor’s readiness. “Our leadership transition has been the result of many years of deliberate planning, and Cory has been instrumental throughout that process,” Griffith commented. “He has been leading our day-to-day operations and driving our growth strategy, with a clear focus on disciplined organic loan growth and strategic M&A... Cory’s leadership and execution give me confidence that this transition will be seamless and that South Plains will continue to deliver on its growth strategy and create long-term shareholder value.”

The Legacy of a Relationship-First Culture

For Curtis Griffith, the transition marks a new chapter after more than four decades of building South Plains Financial into one of the largest independent banks in West Texas. Reflecting on his tenure, Griffith emphasized that the company's enduring culture is his most significant achievement.

“It has been the privilege of a lifetime to be part of building South Plains over more than four decades,” Griffith stated. “What I am most proud of is the culture we’ve created—one centered on relationships and a shared commitment to helping people succeed. From our employees to our customers, partners and communities, we have always believed that our core purpose is to use the power of relationships to help people succeed and live better.”

This relationship-centric philosophy is a cornerstone of regional banking, allowing institutions like City Bank to compete effectively against larger national players by fostering deep community ties. Griffith’s decision to remain as Chairman and serve as a consultant ensures that this cultural bedrock will continue to inform the company’s strategic direction. It provides a bridge between the institution’s storied past and its ambitious future, safeguarding the principles that have defined its success.

Charting the Next Chapter: Strategy Under Newsom

As he prepares to take the helm, Cory Newsom has signaled a clear commitment to strategic continuity, building upon the foundation that has already yielded significant growth. His focus is on execution and disciplined expansion within the dynamic Texas and New Mexico markets.

“I am honored to step into this role and grateful to our board for the opportunity to continue to be part of South Plains’ journey,” Newsom said. “Curtis’ leadership, partnership and unwavering commitment to our culture and communities have shaped this Company in a way that will endure, and I have learned a great deal working alongside him.”

Looking ahead, Newsom outlined a multi-pronged strategy aimed at driving shareholder value. “As we look ahead, we will continue to execute on the strategy that has driven our success—expanding our lending platform, investing in experienced bankers, and pursuing disciplined, thoughtful growth opportunities—while maintaining the credit culture and relationship-based approach that has defined South Plains,” he concluded. This focus on attracting and retaining top banking talent is particularly crucial in a competitive landscape, while the emphasis on disciplined M&A suggests the company will remain a savvy player in the ongoing consolidation of the regional banking sector.

Financial Underpinnings of the Transition

Accompanying the leadership announcement is a significant financial maneuver that underscores the strategic nature of the transition. The company announced its intent to enter into a Stock Repurchase Agreement with Griffith to buy back 300,000 shares of his common stock on or before June 30, 2026. The private transaction will be executed at the market price on the day prior to the repurchase.

Based on the company's current stock price, this repurchase represents a transaction of approximately $12.4 million. This move, approved by the board with Griffith recused, serves multiple purposes. It facilitates a partial liquidation of the outgoing CEO's holdings in an orderly fashion while simultaneously reducing the number of outstanding shares, which can be accretive to earnings per share for remaining shareholders.

The company is well-positioned to execute this repurchase. South Plains Financial has demonstrated robust financial health, having raised its dividend for seven consecutive years and delivered a total stock return of over 20% in the past year. While its first-quarter 2026 earnings per share of $0.85 slightly missed analyst forecasts, the company beat revenue expectations, signaling continued operational strength and providing a solid financial base for this planned leadership evolution.