Bank of Hawaii Holdings, Inc. (BOH) completed a stock‑for‑stock merger with South Plains Financial, Inc. on April 1 2026, making South Plains the surviving corporation. The transaction also merged BOH’s wholly‑owned subsidiary, Bank of Houston, into City Bank, the operating bank of South Plains.
BOH’s balance sheet—$744 million in assets, $624 million in loans and $603 million in deposits—was fully absorbed into South Plains’ books. The deal adds a significant Houston‑based franchise to South Plains, which reported a Q4 2025 net income of $15.3 million and full‑year 2025 net income of $58.5 million, up from $49.7 million in 2024.
The transaction was valued at approximately $105.9 million, a price that represents a modest premium over South Plains’ book value and aligns with a price‑to‑book ratio of roughly 1.2x. The deal structure was a straightforward stock‑for‑stock exchange, with South Plains shareholders receiving shares in the combined entity.
South Plains CEO Curtis Griffith said the acquisition is a key step in accelerating earnings power and expanding the bank’s reach in Houston. The merger is expected to generate synergies through shared technology platforms, expanded branch networks, and cross‑selling opportunities, with an integration timeline of 12 to 18 months to fully realize cost savings and revenue enhancements.
For Bank of Hawaii, the sale of its Houston subsidiary signals a strategic refocus on its core Hawaiian market. The transaction allows BOH to streamline its operations and concentrate resources on its primary geographic footprint while providing South Plains with a foothold in a high‑growth Texas market.
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