City Bank Announces Merger With West Texas State Bank

City Bank has announced that they are merging with the West Texas State Bank, based out of Odessa, Texas.

South Plains Financial Incorporated, the parent company of City Bank, made the announcement Thursday, July 25th.

The merger agreement says that South Plains will acquire West Texas State Bank for $76.1 million dollars and merge the bank into City Bank.

Upon closing, the agreement says South Plains will have about $3.2 billion dollars in combined assets, 2.1 billion in outstanding loans and $2.7 billion in deposits.

South Plains Financial says the merger has already been unanimously approved by both banks and should close in the fourth quarter of 2019.