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SP Bancorp expanding board to 10 members

PLANO, Texas (AP) -- SP Bancorp is expanding its board's size to 10 members with the addition of a Southwest Airlines executive.

The holding company for SharePlus Federal Bank said Thursday that it named Randy Sloan as a director. Sloan is senior vice president and chief information officer for Southwest Airlines. His appointment is subject to regulatory approval of an amendment that would allow SP Bancorp to expand its board's size.

SP Bancorp said it is also seeking approval from the Texas Banking Department to change its charter to a Texas state bank from a federal thrift. The company would operate under the name SharePlus Bank if the change is approved.

"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," President and CEO Jeff Weaver said in a statement.

Plano, Texas-based SP Bancorp said that it will have regulatory and legal expenses in its third and fourth quarters that related to the proposed charter change. It has banking offices in Texas, Kentucky and California.

Its shares were unchanged at $19.70 in midday trading.