PLANO, Texas, Sept. 5, 2013 (GLOBE NEWSWIRE) -- SP Bancorp, Inc. (Nasdaq:SPBC) (the "Company"), the holding company for SharePlus Federal Bank (the "Bank"), today announced the expansion of its board of directors with the appointment of Randy Sloan, Senior Vice President and Chief Information Officer of Southwest Airlines. This appointment is subject to the regulatory approval of an amendment to the Bank's by laws that would allow the Bank to expand its board of directors. In addition, the Company announced that the Bank has applied to the Texas Banking Department to change its charter from a federal thrift to a Texas state bank charter and upon approval, will operate under the name SharePlus Bank.
Commenting on the new board member, SPBC Chairman of the Board Paul Zmigrosky said, "We are excited about the appointment of Randy to our board of directors and believe the Bank will greatly benefit from his expertise. Since our initial public offering in 2010, we have fortified our board of directors with significant experience in critical areas, including human resources, commercial real estate, and now technology. We believe the business acumen and functional knowledge of our Board will continue to serve the Bank well as we pursue our ongoing growth strategy."
Randy Sloan is Southwest Airlines' Chief Information Officer and is responsible for overseeing all technology functions for the company. Prior to joining Southwest Airlines, Randy held the position of Vice President and Chief Information Officer for PepsiCo's European businesses based in Switzerland, as well as Vice President of Enterprise Systems Development, including the support of all supply chain capabilities within the North American businesses. Randy began his IT career as a programmer with Texas Instruments and previously served on the board of directors of SharePlus and its credit union predecessor from 2001 to 2006. He holds a Bachelor of Science in Information Systems from Pittsburg State University, Pittsburg, Kansas, and is on the board of directors of The Family Place, a Dallas-based non-profit and leading advocate for victims of domestic violence.
Related to the Bank's application to change its charter, President and CEO Jeff Weaver said, "Our board and management have determined that it is in the best interest of the Bank, our customers and our community to change to a Texas state chartered bank from a federally chartered thrift. We believe that in the long run, the limitations of the thrift charter could ultimately hamper our growth and the change to a state chartered bank is more conducive to our strategic objectives."
The Company and the Bank plan to file appropriate applications with the Federal Reserve Bank of Dallas for the Bank to become a member of the Federal Reserve System and for the Company to become a bank holding company when the Conversion is consummated. During the third and fourth quarters of 2013, the Bank will incur increased regulatory and legal expenses related to the change to its charter.
About SP Bancorp, Inc.
SP Bancorp, Inc. is the holding company for SharePlus Federal Bank. Shares of the common stock of SP Bancorp, Inc. trade on the Nasdaq Capital Market under the ticker symbol "SPBC." The Company maintains a website at www.shareplus.com that includes information on the Company and the Bank, including the Bank's products and services, branch locations and hours, current Company financial information, and links to Company filings with the Securities and Exchange Commission.
The Bank is a headquartered in Plano, Texas with assets exceeding $300 million. The Bank operates as a full-service bank, providing services, including the acceptance of checking and savings deposits, the origination of one- to four-family residential mortgage, mortgage warehouse, commercial real estate, commercial business, home equity, automobile and personal loans. In addition to the Bank's home office in Plano, Texas, the Bank has three branches: one located near downtown Dallas, Texas; one located near the Bank's headquarters in Plano, Texas; and one located in Louisville, Kentucky.
This press release may contain "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements concerning the Company's performance and/or use terminology such as "believe," "expect," "in the long run," and variations of such words and similar expressions. Such statements reflect the current view of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by these statements. In evaluating these statements, you should carefully review the risk factors detailed under "Risk Factors" in our most recent filings with the Securities and Exchange Commission that may cause our actual results to differ materially from these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.