South Plains Financial in Lubbock, Texas, sold its insurance agency to Alliant Insurance Services.
The $3.9 billion-asset South Financial said in a press release that it sold Windmark Insurance Agency on April 1. The price wasn’t disclosed.
“Windmark has been a terrific business for us since its inception in 1997,” Curtis Griffith, South Plains’ chairman and CEO, said in the release. “That said, we knew we were at the point where we either had to commit significant capital and resources to sustain and grow the business or look to divest this segment.”
Griffith also noted that South Plains’ had “modestly grown” deposits during the first quarter and had no borrowings from the Federal Home Loan Bank or the Federal Reserve. Only 17% of the bank’s deposits are uninsured.
Windmark offers a variety of crop insurance products, with offices in Texas, Nebraska and Colorado. It operates in 17 states.
Hunton Andrews Kurth advised South Plains. Morea Schwartz Bradham Friedman & Brown advised Alliant.