A leader of South Plains Financial Inc., the parent company of City Bank, will step down later this year.
Curtis Griffith, chairman and CEO of South Plains Financial, will continue in the role until Dec. 31, 2026, according to a news release. Griffith is retiring from the role, but will remain as a director and chairman of the board.
“It has been the privilege of a lifetime to be part of building South Plains over more than four decades,” Griffith said in the statement. “What I am most proud of is the culture we’ve created—one centered on relationships and a shared commitment to helping people succeed.”
The board of directors appointed Cory Newsom, director and president, as the upcoming CEO. Griffith said Newsom has led day-to-day operations and growth strategy, including the recent acquisition of Bank of Houston.
“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,” Griffith said. “Our leadership transition has been the result of many years of deliberate planning, and Cory has been instrumental throughout that process.”
To ensure a smooth transition, the company has entered a Retirement and Consultancy Agreement with Griffith, who will serve as a consultant after retiring. In addition, the two expect to enter a Stock Repurchase Agreement where South Plains Financial will repurchase 300,000 shares of common stock from Griffith at market cost.
“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,” Newsom said. “The progress we have made in recent years provides a strong foundation, and I am excited to lead our team as we continue to build on that success.”
Alana Edgin writes about business for the Lubbock Avalanche-Journal. Got a news tip? Contact her via email at aedgin@lubbockonline.com.
This article originally appeared on Lubbock Avalanche-Journal: South Plains Financial, City Bank CEO Curtis Griffith to retire
Reporting by Alana Edgin, Lubbock Avalanche-Journal / Lubbock Avalanche-Journal
USA TODAY Network via Reuters Connect
By Alana Edgin, Lubbock Avalanche-Journal | USA TODAY Network
