STILLWATER, Okla., Aug. 8, 2012 (GLOBE NEWSWIRE) -- Southwest Bancorp, Inc. (Nasdaq:OKSB) (Nasdaq:OKSBP), ("Southwest"), announced the completion of the repurchase of all $70.0 million of its preferred securities (the "Series B Preferred") sold to the Department of the Treasury in December 2008. The Series B Preferred was issued under the Treasury's Capital Purchase Program ("CPP"). Rick Green, President and CEO, stated, "Completing this repurchase has been a top priority for us. It follows several other achievements, including significant improvements in profitability and credit quality, the termination of formal and informal agreements with federal regulators, and the resumption of regular distributions on Southwest's trust preferred securities." All funds for the repurchase were internally generated. Southwest and each of its banking subsidiaries remain well capitalized after the repurchase. Southwest will take a one-time, non-cash equity charge of approximately $1.2 million in the third quarter of 2012 to reflect accelerated accretion of the remaining discount on the Series B Preferred. Prior to the repurchase, dividends on the repurchased Series B Preferred, which reduced net income available to common shareholders, were approximately $1.1 million per quarter. Southwest Bancorp and Subsidiaries Southwest is the bank holding company for Stillwater National Bank and Trust Company ("Stillwater National") and Bank of Kansas. Through its subsidiaries, Southwest offers commercial and consumer lending, deposit and investment services, specialized cash management, and other financial services from offices in Oklahoma, Texas, and Kansas, and on the Internet, through SNB DirectBanker®. Southwest was organized in 1981 as the holding company for Stillwater National, which was chartered in 1894. At June 30, 2012 Southwest had total assets of $2.3 billion, deposits of $1.8 billion, and shareholders' equity of $314.6 million. The Southwest Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8074 Caution About Forward-Looking Statements Southwest makes forward-looking statements in this news release that are subject to risks and uncertainties. Southwest intends these statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include:
- Statements of Southwest's goals, intentions, and expectations;
- Estimates of risks and of future costs and benefits;
- Expectations regarding Southwest's future financial performance and the financial performance of our operating segments;
- Expectations regarding regulatory actions;
- Expectations regarding Southwest's ability to utilize tax loss benefits;
- Assessments of loan quality, probable loan losses, and the amount and timing of loan payoffs;
- Estimates of the value of assets held for sale or available for sale; and
- Statements of Southwest's ability to achieve financial and other goals.
CONTACT: For additional information: Rick Green President & CEO Priscilla J. Barnes Senior EVP & COO (405) 372-2230