STILLWATER, Okla., Nov. 20 OK-Southwest-Bancorp
STILLWATER, Okla., Nov. 20 /PRNewswire-FirstCall/ -- Southwest Bancorp,
Inc. (Nasdaq: OKSB), ("Southwest"), today reported preliminary government
approval of its application for the sale of up to $70.0 million in preferred
shares and related warrants for the purchase of $10.5 million of its common
stock under the U.S. Treasury's Capital Purchase Program.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011127/SOUTHWESTLOGO)
The Treasury's Capital Purchase Program is a voluntary program designed to
help healthy institutions build capital to support the U.S. economy by
increasing the flow of financing to creditworthy U.S. businesses and
consumers.
"We believe that participation in the Capital Purchase Program will help
us achieve our strategic goal of building long-term shareholder value during
these uncertain times," stated Rick Green, President and Chief Executive
Officer.
We expect that the additional long-term capital funds now available
through the Capital Purchase Program, along with the funds we received from
our $34.5 million sale of trust preferred securities in July, will help us
take better advantage of opportunities for prudent loan growth while
continuing to maintain appropriate capitalization.
Southwest currently exceeds all applicable regulatory capital requirements
and each of its banking subsidiaries meets the criteria for regulatory
classification as "well-capitalized".
Completion of the issuance of preferred shares and warrants under the
Capital Purchase Program is subject to certain standard conditions and is
expected to occur before year end. Although Southwest intends to participate
in the program, it will continue to monitor and evaluate any additional
governmental requirements that may diminish the value of our participation in
the program.
Southwest Bancorp and Subsidiaries
Southwest Bancorp, with total assets at September 30, 2008 of $2.8
billion, is the financial holding company for Stillwater National Bank and
Trust Company, Bank of Kansas, SNB Bank of Wichita, Healthcare Strategic
Support, Inc., and Business Consulting Group, Inc. Through its subsidiaries,
Southwest offers commercial and consumer lending, deposit, and investment
services, and specialized cash management, consulting, and other financial
services from offices in Chickasha, Edmond, Oklahoma City, Stillwater, and
Tulsa, Oklahoma; Austin, Dallas, Houston and San Antonio, Texas; and
Hutchinson, Kansas City, and Wichita, Kansas, and on the Internet, through SNB
DirectBanker(R).
Southwest's common stock is traded on the NASDAQ Global Select Market
under the symbol OKSB. Southwest's trust preferred securities are traded on
the NASDAQ Global Select Market under the symbol OKSBP.
Forward-Looking Statements
This Press Release includes forward-looking statements, such as:
statements of Southwest's goals, intentions, and expectations; estimates of
risks and of future costs and benefits; assessments of the amount and timing
of loan growth; and statements of Southwest's ability to achieve financial and
other goals. These forward-looking statements are subject to significant
uncertainties because they are based upon: future interest rates, market
behavior, the effects on general economic conditions in our markets of recent
market instability, and other economic conditions; future laws and
regulations; levels of performing and problem loan payoffs and loan losses;
off-balance sheet risk and market risk; and a variety of other matters.
Because of these uncertainties, the actual future results may be materially
different from the results indicated by these forward-looking statements. In
addition, Southwest's past growth and performance do not necessarily indicate
its future results.
Designation as a well-capitalized institution under regulations does not
constitute a recommendation or endorsement by Federal bank or thrift
regulators.
SOURCE Southwest Bancorp, Inc.
